There is no doubt that the SaaS industry is expanding exponentially. As everyone appreciates the Software-as-a-Service (SaaS) model, it gained momentum and has grown 600% faster than the rest of the global economy. But the question is, there are so many savvy entrepreneurs around SaaS-based businesses – how can you ensure that your business will stand out? With the increased demand for SaaS-based services, the market is cut-throat competition. Are you wondering how to promote SaaS products? Do not worry, as there are solid SaaS marketing strategies that you can opt for to increase revenue.
Page Contents
What is Software-as-a-Service (SaaS)?
Software-as-a-Service (SaaS) is a business model where the companies deliver software and other online services as SaaS applications/products over the internet — in the form of a service. Rather than installing the software on a laptop, desktop, or smartphone, & maintaining them, you can entirely access the application’s usage via the internet. On-demand software, web applications, and hosted software are SaaS-based apps that run on SaaS providers’ servers. SaaS has gained popularity because it is scalable, easy to manage, and offers high availability, security, and performance.
According to the Fortune Business Insight, the global Software-as-a-Service market cap was 113.82 billion USD in 2020. According to their projection, it will reach 716.52 billion USD by 2028. It will reflect a compound annual growth rate (CAGR) of 27.5 percent from 2021 to 2028. But since more entrepreneurs dive into the SaaS market, the competition has crossed new horizons. Therefore, businesses have to come up with new SaaS marketing strategies.
What is SaaS marketing?
SaaS marketing is a type of product-based marketing that help users build awareness among SaaS products & promote software-as-a-service provided by a business. From a face value, you will not find much difference between SaaS marketing strategy. But actually, it is different from a regular marketing strategy. It is because, unlike other products, you cannot hold SaaS products in your hand and show their quality. The entire SaaS product resides on the cloud or a service provider’s server. So, SaaS marketing strategies must have a different route to present to the customers. SaaS marketing works in the digital space focusing on digital channels and content marketing. But due to the competitive marketing ground, businesses must come up with a concrete cluster of marketing strategies to stand out in the fast-growing SaaS market.
Creating efficient SaaS marketing strategies
Since SaaS marketing rolls on digital spaces mostly, you must understand how to generate much organic traffic to your site as possible. Then you must also promote your SaaS service and feature it most excitingly. Let us unfold the various effective SaaS marketing strategies one can utilize to enhance revenue and business traction.
1. Free trials on SaaS products:
Giving free trials is an essential SaaS marketing strategy that can increase customer traction and make them more comfortable with the SaaS product. SaaS companies have unique positioning and marketing benefits through free trials. If you are not offering free trials, potential customers will not understand the features & unique selling propositions (USP) of your product. According to a report, 62 percent of SaaS companies can acquire more than 10 percent of their business from free trials. Again, since there is no shipping or return shipping costs, the chance of losing anything financially in this SaaS customer acquisition strategy is also negligible.
2. Embrace content marketing as a strategy:
Content marketing has become a cost-effective way to reach a wide customer range. Businesses are opting for content marketing as a primary strategy for growth. Content marketing is a proven SaaS marketing strategy to increase lead generation for any SaaS website or product. To generate more traffic for your website, you must publish quality & engaging content to your site. All the content must align with the target business audience. Also, adding appropriate SEO ingredients will help your website reach potential search customers. Once your SaaS website gets tremendous traffic and visibility, you can leverage Call-to-Action (CTA) & “Free Trial” offers to let them use your product. Content analytics will also help you understand the sales funnel and determine your potential customers’ backgrounds.
3. Invest in PPC campaigns:
Pay Per Click (PPC) is a digital advertising technique where the advertisers have to pay a fee each time a potential user clicks their ads. Pay Per Click (PPC) campaigns & paid advertisements are other significant avenues to make a SaaS marketing strategy effective. If you think your content marketing strategy and SEO-based approaches are not generating enough leads and organic search traffic, try PPC campaigns. Paid advertisements and the Pay Per Click model is an effective means of quick traffic generation. As a business owner or marketing executive, you should always plan and set aside a marketing budget to perform such campaigns. Also, executing thorough research to use the right keywords, long-tail keywords, and variations can help you get your links in front of the right customers at the lowest PPC.
4. Leverage the power of SaaS review sites:
Review sites are popular platforms wherein customers visit to understand the product, its features & feedback. SaaS business owners can leverage those review sites as a SaaS marketing strategy to promote their SaaS product. These platforms will allow your business to connect with potential customers. SaaS review sites are also a good fit for marketing because these platforms offer genuine and honest feedback about the product’s offerings. You can also share case studies, previous customer ratings, and feedback as testimonials and satisfy the target customers. As confidence in online reviews remains steady, review sites continue to grow as valuable marketing tools. Some well-known SaaS review sites are Capterra, G2, Crozdesk, Trustpilot, SoftwareSuggest, TrustRadius, SaaSGenius, etc.
Various other SaaS marketing strategies can make potential customers inclined toward your product. Some of them are:
- Design the SaaS platform to make customers sign up through email ID or Single Sign-On features.
- Businesses can also enhance customer experience (CX) across the online service to make customers comfortable using it.
- Incentive referrals are another well-known SaaS marketing strategy that has gained momentum in making marketing efficient.
Conclusion
Any SaaS company should consider one or multiple SaaS marketing strategies to enjoy success. These techniques can generate more revenue through potential leads. To effectively market your SaaS product, you must discover suitable marketing tactics. We hope this article has highlighted some significant approaches you can implement for SaaS marketing. Start leveraging them to maximize your ROI.