What Is SaaS?
SaaS is a software distribution model wherein a 3rd party hosts software and applications on their cloud server which is accessible to users all around the world. Other than SaaS, IaaS and PaaS are also part of cloud computing.
Below are a few popular examples of SaaS:
- Salesforce
- Dropbox
- G Suite
- Slack
- MailChimp
- HubSpot
Why SaaS Companies Need Marketing
One study tells us that the global cloud market is likely to touch one trillion mark by the year 2024. This shows great growth potential. It’s clear that the SaaS market will experience tough competition in the upcoming years. It’s only with a well-planned marketing strategy that a SaaS company can establish a strong footing in the market.
SaaS Marketing Strategy for Business Growth
Get to Know Your Target Audiences
Not every organization or business needs a SaaS product. That’s why it’s crucial to identify, understand, and target the right kind of audience if you are serious about reaching your SaaS marketing goals.
So, make sure that everything is in alignment with your business goals such as:
- Your website’s feel and structure.
- The content you put on the site, social media platforms, and ad copies.
Remember that the customers you’ll be targeting are already experts in their respective fields. They do a ton of research before committing to a product.
Be sure to give them thorough information about your product while marketing to them
Set Goals and KPIs
It’s mega-important that you’re clear on your goals. Additionally, be sure to link all your marketing goals with KPIs for success. Sometimes, when the metrics are off, they may be pointing to issues within production or business processes that need to solved. Root cause analysis tools can be used in such cases if the problem shows up repeatedly, is hindering smooth functioning of processes, and reducing the efficiency of obtaining results.
Track all the key metrics like:
- Customer acquisition cost
- Conversion rate
- Annual recurring revenue
- Monthly recurring revenue
- Customer lifetime value
- Website traffic
- Number of customers that leave your business
Use Content for Effective Marketing
Studies tell us consumers are 131% more likely to purchase from brands that regularly publish educational and informative content. This goes to show the power of content.
Make sure to fill your website with informative, engaging, and actionable content. This means creating content for your blog, guest posts, website, and social media platforms.
It’s not enough to simply create content. Make sure it reaches the right people. You can do that by optimizing your content to grab the top position in SERPs. Most people start their buying journey with a simple web search. The more you can get found via online searches, the better chance you have of achieving success.
Ensure a Strong Presence on Social Media
As of 2021, Facebook has 2.7 billion active users and over 260 million active users on LinkedIn. By not being active on social media platforms you are missing out on a lot of opportunities.
Facebook and LinkedIn are not your only options. It’s all about finding where your active audience is. What’s important is that you put out engaging content and stay connected with your audiences. You can even leverage paid ads on platforms like Facebook and Instagram.
Evaluate Your Competition
It’s paramount that you recognize all the successful competitors in your arena so you can learn from them (both their mistakes and successes).
Be sure to track:
- Their strategies
- Organic reach and search rankings
- Main keywords they are targeting
- Their social media presence
- Backlinks
To make competitor analysis easier, you can use tools like SpyFu. It can help you identify their shortcomings, their most profitable keywords, the kind of pages that are linking to them, and a lot more crucial information.
Offer Free Trials
Free trials are one of the most effective strategies that SaaS companies can use to attract potential customers. It’s an excellent way to allow people to experience all the benefits your product has to offer. A person is much more likely to invest in a product after they have used it first-hand.
Once you have willing customers to subscribe for a free trial, be sure to know how to convert them into paying customers afterward.
You can do that by sending an email reminder to all the free trial users right before their trial period ends. Tell them what all amazing features they can enjoy once they switch to a paid subscription. Be sure to also supply CTAs with your reminders.
Encourage Customers to Leave Feedback
Stats tell us that 92% of B2B customers are likely to buy after reading a review about it. It goes without saying, therefore, that testimonials are one of the most powerful ways in which you can empower your marketing campaigns for the SaaS business.
Reviews are something that influences everyone to invest in a product/service; be it in the form of word-of-mouth publicity or written reviews somewhere on the internet. The same goes for investing in a Saas product.
It is paramount that you encourage your most loyal and happy customers to leave online testimonials about your SaaS product. It’s a good practice to have those reviews showing on the front page of your site.
Final Thoughts
Do not make the mistake of thinking that Saas companies do not face any kind of competition. There’s fierce competition even in this niche. That’s why having a well-planned strategy is super crucial if you want to enjoy exceptional results.
If you practice these strategies, you are sure to improve your ROI, customer base, better retention, and loyal customers. It is also important that you regularly track your performance to see which strategies work and which ones don’t.