Software as a Service (SaaS) is one of the most attractive business opportunities. Individuals looking to commence their next business venture can develop valuable skills and knowledge in this fast-moving industry. In the SaaS industry, stagnation equals death. Every industry faces intense competition to grow and maintain its market dominance.
Modern SaaS marketers employ cutting-edge product marketing tools to evaluate the effects of campaigns and experiments at every stage of the user’s journey, where every event and user property is trackable.
SaaS Explainer Video Maker methods go beyond simple spray-and-pray tactics to create optimal business results, with income as the primary KPI and data as the evidence behind all decisions.
SaaS Corporations Need to Innovate Their Growth Marketing Strategies
In contrast to traditional marketing, which concentrates on the top of the funnel, growth marketing uses a data-driven approach across the whole product funnel to form insights into a plan that promotes the acquisition and customer lifetime value.
SaaS Growth Marketing Strategies That Worked for Real Products
- Voxox Tweaking Product
Voxox created CloudPhone, a business phone device geared toward SMBs, to simplify and lower the cost of communication. Churn rates and user activation were the challenges that they faced. Although visitors showed intent, only a tiny percentage of them signed up. Voxox had to find a quick solution; they analyzed the customer journey to determine where the lapse was. They found that one of CloudPhone’s most critical time-saving features was being overlooked by their users using a combination of A/B testing, user surveys, and evaluating the status quo. Too much automation in the customer onboarding process prevented the functionality from being highlighted.
- Slack Freemium
This messaging service gained popularity when firms understood the platform’s advantages for effective communications. The freemium model has become dominant, especially among smartphone app developers and Internet startups. Using Slack’s version helps users with basic features and better functionality. Slack offered free products to users once they knew people started using it. This strategy paved the way for their success in the marketplace.
- Kissmetrics Email Marketing
The Kissmetrics platform offers tools to improve engagement, conversions, and insights into how customers should work online. Keeping one’s place on the Internet, where Google Analytics and other tools are available for free, is quite challenging. Nonetheless, Kissmetrics worked out its strategy by segmenting and targeting various audience personas as potential clients. Through Kissmetrics Academy’s content resources, individuals are targeted through campaigns, especially those who visit the website and read the content.
- HubSpot Website Grader Tool
HubSpot’s award-winning tool, Website Grader, is proficient in grading websites. Since its launch in 2006, it has checked more than 4 million websites. This tool assists web experts in improving their websites and ensuring high returns. Moreover, it allows users to adopt an inbound marketing mindset. The website grader was one of the first initiatives to come out of HubSpot Labs in 2007.
Since it is a free product, HubSpot’s clients found it beneficial and a trustworthy tool. It rates a user’s website out of 100 and provides suggestions for improvement. Additionally, it ranks popular phrases too.
- Intercom’s Approach to Content and Customers
This customer-messaging platform offers an app suite for managing sales, marketing, and support communication. Intercom, which led the industry when the technology first appeared, discovered strategies to remain competitive in a changing environment. Using a ‘jobs-to-be-done’ structure, they introduced a novel method for resolving client issues via their website content. Most businesses base their product and marketing strategies on an analysis of their target personas. On the other hand, Intercom thought about the tasks, inquiries, and issues that their product would address.
- Xero Partner Programs
With cloud-based accounting software for SMBs, Xero transformed the accounting sector. 1.82 million subscribers have joined the network since 2006, which has grown by about 30% yearly. The business understood that it needed to appeal to accounting firms and bookkeepers to get them to purchase the product. These, however, are less prevalent than the total number of SMBs that need the software solution. As a result, Xero had to develop a SaaS growth strategy to assist them in generating income from other sources. The platform changed into a small business solution as they decided against scaling up to the enterprise level to preserve the focus on growing their existing market.
- Baremetrics Retargeting Ads
With the help of the Baremetrics analytics tool, SaaS and subscription organizations can gain insights that will help them advance their operations. Their integration and relationship with Stripe, which gives consumers analytics, is one of their key selling points. After a site visit, the company used retargeting strategies to resurface its product online to get potential buyers closer to becoming Stripe users. Retargeting is more effective when a product offers immediate user value. Retargeted advertising was made simple to increase points of contact and hence, more conversions. They focused on banner advertisements and adverts on the Facebook sidebar, with the latter producing the best returns.
- TransferWise – The Money Transfer Service
TransferWise is an online money transfer service that 8 million customers have accessed since 2011. All you need to do is to create a free account on its website and get comprehensive detail on your transfers. Stakeholders at TransferWise concluded on satisfying customers at every touchpoint after experimenting with numerous marketing methods; they wanted to achieve the required SaaS growth levels. Using Net Promoter Score (NPS), TransferWise ratified its recent count, which was 86%. Although their business is predominantly B2C, the company intends to scale further into the B2B sector using this growth success.
SaaS growth is a pivotal criterion in assessing your business and its productivity. One way to improve SaaS ratings is to enhance user activation and convert one-off clients into premium users. Moreover, the growth strategies include using different tools and websites, such as TransferWise, Slack Freemium, and more.