SaaS Marketing: How to Grow your SaaS Platform in 2022
SaaS marketing is a different ball game. Perhaps, it’s why people consider it as tough, complicated, or even frustrating.
Of course, they are right!
Selling an accounting software is different and probably harder than selling a skincare product. While the former requires customers to subscribe regularly for the best ROI, businesses that deal in the latter are ok with one-time purchases.
Yes, SaaS marketing is tough. But with the right SaaS marketing tactics, you can cut through the noise, grow your SaaS platform and stand out.
Here are some of the best ways to market your SaaS platform in 2022.
What is SaaS Marketing?
SaaS (aka Software as a Service) marketing is the act of promoting software that companies build and sell. It involves marketing software products to a target audience. The goal, of course, is to turn leads into paying customers.
Alternatively, we can also define SaaS marketing as the process of promoting and selling software products with license, or recurring revenue, cash flow. Common hot SaaS products in the market today are:
These SaaS products have millions of users worldwide, thanks to the unique marketing techniques they adopt. While it may be impossible to replicate such a feat as a new SaaS company, adopting these marketing techniques can put your business on the right trajectory.
SaaS Marketing Tips for your SaaS Business
They said SaaS marketing is tough, but companies like Adobe, Salesforce, Microsoft, and Xero are marketing their products well, gaining new customers, and ranking millions in annual revenue. This signifies that SaaS marketing is tough but not impossible.
Here are four tips for marketing your SaaS platform in 2022.
- Develop an Exceptional Product or Service
Imagine trying to market a CRM software that has security issues or one that lacks functionality. Of course, it’ll be hard to market such software, not to mention sell it.
Thus, the first step to building a solid SaaS marketing strategy is creating a good product or service that meets your customer’s needs and offers an exceptional user experience.
And how do you do that? Easy-peasy!
You’ll need to determine the problems of your target audience. Is it bad customer communication? Messy, decentralized data? Low productivity or below-par customer service?
Identifying the problem isn’t enough. Yes, your target audience is having issues with customer retention, but is that the problem that costs them the most? After determining their biggest pain point, tailor your product or service to solve it.
- Leverage Public Relations
As we mentioned earlier, SaaS marketing differs from typical marketing, where leads can turn into paying customers in a short period, and one-time purchases are enough for revenue.
Unlike typical businesses, SaaS businesses often experience long and complicated sales cycles, especially when target audiences are mid to large-sized companies.
To make things easy for your business, you’ll need to leverage the services of an expert like SaaS PR. These professionals can help boost brand awareness while ensuring that your business cuts through the noise. In addition, they can make SaaS marketing appear easy and give you the results you crave for.
- Research your Target Audience
Can you market a product to an individual you don’t know? It’s possible. By doing so, you can land a few sales. And if you are unlucky, none.
However, you stand a chance to achieve more when you market your products or service to someone you understand. And that is why you need to research your target audience and understand what triggers them, how they think, their pain points, demographics, psychology, etc., before attempting to sell to them.
In addition, you need to ensure that your business components are tailored to meet your target audience’s needs. This include:
- The appearance and feel of your site
- Product design
- The content you produce for your site, social media posts, and copies
Your target customers aren’t newbies. They are experts in their fields and will spend quality time looking for the ideal product or service for their needs. You need to ensure that when they are done with their research and findings, they choose your service.
- Set Goals and KPIs
After researching your target audience, what next? You need to set clear and achievable goals. That’s not all. You also need to link each goal with specific Key Performance Indicators that can help determine if you are winning or losing.
Many SaaS companies invest lots of effort in boosting their profitability, customer retention, efficiency, and growth. You can follow suit. Plus, you should also monitor and measure significant SaaS metrics like:
- Website Traffic
- Annual recurring revenue
- Customer lifetime value
- Number of customers exiting your business
- Customer acquisition cost
- Conversion rate
When you track these metrics, it becomes pretty easy to make informed decisions that’ll grow your SaaS business.
SaaS marketing requires a different level of approach, different from the typical marketing you know. When thinking about marketing your SaaS product or service, think long-term. Go for strategies that can convert potential clients and turn them into loyal customers, as you need recurring subscriptions to make substantial profits.
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