Software as a Service, more popular as SaaS, is the most vibrant and pioneering industry today. Though being in the market since the 1960s, it has come into business’ attention for a few years.
Through the years, the SaaS industry has grown more competitive. Dozens and dozens of companies are joining the clan every year. As per a study by FinancesOnline, the global SaaS market is expected to reach a total value of $623.3 billion by 2020.
It seems a considerable number, isn’t it?
And it doesn’t look like it’ll slow anytime soon!
With this growth, the quest to stay on the top becomes challenging. If you are a SaaS business owner, the race to stand out in the industry would always be troubling you. But don’t you worry! This isn’t impossible. All you need is a unique SaaS marketing strategy, and none can stop you from shining.
2019 was a breakthrough year for the entire SaaS sector in one or the other way. With a new year on the horizon, it’s crucial to make sure you have some effective SaaS sales strategies that will help you get as many subscribers as possible. Well, you do not have to reinvent the wheel for that.
In this article, we have cumulated 10 essential SaaS trends that will help you stand out in 2020.
10 SaaS Marketing Strategies You Must Look for in 2020
1. Offer exceptional Customer Service
While the world is busy bragging their products or software, you must focus on delivering excellent customer service. Yes, the richer your customer service, the higher is its impact on your corporate income.
If you consider it from the low market-end, this means providing trouble-free purchase and onboarding, along with providing assistance to a sales team to help customers solve their queries. As you move upmarket, the scenario changes a bit. Here, you need to reformulate your sales strategy to meet the buyers where they are.
As per Adobe Digital Trends Report 2020, 36% of companies at the forefront of customer experience have exceeded their top business goals by a significant margin.
Kissmetrics is already leveraging the benefits of this SaaS marketing strategy. If you, too, want to benefit with this, ensure you
- Give immediate response to your customers
- Speak to them courteously and not with an authoritative tone
- Talk the same language as your customer
- Know the product thoroughly so that you can resolve customer queries in no time
2. Address Specific Needs of Your Audience
With hundreds and hundreds of tools and software available for every need, it is crucial to stand out in the market. So, SaaS providers must take the particular needs of their target audience into consideration and address them before selling.
SaaS industry leaders like SalesForce have taken advantage of offering unique products even before the competition. But this doesn’t mean you can’t. Take Trello as an example. Though this list-making application came onboard in 2011, it won a myriad of customers with its unique feature called movable boards. How it emerged successfully? Simple! It narrowed down its value proposition to a useful feature that many users longed for and couldn’t find in other tools.
This SaaS lead generation technique is often referred to as Feature Marketing. It encourages companies to develop a brand new feature that is distinct from the main product so that when it hits the market, there are high chances of going it viral.
3. Freemium Models are here to stay
Though the free model isn’t new in the SaaS world, it’s still proving to be one of the most effective SaaS marketing tools. 20% of free apps get 10,000 or more downloads as opposed to 0.2% of paid apps that get 10,000 or more downloads.
The numbers above itself speak the importance of freemium models. SaaS companies have noticed a drastic downfall in the customer acquisition period by offering free products. However, there are various iterations to this model – 30/60/90-day free trial, free trial with limited features, free trial with/without credit card information, and more. SproutSocial has been utilizing this strategy for long and benefitting immensely.
If you are already using a free strategy, try some other variant of it this year to attract new customers.
4. Optimize Customer Retention
It is evident that SaaS marketing demands a lot of time and effort to bring in new customers. Then, why not consider paying attention to your existing customers? Customer acquisition is costly, but taking care of your current customers escalates the retention rate.
So, make sure your existing customers are fully satisfied with your services. See to it that their needs are being met. You can also add new features or benefits by updating your offerings and services for your current customers. Good customer experience entices users to pay more and help boost your business with word of mouth.
Companies that prioritize customer experience generate 60% higher profits than their competitors.
5. Reinforce Content Marketing
Content is the king, and this holds true even for SaaS marketing strategies. Companies can make use of this powerful tool to attract, educate, and convert customers. If done correctly, content marketing can help you achieve your goals seamlessly.
Content marketing helps people understand your product. It shows customers how the software can solve their issues and also help them determine how they can use it.
Moz never fails to entice customers with its kick-ass content marketing strategies. Right from blog posts to long-form articles and buyer’s guide, Moz makes its readers fall in love with the product. One more SaaS leader flaunting this SaaS sales strategy is HubSpot.
Well, if this interests you, here are some content marketing strategies you can make use of:
- Create targeted landing pages
- Take video and live streaming to the center of the stage
- Consider blogging as a crucial part of marketing
- Get content influencers to promote your tool
- Leverage SEO
- Tailor content to voice search
6. Unleash the potential of SaaS Review Sites
When a customer sets to buy a product, several questions flood in their mind –
Can I trust this vendor? Is this product right for me? Ain’t I paying more for it? And the list continues.
Well, they get answers to all the above by reading online reviews.
As per a study, 91% of millennials trust online reviews as much as friends and family. So, where do these buyers start their research journey? By tapping into the review sites or third-party website that reviews such products. So, if you want to increase exposure to your product, seek the assistance of review sites.
Some of the most popular SaaS review platforms that you can ride on includes G2Crowd, SoftwareSuggest, FinancesOnline, Capterra, and more.
7. Tap into Mobile-First Marketing Areas
In this digital age, over 5 billion people have mobile devices. And most of the searches done are online. So, in case you are missing to create mobile-optimized content, you might be losing the majority of the buyers. Well, merely creating content accessible on mobile isn’t enough. It is vital that your product, features, and functions also work on mobile platforms flawlessly.
While emerging SaaS start-ups are adopting this SaaS trend earlier, others need to buckle up. After all, it all comes down to flexibility, scalability, versatility, and accessibility of your solution.
8. Leverage Artificial Intelligence
AI is soon going to be a major player in SaaS marketing. Besides, it is estimated that 80% of SaaS industries will be using chatbots for customer interactions by 2020.
Chatbots are evolving the way SaaS companies used to provide customer service. They are likely to offer a more interactive and personalized experience. Moreover, it helps companies engage with their visitors and likely convert them into leads by driving them through their sales funnel.
Artificial Intelligence as a service is expected to hit $6-7 billion by 2023. Many companies have already started leveraging it to improve user experience. If you haven’t yet, begin now!
9. Adapt Native Advertising
2020 is attracting SaaS vendors to native advertising. As it has the potential to reach the prospects while they are making a purchase decision, companies can easily convert them into buyers. Some of the key benefits of native advertisement are:
- It surpasses ad blockers
- It is viewed more than traditional ads
- It increases the purchase intent of the buyers
- It blends with the existing content and is less disruptive
10. Rely on Co-Marketing
Collaborating with companies of either the same interest or the ones that complement your offerings can prove beneficial in the long run. As the leads generated and the costs incurred are shared by both the parties involved, it is one of the cost-effective SaaS sales strategies.
Further, it gives you the chance to explore and take advantage of other’s following and audience. If done right, co-marketing can ensure success. One of the examples of SaaS companies utilizing this tactic is CallHippo. It publishes joint eBooks in collaboration with other companies.
Which of these SaaS marketing strategies are you using? Is there any major marketing hack that we missed out on? Do share with us right away!