Software as a Service (SaaS) is a cloud computing, software distribution model in which a 3rd party providers host applications and makes them accessible to customers via subscription to a centrally hosted online version.
If you want to jump on to the bandwagon of the booming SaaS marketing, then you aren’t alone. Up to $16 billion was spent in 2017 alone on SaaS process and marketing, and the predicted growth and competition are estimated to be an unprecedented $55 billion by 2026.
If you want to gain an edge and strong foothold in the SaaS startup industry, you need these 7 marketing hacks to boost your advantage over the burgeoning rivals:
1. Devise a Productive Marketing Strategy
As with any traditional sales process business model, the buyer’s urge to make a purchase is driven by how effectively your product can solve their problem. It helps when creating a marketing strategy to focus on lifetime value for the customer and their overall return on investment.
Customer relationship management comes into play here, and you can use Pipedrive CRM to monitor your progress. Lead nurturing and retention is a by-product of this process.
2. Try the Classic Freemium Software Model
Everyone loves getting something for free, right? You can lure customers to your offerings by letting them try it for free. This strategy seems vastly underused in the SaaS market.
The main goal of implementing this idea is generating buzz and luring in a massive influx of new users. Once they realize how much your product can help them, they’re inclined to buy. You actually solve their problem for them for free but require them to pay if they want to continue keeping the problem solved.
3. Create an Ongoing Relationship with Prospects
Marketing is more successful when you have a customer-oriented approach from start to finish. The trouble is when you automate everything it can lose the human touch. And this can put you in danger of allowing prospects to slip through your fingers and losing a sale. SaaS marketing should be automated and online, but it should also have a human component.
You can turn prospects into clients by delving deeper into their mindset and mapping out the plan-of-action based on what you surmise they are thinking. Start by sending an email offering them the freemium membership because the return on their investment is likely a concern. If you’re able to give them a sample of what they’ll get for their money, they’re more likely to commit to the service or product eventually.
Once you’ve ensnared them, you can follow up with letters, phone calls, emails with useful tips and suggestions regarding their subscription, and more to keep the lines of communication open during the trial period.
You can also use this approach on existing customers, especially if you have additional services or products you want them to buy or if their subscription is about to expire and there is a renewal period in the future.
One way to stay in touch with potential and existing clients is to issue a monthly newsletter. These are especially beneficial when they include customer testimonials and evidence-based case studies. Ninety-two percent of customers reported earning trust from realistic referrals and recommendations rather than traditional advertising mechanisms. Newsletters are a great way to keep the lines of communication open with existing clients, so it’s easier to collect recommendations.
4. Cross-Promotional Integration
When it comes to marketing platforms, you need to find the delicate balance between having a wide net and spreading yourself too thin. You can do this by focusing on the areas where your target audience is most active.
If you know your ideal clients are avid users of Facebook and LinkedIn but tend not to use other social media platforms, focus your cross-promotional efforts on where they spent their time.
This strategy takes a bit of research, but it ensures you are smartly investing your SaaS marketing dollars.
5. Create Urgency
Another option is to create urgency. You need to make potential customers feel like they not only need your product, but they need it now, and they only have a short window of time in which to act. A lot of business owners do this by creating a limited time discount.
You can also create a sense of urgency by employing strategies like waiting lists and memberships. Making your products and services seem elite and in high demand encourages potential customers to take action.
These strategies also tend to drum up buzz about your company. When people want to be a part of something but need to wait or feel as if they need to work to join there’s a higher tendency to talk about it more.
6. Don’t Forget the Power of Your Website for Marketing
Your website is the foundation of your entire operation and still the best way for potential customers to learn about what you offer. Make sure you still invest effort into generating and converting leads via your site as to retain the conversion rate.
Your website should illustrate the benefits of your service and provide visitors a simple way to learn more and/or to sign up. Generally, the lead generation should be done through exciting content that will rank good on various search engines. Most of your efforts elsewhere are going to draw people to your site, so it needs to be as strong as possible.
It’s important to utilize a wide range of marketing tactics, but never let your efforts elsewhere cause your website to be neglected as your most powerful marketing tool.
7. Utilize the Latest and Greatest Tools
The software allows you to speed up or automate your marketing processes and increase the possibilities. Tools such as Campaign Monitor, MailChimp, Infusionsoft, and HubSpot are effective methods of marketing software that can help you stay in touch with potential clients. There are also tools that make it easier to automate your social media marketing and other important tasks. You should be taking advantage of automating your efforts whenever possible.
Marketing Your SaaS business doesn’t need to be overwhelming. Use these steps to grow and expand your reach.