New technology and technological advancements are revolutionizing business practices all over the world. Companies keep introducing new solutions to improve their productivity, efficiency and increase overall customer satisfaction. The SaaS market is a leader at introducing new technologies, and it has a direct impact on many different industries.
SaaS stands for Software as a Service, and it became the most popular software delivery model because it’s fully customizable and scalable. SaaS providers are among the fastest-growing businesses, but only if they follow the market trends very closely. Let’s look at what it takes to grow your SaaS business.
1. Give Something Away For Free
One of the best ways of getting people to use your service is by giving something away for free. Successful businesses have been using this approach for decades, and it’s still one of the most effective methods by far. Put simply – people love getting something for free, and you can use that to turn leads into loyal customers.
Something as simple as a 14-day trial or a free iPad included with a purchase can help you get a long way in attracting new customers. For example, when Dropbox was still an emerging company, they gave away a ton of extra storage space through a referral program. The strategy resulted in a massive influx of customers, and Dropbox grew faster than anyone could have imagined.
PayPal used a similar approach. The company gave out $10 for every referral, and let’s face it – everyone likes free money. The move helped the company grow literally overnight. Giving something away for free is one of the most effective methods of attracting customers and growing your SaaS business.
2. Use The Power of The “Freemium” Model
The so-called “freemium” model is another excellent method of attracting new customers. Again, people love free stuff, so giving subscribers something for free will help you increase sales. The key here is to offer your customers extra value if they decide to subscribe to your SaaS solution.
Here’s how it works. Offer potential customers access to the most basic features for free. The available features should show the potential of your software solution, but only provide access to the basic options. If the customer likes the product, they have to pay a monthly fee to gain access to other features.
The free version will help you grow your user base faster, and once your users understand the value your solution provides, some will get a paid subscription. It’s simple, and it gets the job done.
3. Focus On Teamwork
Every company is as successful as the people behind it. With that said, no matter how hard you work to grow your company, you can’t do everything alone. You need to surround yourself with capable, trustworthy team members that share the same vision and goals as you do.
Most SaaS businesses fail to reach their potential because of poor management and a lack of experienced team members. You need to surround yourself with smart, creative, and most of all, productive team members who are ready to put some extra work in to help the company overcome complex challenges.
All key team members have to share the same vision and have the skills needed to reach it. One thing is for sure – your SaaS business can’t grow without good management. Your managers need to follow market fluctuations, create and execute strategies, and monitor brand exposure and marketing campaigns. A good management team can find experienced employees who will improve product quality and help grow your business using the best practices.
4. Use Content To Grow Your Email List
Content is king when it comes to engaging your audience. It’s one of the most important elements in every successful marketing campaign, which is why you have to create high-quality, helpful content.
The main challenge is to create useful content that puts you in front of your competitors. Of course, you’ll also need a prominent social media presence where you can share content and communicate directly with your audience.
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Content also plays an essential role in building an email list and reaching a wider audience. It will take some work to figure out which types of content attract the most customers, but once you figure that out, you will attract more loyal customers and make more sales.
5. Promote Exclusivity
Exclusivity is another successful strategy that can help you grow your SaaS business. It offers the perfect chance to scale your operation without putting everything at risk. This approach is all about the human need to belong to a crowd.
You want to appeal to your audience by creating a compelling offer that will make them sign up to your emailing list. Gated content is one of the best approaches you can use. Offer your visitors some kind of discount or a unique offer once they provide their email addresses.
6. Solve Problems
You can’t sell a product without proving the value it provides. You need to show your customers how your SaaS solutions help solve problems and drive value to your customers. No one is going to share their credit card details if they don’t know what they are paying for.
The key here is to show your customers how your services solve their problems. Provide proof and show how your solution saves them time, money and helps improve sales. Covering only one point will be enough, but if you get all three, you’ll have the best results. As long as you show expertise and provide real-world proof of your SaaS application, your customers will trust you and make the decision to purchase something from your offer much easier.
For example, the developers behind Wizata manufacturing software provide a detailed overview of their software. That includes all details about the technology behind their products, case studies, details on performance and maintenance, etc.
7. Partner Up With Competitors
Knowing what your competitors are doing to attract new customers will help you create better marketing strategies and find your place in the markets. Competitive analysis is a must if you want to get the most out of your marketing campaign.
However, business opportunities come in many shapes and sizes. Ensuring that your offer is unique and different from your competitors will attract more customers. However, sometimes partnering up with competitors can actually help you increase sales. Instead of competing against another business, you can partner up and work towards growing your operations together.
There are plenty of successful SaaS partnerships that prove that working together is better than working against each other. For example, Airbnb partnered up with Craigslist to grow its user base. Instead of investing a ton of money into advertising, Airbnb made the smart move and gained a huge number of personal listings by partnering up with Craigslist. In return, Airbnb helped code the missing API for their partner. It’s a win-win situation for both sides and an excellent example of efficient SaaS partnerships.
As you can see, there are plenty of ways you can use to grow your SaaS company. The key is to leverage all available methods to attract more customers and find new business opportunities. Of course, it takes a lot of work and careful planning to get things done right, but as long as you surround yourself with the right people, success will surely follow.
Focus on creating engaging content, communicate with your customers, and provide as much proof about the effectiveness of your SaaS solution as you can. With a little luck, your solution could find itself right next to the industry leaders. Good luck with your future business ventures!
Travis Dillard is a business consultant and an organizational psychologist based in Arlington, Texas. Passionate about marketing, social networks, and business in general. In his spare time, he writes a lot about new business strategies and digital marketing for DigitalStrategyOne.