The SaaS industry is one of the fastest developing industries. According to Gartner, the SaaS industry has seen over 5x growth in the last seven years since 2015. With cut-throat competition and a low barrier to entry, growing as a SaaS company can be challenging.
Advertising platforms such as Social Media have democratized marketing. It enables companies of every size to reach out to customers. It shows us that if your users love your product, you can grow and beat the whale out there.
On the other hand, the democratization of marketing makes it challenging for existing players as it increases the noise. To cut through that noise, you must have a holistic approach to all the channels. Therefore, having sound SaaS growth strategies is essential.
In this guide, we share the eight key SaaS growth strategies that will enable you to acquire new customers, improve the overall sales process, and establish your brand.
#1 The Free Trial
Your SaaS product/service is not tangible. Customers won’t be willing to buy if they do not know about your product/service – and a free trial is a way to let your customers know more about your product. It is like the trial room in an apparel store.
A free trial helps you convert more top-of-the-funnel leads to loyal customers. In one way, this strategy helps your customers too. It lets them see and use your product before buying it. Free trials are also helpful for B2B customers and companies.
If you want to offer a free trial offering of your SaaS product/service, you have two options – opt-in or opt-out free trial. Opt-in trials are where customers can continue to use the product after paying. An opt-out trial is when customers share the payment details before starting it and need to opt-out if they want to discontinue the use.
#2 Video Marketing
Videos can be a great way to educate your customers about your product. It is a great way to create awareness about your product and more importantly, the problem it solves.
According to HubSpot, 54% of customers want to see marketing videos from brands. Even though more relevant when you’re a B2C company, helpful video content can help you up your game as a B2B SaaS enterprise as well.
#3 Improved Customer Experience
For all businesses (SaaS and non-SaaS), customer experience is an essential growth factor. According to Forbes, 87% of business leaders consider customer experience their growth engine.
As a SaaS business, improving customer experience will not only help you acquire more customers, but it will also help you retain more. Negative churn is the goal of every SaaS company, and an improved customer experience is all that is needed to achieve negative churn.
To improve your customer experience, you might want to hire experienced CXOs and customer experience personnel. Also, ensuring a proper feedback loop will help your SaaS company improve the customer experience.
#4 A Solid Content Marketing Strategy
There are two ways to reach new customers, outbound and inbound. Outbound marketing refers to paid mediums in which you invest and reach customers. Here, you are the one finding them.
Inbound marketing is the other way around. It refers to the use of free mediums to stay on top of mind for customers and let them find you. With the use of strategies like SEO (search engine marketing) and creating helpful content – you can not only reach more customers but also establish your Thought Leadership in the industry.
#5 Google Ads
Talking about paid mediums of advertising, Google Ads are at the top of the list! With an average conversion rate of 4.4%, Google Ads can help you skyrocket your sales. To learn more about how Google Ads can help you grow, head over to this guide.
But, since the PPC structure is a bit complex for newbies, we recommend opting for professional help! Feel free to book a free consultation with us anytime!
#6 Utilize Analytics
Analytics are the backbone of any SaaS company. Without it, growth is impossible. Accurate data about your customers and market even help you secure funding.
Using analytics and collecting/storing/analyzing business data is key to business growth. For your marketing teams, data is the engine that runs their function. The data enables you to see if your campaigns are effective or not.
It enables you to find flaws in your marketing team’s efforts and correct them. Data is way more than just numbers!
#7 Influencer Marketing
Social media reach has become an extraordinary catalyst for growth for all startups – especially the B2C ones. Even if you operate in a B2B market, social media reach can enable you to grow exponentially.
Influencer marketing refers to using the influence of social media content creators to increase sales, establish your brand, or create awareness about your product/service. It is one of the best ways to reach and connect an already engaged audience through authentic creators.
Search the most popular influencers in your niche and try to approach them for a sponsored piece of content.
#8 Live Events/Conferences
As we come out of the pandemic, live events, conferences, and face-to-face meetups are back! For SaaS companies, live events can be a great way to establish brand equity. But before that, you need to have a good network of event managers/organizers who can organize a good event. Otherwise, an unsuccessful conference is more dangerous than no conference!