It is estimated that the SaaS industry will generate 197.29 billion in 2023, over six times more than the revenue in 2015. The fact that software-as-a-service uses a cloud-delivery model and enables the use of services over the Internet is appealing to clients.
Despite this positive trend, SaaS businesses face many challenges nowadays. From stiff competition to increased costs in times of inflation, it’s hard for companies in this industry to succeed. Let’s check out ten proven tactics that can help you grow your SaaS business!
Update Your Buyer Profile
Marketing experts call this a buyer persona, and it’s all about understanding who your customers are and putting them in the focus of your marketing campaigns. A buyer profile includes your customer’s geographical location, average age range, and interests.
But don’t just stick to the basics – consider which problems your product can solve for the customers. Think about the goals they want to achieve with your SaaS business and its services. And don’t forget that these things change with time, so updating customer preferences is vital to push your company forward.
Invest in SEO and Website Optimization
Search engine optimization is the foundation of increasing brand awareness and boosting organic traffic to your platform. Specialized SEO platforms can assist with every aspect of your website optimization and help you create top-quality content.
Here are some tips on how SEO services can help:
- Create content for relevant keywords. Identifying crucial keyword clusters that bring customers to your website and creating relevant content around them can increase organic traffic. Don’t forget to update old pages and improve their quality to align them with the search intent, and make sure there’s no keyword cannibalization. You can also use AI in content marketing.
- Strengthen brand awareness and rankings via backlinks. Use a link building reporting tool and a backlink checker from a proven SEO platform like SE Ranking to check link-building insights for any domain or URL. Identifying your rivals’ strategies and checking their backlink profile can help identify linking opportunities that will boost your page and domain authority scores.
- Enhance website speed and user experience. Using an SEO platform to perform a site audit can help identify all technical issues, such as 4xx errors, that compromise your search engine rankings. Enhancing site speed and designing a user-friendly interface, combined with high-quality content, are the best ways to attract and retain website visitors.
Try Different Marketing Channels
Once you fine tune your SEO and optimize your website, it’s time for advertising campaigns. You can try different marketing channels, and here are some top ideas:
- Invest in paid advertising campaigns. It’s smart to spend a portion of your marketing budget on paid advertising for relevant keywords. Once you identify the desired phrases, consider using LinkedIn, Bing, or Google Ads.
- Work with influencers. Find influencers that are most relevant to your industry and those who could help reach the targeted age or interest group.
- Email marketing. While many consider it an old-fashioned approach, you can’t neglect the fact that virtually every business and individual uses emails. Coming up with the right format and design will help convey your message precisely, and automated tools simplify sending emails to many addresses at once.
- Retargeting. The idea is to retarget a visitor who was on your website but failed to purchase the service. Consider offering them a small discount as an incentive to return and subscribe to your SaaS business platform.
Provide Excellent Customer Service
Companies don’t usually make a sudden decision to purchase a subscription offered by a SaaS business. They are likely to get in touch with your customer service to learn more about the services you provide. Your agents should respond swiftly and provide exact and useful answers to potential clients’ questions, as it increases the odds of them becoming your customers.
Providing top-quality customer service to existing clients is equally important. Consider offering priority support to premium clients if your resources are limited and you can’t provide 24/7 customer service.
Improve Your Product Using Customer Feedback
Your existing customers have important insights related to the experience of using the services provided by your SaaS business. While you don’t want to be pushy, it’s vital to gather their feedback. Create surveys and ask them about potential improvements after they’ve used your platform for a few weeks.
The information you receive can help you optimize and improve your product. They may be asking for a small change that could completely change the user experience. Perhaps they have a great idea about a new feature to boost your product portfolio. Apart from improving your service based on feedback, you can also strengthen your relationship with existing clients. They’ll notice that you pay attention to what customers say about the product and appreciate the effort.
Make Sure Signing Up Is Simple
A user-friendly website layout, especially regarding the sign-up process, is vital. If the customer is on your website for the first time, they should have clear pricing information and pointers on how to register a new account.
Never make the registration process too tedious. Basic information about the user or their company, along with a phone number and email, is sufficient. Consider offering a free trial for three, seven, or 14 days. That ensures clients can test the product to ensure it fits their expectations and delivers all the promised features.
Think About Annual and Customized Pricing
According to the Information Services Group, annual contract values have increased steadily since 2015. It’s common practice for a SaaS business to offer monthly and yearly subscriptions for their services. An annual subscription ensures the client saves in the long run by providing a discount or giving a month or two of free service use.
Another approach is to offer customized pricing based on user needs. This is particularly useful for large companies that could become your main clients. The perks of these packages aren’t only the features included in the service but also employee training and support around the clock.
Partner with Other Businesses
It’s difficult to succeed on your own, but partnering with others can help you accelerate your growth, reach a wider audience, and tap into new markets. Identify companies that provide complementary services or products. That way, you will be able to enhance the total value of what both parties offer, and offer a more comprehensive product portfolio that attracts more clients and helps you stay ahead of the competition.
Don’t underestimate the benefits of sharing expertise and resources with other companies, either. You can leverage partners’ resources to understand how to improve your product and user experience. And if it’s possible to partner with industry leaders, it could be a great way to increase your SaaS business’ credibility and visibility.
Follow the Latest Trends and Be Innovative
In your effort to build a strong SaaS company, innovation can be your best companion and help you overcome saturated markets. For example, leveraging the capabilities of artificial intelligence could be a game-changer in today’s industry. Knowing how to put the power of AI at the disposal of your clients and design useful features that fit their needs can set you apart from the competition.
Some other trends that are currently popular include investing in the maximum security of your software, as well as offering API connections. The SaaS industry is constantly evolving, and you can easily fall behind if you don’t keep improving your service.
Give Back to the Community
Getting involved in your community is an excellent way to build brand awareness and attract new customers. Here are some tips that could improve your community engagement:
- Organize webinars and other online events. Consider offering free webinars or classes where you offer interested parties the option to learn more about a relevant topic while getting to know your company.
- Be the host of industry gatherings. Organize an industry-related event and invite potential business partners and other interested parties.
- Charity contributions. These show you care about the community, and you can consider donating a portion of each subscription to charity.
The crucial thing to remember is that there is no one-size-fits-all solution. Ultimately, the best way to grow your SaaS business is to find what works for you and your specific brand.
Our advice is to set clear goals and track the progress regularly. Would you like to increase website traffic or improve the product to fit more users? Is your objective to increase profit? Whatever the mission is, come up with a clear strategy and review its success regularly. Making adjustments as you go is imperative, especially since the SaaS market is constantly evolving.
And remember to never give up. Growing a SaaS business takes time and effort. You might not see results immediately, but it’s crucial to get down to business and work hard. If you keep that approach, you will eventually achieve your goals and succeed!