If you’re in the SaaS industry, implementing a smart growth strategy is a must. Clients aren’t simply going to appear; you and your marketing team will need to be proactive and reach out to them in creative ways.
Having actionable plans to drive growth will help you acquire new customers, improve your sales process, and build a stronger brand but also sell SaaS business assets if you ever decide to do so.
Fortunately, the current marketing landscape provides brands with a great number of tactics to find and connect with potential clients. Your job is to choose the tactics that best fit your brand and develop a strategy for growth. Here are a few ideas to help you boost your SaaS growth.
Best Ideas You Can Try to Boost Your SaaS Growth
1. Be Present on the Right Channels
One great SaaS growth strategy is to use the right channels. SaaS businesses generally start with the popular platforms but often forget the smaller ones. So, along with obvious choices like Facebook and LinkedIn, consider also using Reddit and Quora which are used by lots of people.
Make sure to check out what your competitors are doing on these channels and what you can do to differentiate yourself.
2. Try Content Marketing
If you’re looking for an affordable yet effective growth strategy, content marketing is the best choice. Creating SEO-optimized content is an excellent way to drive traffic to your website and increase brand and product. In fact, research has shown that good-quality content drives 3x more traffic than paid ads.
While it is true that content marketing is quite time-consuming, if you don’t have the time or resources to constantly produce new content, you can always repurpose your old one. All you need to do is update it with some fresh information and images/infographics and republish it.
3. Offer Free Trials
Although it might sound counterintuitive, offering your service for free can help you attract a bigger audience. Free trials allow people who have already expressed an interest in your company to get familiar with your service before they have to pay for it. At the same time, free trials allow you to demonstrate your software’s value and get some traction without upfront investment.
Instead of (or in addition to) free trials, you can also consider offering a satisfaction guarantee. This could include no long-term contracts, easy cancellation, or even a refund for a certain number of months of usage of your product if the client is not satisfied with it. Although this may sound risky, it could actually boost your conversion rates.
4. Create an Email List
The term email list building refers to the process of gathering email addresses from website visitors with an aim to grow the subscriber database and empower future communication with potential customers. For SaaS marketers, building an email list is a crucial strategy. Statistics show that marketing emails either positively or negatively influence the purchasing decisions of nearly 60% of consumers, and about 80% of companies say that email marketing helps increase customer retention.
You can use your email list to invite the subscribers to email you back with questions or comments and keep the conversation going. You can also use it to implement a video content strategy. Even just the mention of a video can seriously boost your email marketing efforts. According to research, simply adding the word “video” in your email’s subject line is enough to increase the open rate by 19%.
5. Set Up a Referral Bonus Program
Did you know that people are four times more likely to buy from you when referred by someone else? According to Neilsen, over 90% of consumers trust recommendations by family and friends more than other forms of advertising. While referral programs work for all types of businesses, they are especially effective for SaaS.
By offering rewards as an incentive, you’ll encourage anyone who’s getting value from your product to recommend your SaaS company to others. In the long run, a referral program can help you save on customer acquisition costs and enhance customer loyalty.
There is undoubtedly a great number of growth strategies that can help your SaaS business grow and increase revenue. However, what works for one SaaS company might not work well for yours, which is why exploring different options and building an extensive strategy for growth is the best way to determine the best route of action. Whether it is email marketing, free trials, content marketing, or something else entirely, implementing an expansive growth strategy is a must.