Hello fellow entrepreneurs! I’m the CEO of a SaaS company targeting small business owners. We’ve been on an exciting journey, growing annually at a rate of around 30%. However, over the last two years, we’ve hit a snag. Our lead-to-customer conversion rate has dropped significantly, from 33% to 14% in 2023.

We’ve tried enhancing our onboarding experience with guided tours, extensive explainer videos, and 7-day-a-week online chat support. Despite these efforts, our conversion rates continue to decline.

Our current marketing strategy involves spending €100 daily on AdWords, which typically brings in about 150 testers monthly, with an average lead cost of €15. But with the dropping conversion rate, our annual growth is struggling to keep up with our previous 30% benchmark.

Our toolset includes general business tools for customer management, invoicing, and offers, without a specific niche focus. Could this broad approach be a factor? Or is the market oversaturated with similar offerings?

I’m reaching out to this community for advice. How can we improve our onboarding process further, or do you think this might be a broader market issue? Any insights, experiences, or tips you could share would be incredibly valuable. Thank you in advance!