SaaS(Software as a Service) is a method of providing software where the software as a application are being centrally hosted by a service provider. SaaS market has a huge potential in all the industry sectors.
It is challenging for service-based businesses to market their product as they provide something that is not for everyone and caters to need of specific industry sectors and is quite technical. The marketing needs to be very direct, engaging and data-driven for the SaaS-based companies. Here are some of the significant marketing tactics for the SaaS-based companies to help them position and target their products to the right audience at the right time.
SaaS Marketing Strategies
The proper proven and the effective strategies are the great way to cater to the needs of the vast market and grow a good customer base. Your marketing strategy should cover the best in class service, building brand loyalty, leveraging the power of paid advertising and a great marketing team.
- Content Marketing: Content has a high power to drive the audience interest and increase the brand awareness and online presence. It helps a lot in increasing the conversion rate as content marketing generates three times as many leads against any traditional marketing activity. Here are some of the benefits of content marketing:
- Content marketing helps drive sales: Blogs, landing pages, Social media, email marketing, webinars, infographics, e-books are the great source for providing the information to the targeted audience.
- It helps to reduce the churn rate: Churn rate is the annual percentage rate at which customers who have made an initial purchase stop subscribing to a service. You have to decrease this rate by investing wisely in the content generation that can value to the customers. It is also crucial that the content should be optimized for all the device to enhance readability.
2. Referral Marketing: It is one of the most effective strategies with low-cost and maintenance and easy setup for generating leads. Referral marketing is a method of promoting service through referrals which is in a way words of mouth. Most of the SaaS companies leverage the power of referrals as close to 65% of all the new businesses. Most of the people prefer the product and the services which are recommended to them through their friends and networks. Referrals help businesses sell products to the customers as a word of honor for the product review or experience. It is known as referral marketing.
3. Product Trials: Product trial means making a sample available for free for test driving the product or service available. Product Trials are really important for the SaaS-based companies as it helps them to demonstrate the product value and how can it fit into their business operation in a very cost-effective way. As these days people wish to have a customized product and service, Product Trial helps you get the feedback that helps you improve the product feature and functionalities.
4. Google Adwords: Google Adwords is a great way to leverage the power of World’s most powerful search engine. As ads are becoming more prominent in every Google search thus investing in Pay-per-Click is an excellent idea for generating the pre-qualified leads. Pay-per-click is the best way to deliver your message to the targeted traffic in a highly scalable and predictable way. Pay-per-Click incurs a cost as per the ad campaigns your designed for the targeted audience at a targeted time and place which helps you gain traffic on your website. It is a great help for the advertiser to advertise their product and the services at a very reasonable and economical price.
5. Cross-selling and upselling the product: Upselling means encouraging the customer to buy the high-end product that can upgrade the current product and services. Whereas cross selling means inviting your customers to purchase complementary or related items to the products and the services they currently possess. It helps in gradually introducing your other products and their feature to the prospective customers towards the highest package price appropriate to what they are looking for.
Conclusion: The marketing strategies mentioned above will help you generate leads as well as retain your existing customers. Getting huge leads and converting them into revenue will help you build your SaaS business stronger.