Software as a Service (SaaS) growth offers a very unique challenge when looking at other online businesses. The SaaS business model is considered to be the most profitable and more scalable type of business in recent times. However, it requires a large focus on the growth of the upcoming businesses and the retention of the current users to achieve profitability. Looking at the great benefits of SaaS, several prominent Software development companies are trying to adopt it.
If you have spent more time with the SaaS business then the last thing you would like to do is wasting the money, time, and efforts on the growth strategies which do not work. One needs to have the correct tools and tactics to help the SaaS business to reach the next level.
The following are the 5 proven SaaS growth strategies to grow the SaaS user base and revenue.
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- One of the biggest challenges for SaaS businesses is by retaining the customers and engaging them. Referrals can positively clash user engagement and retention. This will also improve customer acquisition.
- For instance, when dropbox initiated, they provided all the users with the referral program to offer extra storage for people who bring other people on-board by reference. Dropbox’s approach was simple and doable but it was highly effective. As a result, Dropbox has millions of users currently.
Try before you buy
- Offering the user, the chance to use the SaaS program in a free trial is a common SaaS marketing strategy. Almost all SaaS businesses provide a free trial to their users but the strategy is only good till you nurture your prospective customer. If you are considering a higher conversion rate, then you cannot just pass through the motions when the free trial is offered.
- A strong free trial strategy needs to move prospective customers from they perceive values to know where they realize the value of your software.
Optimal customer experience and support
- Does customer experience and customer support can help to grow? The answer undoubtedly is yes. According to a report presented by Mckinsey in 2016, customer success efforts boost revenue growth and minimizes customer churn. All the happy customers will provide referrals and will be willing to pay extra to make sure the customer has a good experience.
- Note that customers are 4 times more likely to terminate doing business with a company for any service-related issue over the pricing or product concern issues.
Improving Brand Awareness
- One of the biggest mistakes is that making the SaaS step in the product hard to find by the prospects. By spreading awareness for your product and the brands, is the most important step in eliminating the issue.
- However, brand and product awareness is completely a wide subject that can include numerous tactics, and the techniques and different SaaS complaints might be better off with other tactics. Key areas of SaaS businesses such as Content marketing, Public relations, Cold calling should be focused on.
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Nurture and Retarget the leads
- Imagining a visitor who is a would-be buyer visits your site. Impressed with the product but drops the plan of buying and start exploring more options. But after research, she decided to drop it out and buy some other day. So, some days after, there are two scenarios either she remembers you and your product or she forgot both. This is where Nurturing and retargeting comes into the picture.
- The most ideal way is to reach them is to make it a call to the prospect or email them to let them know about their recent visit to your website and came out without purchasing. So, this is a better chance to remember you and your product and renew their interest.
SaaS businesses focus on building customer loyalty and engagement will be considered for growth. We recommend you to analyze, optimize, and test all the strategies that work for your SaaS business. Some growth strategies may not be the perfect match but don’t be afraid to try something new!