SaaS (Software as a Service) startups and ventures have started facing stiff competition due to the immense growth this segment has seen in this decade. According to Compass, SaaS is growing at thrice as fast the speed of software as a whole. In fact, in 2016 the entire market for SaaS applications will reach $33 billion this year from 2013’s $20 billion according to a research by Gartner. This demand for SaaS Enterprise applications has been on a continuous rise and has generated an astounding demand.
As an entrepreneur and marketer myself, I always look for ways to improve SaaS marketing. But the process is not easy and only through thorough implementation of SaaS marketing strategies can you do so. According to IDC, by the year 2018, almost 27.8% of the world’s enterprise application market will be dominated by SaaS, with a spike rate of 16.6% in revenue since 2013.
The Challenge
For SaaS founders and marketers alike, the major bottleneck is demand generation. You are under a lot of pressure to increase sales faster so that you can offset all customer acquisition costs as soon as possible because the funding won’t last forever. You need to chalk out strategies to acquire new customers effectively and also retain them by providing top-notch support. You have developed a fantastic product with a few early customers and adopters but that is not enough to break-even. You want to grow rapidly and establish your grip over the market so that your brand can reign supreme.
Strategies to take care of your SaaS Marketing
Let’s see how SaaS Founders and Marketers can take adversity to their stride when it comes to marketing:
1. Competition: When a potential customer decides to purchase your product, they will survey the market first- that’s a given. By surveying the market, they will take a look at what your competitors have to offer. And you have to ensure that potential customers purchase from you rather than your competitors. Boost your prospects’ confidence in your SaaS product by offering a free comparison between your product and your competitors’. This way, you’ll be able to win them over to your side.
2. Optimized for Conversions: The main goal of your website is and should always be to convert visitors into customers. Whichever part of the website they may land in, optimize your website in a way that there are unique pointers guiding the visitor to different CTAs of the website. Do everything possible to make them sign-up and create a free account on your website. You should have every information available on the website, arranged in a manner that it will be easy to find from every part of the website. Another part of your website which is by far the most important channel to acquire top of the funnel leads is your company blog. Considering the number of conversions that start with the blog or even happen on the blog, it’s one asset you surely would like to optimize for conversions. Setup CTAs in strategic locations, like the end of an article or banners across the blogs to increase your conversions.
3. Content: One of the most essential pillars of your SaaS marketing strategy is your content. Where most companies go wrong is that the write content for their own industry or for the search engines, rather than creating content for their customers. If you want your blog or website to convert, then you have to start writing for your customers. Start with creating a well researched buyer persona to get the content right. You must know what your ideal customer is interested in, so that you can offer the best content to your audience. Remember not all content types work for all your visitors, leads, prospects and customers. Create specific content for top-of-the funnel, middle-of-the-funnel and bottom-of-the-funnel audience with a clear goal to conversions. Please keep in mind that conversions, need not always be trial sign-up or product enquiry, it can something as simple as a newsletter signup.
4. Mailing List: While you’re optimizing your website, you will also have to keep in mind that there are loads of people who are not ready to buy, yet. For these people to convert, you will have to nurture them for a certain period of time before they decide to buy. Focus on your lists and offer your subscribers freebies to gather basic contact information. Depending on their position in the Sales cycle you can segment them into lists and conduct targeted email marketing campaigns. Proper lead nurturing can ensure steady inflow of direct leads when you need them.
5. Social Presence: For B2B companies, maintaining a social presence is extremely important. Not only can you reach out to your audience but you can also use advertorial features on various channels to target your ideal customers. Along with online presence, you should also consider participating in conferences, podcasts and interviews so that you can also establish a physical presence, one that customers can see for real. Remember, you can’t grow without joining the social media party.
6. Personalization & Support: Personalization is the key when it comes to winning over customers. Putting a face behind your organization gives customers a way to relate. Your presence both online and offline grows stronger when your interactions with customers are personal. It develops a sense of trust amidst your leads and people buy products from companies they can trust. Apart from pricing and features, customers also look for support. If you can provide intelligent support to them, they will not only be pleased, but also advertise for you and recommend your product to other people they know.
7. Monitor: You have to be on top of your brand mentions all over the internet. You have to make sure no one has a problem that you cannot fix, or an issue that you haven’t been tended to. For quick resolution of online complaints, you will have to have a prompt support team which makes sure that every customer is attended to and given due importance. You can use tools like Google to monitor activities whenever your brand is mentioned. Along with that you should always monitor your competitors. Keeping track of the competitor’s activities will help you stay on top of your game by being a step ahead of them, all the time.
8. Referral Marketing: Through various forms of referral marketing, you will be able to rapidly grow your SaaS product. Whether it is a one-way referral technique or a two-way or maybe you’re using social referral techniques, it all depends on your requirements. But if you are opting for referral marketing, you should have a solid strategy in place. Referral marketing is all about referring your brand to other people, and sharing the information is the only way it is possible. So make sure that your social media channels, blogs and emails are spreading your message.