Software-as-a-Service is n’t a new thing. In fact, the market for enterprise products has grown in recent years, giving the sector ample opportunities for growth. MarketWatch.com expects an impressive growth rate of 21.20% between 2018 and 2023, indicating that the market is gaining traction across important sectors such as finance, healthcare, and tech.
Undoubtedly, this uptick in the $60-billion market for SaaS products has opened up playing fields for newcomers to the scene. But challenges still stand as the sector becomes increasingly saturated. Businesses are adopting SaaS at a faster rate, but only after giving careful consideration.
An ill-informed market, among other factors, is a considerable hindrance to the growth of SaaS startups. It’s crucial to develop strong business models, execute efficient practices, and come up with “out of the box” action plans for long-term growth.
Whether they’re cloud-based productivity platforms or marketing automation systems, your SaaS products can secure a better market position and stimulate growth using the right approaches.
Best SaaS Startup Strategies
The market for SaaS products is competitive, and much of your strategizing will go towards determining the best selling price.
Your pricing strategy can make or break your SaaS business, so it’s always best to approach this cautiously before launching. But how exactly do you come up with a business model that drives sales without hurting the bottom line?
The key to this is experimentation and research. Spend time monitoring your competitors and comparing their pricing frameworks. Continuous testing is also important, so your SaaS products are constantly generating new business.
But the most important principles are to engage your customers, know what they really need, and to come up with a pricing scheme that adapts to changes along with the market. In other words, don’t just settle with a single price for your SaaS. You have to change it according to current market trends.
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Formulate A High Conversion Free Trial Program
Free trials should be included in your long-term growth strategy for very obvious reasons. For one, it gives potential customers a free taste of what your product can do even for just a limited time. This tends to build trust. It is also a great way to separate buyers who are very likely to purchase.
However, you might want to consider a few important cons as well before implementing your free trial strategy. The complexity of your product and the amount of time it takes for users to realize the value of using a full version of your SaaS are very critical issues to consider before running a product demo campaign.
At the very least, you can use certain solutions for ensuring that your free trial program is on par with your objectives. The first thing you will need to do is to determine the metrics you can use to measure the success of the campaign. You might want to focus on specific events triggered by users or the number of times they log in. You may also need to set up a user journey to be able to identify specific audience pain points. Lastly, you may also need to identify those limited features that will really get people to purchase full access.
With a well-thought free trial program, it will be easier for you to convert customers who are very much eager to know what your SaaS products can bring to the table.
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Build A Consistent Marketing Campaign for the Long-term
Marketing is the nucleus that drives growth. It only makes sense to invest time and resources in developing campaigns that increase brand awareness, generate and nurture leads, and maintain a strong client base.
It doesn’t get more information-intensive than SaaS, so the best approach you can use is to develop a multi-channel campaign that fills in the gaps of what users already know about SaaS.
Content will definitely be an important ingredient in your marketing campaign, so it’s important that you invest more in developing relevant and informative materials and publishing them across different social channels using the right tools and platforms.
Social media marketing can play a big role, especially when it comes to B2B interactions. Sites such as Facebook and LinkedIn are great platforms for acquiring leads if you use a good strategy for developing social media content. To drive results further, you may wish to run PPC campaigns on these platforms.
Search engine optimization is also an important area you can delve into. Developing a keyword strategy, building links on-page and off-page, and calibrating your content using meta titles can help drive organic traffic. Along these lines, you might want to get help from service providers such as Powered by Search, a leading SaaS marketing agency that specializes in improving your position in the search engine page results.
The demand for SaaS will definitely grow in the coming years. For startups like yourself to remain competitive, it’s important that you focus more on expanding your client base, influence, and revenue.
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