5 Ways Your SaaS company can use to thrive in 2019 [With Free Resource]
Updated: Jun 3, 2019
Be it a startup or companies, we all have heard that building a good product is sufficient to attract customers. But the 21st century is proving this old school theory wrong. “Build a good product, and it will sell itself”, is invalid since you are not the only one who is selling the product. To stand out from your competitors, you need to have a different marketing strategy. Since you’re reading about SaaS marketing, you probably already know one of the main reasons for start-ups failing is the inability to market their product.
Why your product not generating cash flow?
The bitter truth of SaaS marketing is, even if you have a successful product with a large customer base, you can’t afford to stagnate. Most importantly, your product may end up in a situation where-
1. It may not be getting enough traffic.
2. Free trial users won’t be upgrading to premium version of your product.
Whatever may be the problem, mastering SaaS marketing will allow you to overcome these challenges.
Search Engine Optimization:
If you haven’t heard of the term until now, SEO means optimizing your content for search engines (mainly Google), so that your websites or articles pop up on top. Sounds useful enough? Good! Now, let’s talk about putting it into practice. Google crawls and analyses all your web pages, then using a smart algorithm, figures out which pages are relevant for which keyword. As a given, the page should also be optimized for the relevant keyword. To do this, you can simply use a content analysis Out of all the pages on Google for a given keyword, Google’s search algorithm tests how each page would perform on a given ranking. Meaning, it tracks how your website would perform if it was on any specific rank (rank #1, #2, etc.). The Google measures and ranks it on different measures.
Bounce Rate – The percentage of traffic that instantly jumps off your website
Average Stay Time – How long users spend looking at your web page
Click-Through Rate (CTR) – The percentage of people who pick your page over all other in the results
So, if your web page has the lowest bounce rate, highest Avg. stay time, and highest CTR of all the other pages ranked, you’ll eventually end up as the #1 ranking.
Wistia Product Marketer Naike Romain believes that video has the power to give your company a sustainable competitive advantage. Video can give you the competitive advantage you need by connecting with, educating, and converting the largest possible customer base and works best when personalized for your brand.
Why Video Puts You Ahead of Your Competition
Video has three specific superpowers that help you build a competitive advantage:
It connects: Video help more people feel informed and emotionally connected to your brand.
It educates: Video support can deliver delight to your customers instead of just giving black-and-white answers.
It converts: Video helps your sales team show why your product is important and useful which ultimately means fewer prospects going dark in the middle of their outreach.
In these three ways, video makes your SaaS marketing strategies more effective than your competitors (giving you operational effectiveness) and allows you to uniquely communicate with your customers on a personal level (giving you strategic positioning).
Since videos tell stories in ways that engage multiple senses at once, there need to be a good storyteller too .Most importantly you must choose the right video to connect to your audience since they're visceral—which can be extremely helpful. Studies have shown that after a presentation, 63% of attendees remember stories while only 5% remember statistics. So, videos can engage your customers' emotions and forge human connections in ways that other media cannot. This translates into monetary value. Customers that feel connected to you have a higher lifetime value, are less price sensitive, and are much more likely to advocate for your business.
Companies around the globe are using content marketing to build their brand, attract visitors to their website, and generate leads. A major advantage of content marketing is that it has a compounding power of return just like a smart investment; it increases in value over time. Most importantly, content continues to drive leads, whereas other forms of marketing, like pay-per-click (PPC) advertising, will only do so for as long as you continue spending. It's for this reason we think of content as an asset that businesses own, whereas online advertising is rented. This distinction is important for SaaS marketers to consider.
Research shows that referrals are one of the most effective types of leads. Though referrals are typically low cost but there's a referrals mismatch among sales and marketing, with 56% of sales reps calling referrals "very important" yet only one-third of businesses having a program in place.
There's a lot of debate on whether or not companies should provide incentives referrals. Supporting view is that you won't generate many referrals without an incentive, while the opposing view is that if you provide incentives too heavily, you may get low value quality referrals. The best advice is to test which works for your SaaS business and then optimize for that.
PPC remains popular for several reasons. It delivers targeted traffic to your website and is highly scalable, meaning you can increase or reduce spend based on the needs of the business on any given day. It also has a lot of inherent predictability both in terms of cost and results.
The best advice is to run a series of tests and see what activity generates the best ROI for your business. There's a great variation in competition between industries, but the fact remains you can generate significant levels of traffic and leads from PPC if you're willing to pay for it.
These are tried and tested SaaS marketing strategies to help tech companies grow, but as always, we recommend you test, analyze, and optimize them to see what drives the best results for your business.