How do you stand out from other SaaS companies when you’re still in the startup stage? How do you stay ahead of the curve and thrive?
This isn’t an easy task. Considering there are at least 30,000 SaaS companies around the world, with the US accounting for over 60% of them.
On the other hand, there are more than 14 billion SaaS customers globally. And for a SaaS to succeed, you only need to acquire a fraction of that figure as customers.
In this post, we’ll discuss how you can put in place a strong SaaS startup growth strategy that raises awareness, generates leads, and puts you in a position to scale.
Here’s how to do it:
Figure Out How to Monetize Your SaaS
Monetization is everything in the SaaS world because it drives revenue and guarantees cash flow.
But how will you monetize your SaaS startup?
There are different possible ways to do this and exactly how you monetize it will depend on your niche and SaaS model. For example, you could opt for a percentage-based fee or you could opt for a tiered subscription model.
It’s also a smart idea to integrate soft limits, such as limiting customers to X number of features until they upgrade to a premium package.
Focus on Customer Retention
Not just that but retained customers will be the lifeblood of your SaaS if you have a subscription-based pricing model. You simply can’t afford to let customer churn kill your growth.
Here are some tips:
- Go the extra mile with the onboarding process.
- Interact with your customers—give them tips and advice consistently.
- Focus on involuntary churn. This is when customers stop subscribing by mistake (such as their payment failed due to expired cards).
Nail Your Branding
What makes your SaaS unique? Why should customers ignore alternative options and do business with you instead?
In order to answer these questions, you need to nail your branding.
SaaS branding is what distinguishes you in the marketplace and acts as a calling card to your customers. It helps you build trust and develop long-term relationships. Whenever they need something, they know they can call on you—a business they know and have confidence in.
In the SaaS world, it’s a smart idea to build your branding on the following:
- Your uniqueness. What does your software have that others don’t?
- The problems you solve. Is there a problem that your SaaS solves better than everyone else?
- Your software’s ease of use. How intuitive and easy to use is your software’s interface?
- Your ability to make good on your promises. Do you follow through on your product launches and updates?
- Your voice. How do you communicate with your customers on social media and in email? Are you formal or informal? What would resonate the most with them?
Launch a Strong SEO Content Marketing Campaign
SEO (and content) marketing is essential when it comes to generating leads. It will help you attract visitors organically on Google, and it’s especially useful because you’ll be targeting customers with a clear user intent (they’re looking for a SaaS just like yours and are weighing up their options).
With SEO and content marketing, the aim is to create valuable content that clearly demonstrates how your software will solve the end user’s problem. More than that, it needs to be optimized for Google. This means adding the right keywords that your customers are using and making your content presentable and easy to read.
Social media is also an important part of your content marketing. Social commerce is set to grow in 2023 and the Whatsapp Business Platform is set to become a way of interacting with customers, and not just a peer to peer messaging app.
Explore New Markets
An SaaS company can’t grow if it’s unwilling to explore new territory. If you limit yourself to a single market, you’ll forever be stuck with the same customer segments. While this can sustain your business, it won’t allow you to get to the next level.
One of the reasons for this is that, once you expand your business into new markets, you’re no longer relying on just one customer base. This makes your SaaS more resilient, which is key to growth.
- Research potential markets, leaving no stone unturned
- Zone in on new geographies by implementing a local SEO strategy
- If necessary, adapt your software to meet different customer segments
By executing these growth strategies, you can take your SaaS to the next level. Key to success is looking for new opportunities and focusing on a strong customer relationship so that you’re able to see off the competition and lay the foundations for success that will keep you at the forefront of people’s minds for years to come.