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The SaaS industry has grown immensely in the past few years, and for good reason. Software as a service is inexpensive to start up, easy to maintain, and quick to scale. Currently expected to hit $436.9 billion in 2025 at a CAGR of 12.5%, so it’s no surprise that there are more competitors than ever before trying to take a slice of this lucrative pie.
The trouble with this is that it’s easy for your competitors to copy your marketing strategies and steal away your customer base. In an environment like this, entrepreneurs need to employ advanced strategies in order to expand their business.
Use A Data Warehouse
A data warehouse is a shared database in which all the information of an organization is stored. It stores operational and transactional data that can be queried for specific reporting needs and any other type of big data that’s not time-sensitive.
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This is a great alternative to storing data in multiple siloed databases, which makes it more difficult for analysts to find the information they need. Two examples of data warehouses that can help SaaS businesses organize data are Snowflake and Redshift. Between Snowflake vs. Redshift, you’ll easily find a data warehouse to suit your needs and you won’t have to worry about the size of data your company goes through..
You can use automation for social media and content creation and promotion on other platforms like LinkedIn, YouTube, Google+, etc. Automated social media features include scheduling messages in advance or pushing them out when your audience is most likely online. These are great tools for both growing your social media presence and increasing engagement.
For SaaS businesses, LinkedIn is a great platform to take advantage of. It can help you connect with other businesses that may benefit from your product. Use LinkedIn automation tools to maximize your activity and reach on the platform.
It’s a great way to get people engaged with your brand’s different facets of marketing and make it easy for yourself to create the same message repeatedly. You don’t have to be an expert in social media marketing either; these tools will handle most of the heavy lifting for you.
Use A Freemium Model To Attract New Customers
A free trial is an excellent way to bring in new customers who might not otherwise be willing or able to pay for your product. If they don’t convert, it’s no problem because you have nothing lost and something gained (a customer). The strategy works well if you can offer an entry-level version of your product, although it’s not required.
One thing to note about a free trial is that you need to be able to provide customer support as people tend to have questions while using the product. If you’re unable to respond in time or give them what they want, they will end up canceling the trial, and you’ll have lost a potential customer.
Develop An Online Course On How To Use The Product
The first step in getting your SaaS product into more hands is to have a thorough understanding of how it can be used. Next, you will need someone on the team who knows the software and is able to speak about its features, benefits, and limitations from personal experience.
This person should also know what their target audience needs or wants out of the product. There are many ways to produce an online course about your SaaS product, but you want it to be as engaging and interactive as possible so that people will actually read through all the material. You should also cover various topics with one or two different courses depending on how new users vs. experienced users might approach the software, for example.
Create A Referral Program For Current And New Customers
A referral program can be a great way to expand your SaaS business. Encourage current customers to refer you for new work and offer incentives, such as discounts or free services in return. For example, if they bring on five additional clients, give them $500 off their next project with you.
If word-of-mouth advertising is not enough, you can also run an ad to promote your referral program. In addition, you can employ referral program software to make it easy for your customers to share their referral links.
Get Testimonials From Satisfied Clients And Use Them In Your Marketing Materials
Testimonials can be used in many different ways and are one of the most important tools for any company to spread its word. Here are a few tips on how you should take advantage of testimonials:
- Ask your client about what could make them more satisfied with your product or service. This will get them thinking about what they would like to see more of, and then you can implement these changes
- Get as many testimonials from your company that are possible. If a customer is happy with one aspect of your service or product, there are probably ten other aspects they love too (think long term)
- Offer something in return for the testimonial
Remember, these are just ideas, and there will be a lot of trial and error to figure out what works best for your company. Some may work better than others depending on who they’re designed for or where in the process they come into play, so try them all.
Just remember that if it doesn’t seem like it’s working, don’t do more of it, but rather change tactics. It’ll take time to see results but patience is key.
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