Next Level Digital Marketing Strategy For SaaSNext Level Digital Marketing Strategy For SaaS
Digital marketing is one of the most remarkable strategies that the SaaS businesses of today are leveraging to gain more sales and revenue. It is the perfect way for you to reach out to diverse customers from your target audience. In this online world where there are many competitors waiting to surpass you, it is important to stay ahead with your digital marketing practices and hold onto your position strongly.
When you implement the right set of strategies for your online marketing quest associated with the SaaS business, you will be saving a lot of money and time upon acquiring new customers. For instance, you can attract your customers to join your platform for a trial subscription and then entice them to take the paid version by letting them know that you provide the right value for the SaaS products or services you offer.
Customer acquisition is the biggest factor in making a SaaS business successful, and digital marketing can help you achieve it with the most reasonable investment possible. All you have to do is look out for the best digital marketing agency for SaaS business and get along with scaling your online visibility and sales.
What is SaaS Digital Marketing?
SaaS digital marketing is technically the pathway for building awareness about your new product or software and helping you sell it to a mass audience. You need the right marketing effort in place in order to lead a product-based business and make it grow. SaaS digital marketing is quite different from that of the usual digital marketing approach. It is mostly because the SaaS customers are often clear about what they need or are looking for.
According to that, these customers are often the extra scrutineers! Therefore, the solution that is provided to them should be convincing enough to fulfill their requirements, may it be business or entertainment. Therefore, SaaS digital marketing should be approached in a way such that it fascinates the buyers to explore more about the product than what they have read or heard about.
Why SaaS Digital Marketing Plans Matter In Any Business?
There have been consistent changes witnessed by the digital marketing arena with respect to consumer demands, technology upgrades, and other such aspects. Therefore, irrespective of the business domain, everyone has to upgrade their marketing moves or tactics to stay relevant in the modern world. And when it is about SaaS business, staying updated with digital marketing trends is more important than ever.
It is mostly because digital marketing, when imposed for SaaS businesses, can act as an ideal game-changing tool. As the acceptance of digital technology is immensely high today, SaaS products have improved astoundingly to enhance or improve their functions. The SaaS companies demand a unique marketing approach, mostly when they are acquiring B2B clients
With digital marketing directed specifically for SaaS, you will be able to portray or present your product in the best ways possible. Unlike traditional marketing, the digital alternative allows SaaS companies to make their tactics or strategies adapt to the frequent changes you make to your products or software offerings.
In short, implementing the SaaS digital marketing plans will help you determine your target audience, define the specific needs you have, and elaborate on the strategies that your entire team would use to increase conversions. Upon acquiring leads and enticing them to be your paying customers, digital marketing is still a weapon you can use to retain them over your platform and further encourage them to bring in referrals.
You must look out for hiring experts who are proficient in handling digital marketing for specific SaaS companies in particular. In this way, you can expect that all the marketing approaches, such as PPC, SEO, email marketing, video marketing, and other tactics, would be approached with a product-based business mindset and not any other standard service or eCommerce business.
Top Challenges of SaaS Digital Marketing Strategies
It is undoubtedly true that SaaS digital marketing is one of the most proficient approaches you can adopt in order to win your clients or customers for utmost profitability. But still, the new SaaS companies in the domain are struggling to mark a remarkable winning spot in executing digital marketing strategies.
So, if you are among the newcomers to the SaaS digital marketing approach, these are some of the top challenges that you might face at the start:
● Need for Encouraging Ongoing Engagement & Education
You are already aware of how critical the competition is when it is about marketing the SaaS product. Every year, you see new innovations coming up in the industry, and more software-based businesses enter the market.
Therefore, when you have a subscription-based business model, you will have to constantly promote the product and bring in leads to boost conversions. This is the only way you can survive the fierce competition.
● Boosting Customer Retention & Lifetime Value
This challenge is also related to the first one because when there is big competition in the market, the target customers have a lot of options to go for. Therefore, it becomes a big challenge for SaaS businesses to promote something unique enough to make people stay on their platform.
Customers are very moody, and they intend to look for better deals, pricing, products, or services constantly. So, it becomes a bit complex at times to think of new marketing strategies to hold onto the customers, retain them, and lead them to create a better lifetime value with your business.
● Creating a Value Proposition for Your Business
For newcomers to the SaaS industry, it is very important for them to create a value proposition for their business. It is basically the foundation for all the sales or marketing efforts that you are going to implement in the long run.
This shall help you communicate the right value of your business or software product to the customers in a very clear or concise manner. When you create a strong value proposition, you will be able to develop trust among your target audience, and the chances of acquiring more customers will increase, much higher than your competitors.
In the start, it might feel complex to attend to all of these challenges. But remember, overcoming these barriers is quite important to ensure that your digital marketing for SaaS business is heading in the right direction. You can take the help of professionals like Searchonic to offer you an in-depth SaaS digital marketing overview!
Key Metrics to Track
If you have already started off with implementing the right digital marketing practices for your SaaS business, you must take note of a few metrics that might help you assess your business performance better. These metrics are:
● Acquisition Costs
Acquisition cost is the amount that is required for bringing in a customer to your business. In better words, when you are running a tracking initiative on this metric, you will be able to determine how much amount you are meant to pay for getting a new customer to your platform or tool.
It is a very crucial metric to track because this helps you make a better decision on what the right amount you must spend for your sales and marketing requirements. You will have an idea of whether you are paying too much or too little to acquire your customers.
For instance, it isn’t right for you to pay a whopping $10,000 to acquire just one customer when you can improvise your marketing to spend just $1000 for the same.
● Customer Lifetime Value (CLV)
Customer Lifetime Value (CLV) is defined as the metric that states the average amount that the customers have spent on your platform over the course of time. Measuring this aspect of how much value the life cycles of customers have helped you attain will help you realize what you can expect to earn from your new customers.
Moreover, this metric also determines what you intend to spend on the marketing campaigns to get impeccable ROI. For you to understand, if the average CLV is $5000, your aim should be to keep your acquisition costs below that at all times. In this way, you will be able to make considerable profits for your SaaS business.
Keep a tab on both customer acquisition cost and lifetime value, as they both go hand-in-hand for you to decide on how much effort or money you must spend in your next digital marketing campaign.
● Monthly Recurring Revenue (MRR) & Annual Recurring Revenue (ARR)
MRR is the revenue figure that your business earns from the customers on a monthly basis, and ARR is the revenue that you earn on a yearly basis. Tracking this metric will help you get a clear insight into the financial health of the business.
If you have set some goals for achieving a specific MRR or ARR, but the actual observations differ from it, you must take note of what adjustments you can make in order to improve your marketing campaign, which would help scale the overall revenue.
Developing a Robust SaaS Digital Marketing Plan Strategy
Now that you know the basics of SaaS digital marketing, it is important you feel convinced about taking this approach to bring in more customers or clients to your business. You can always hire experts in this field to help you implement the best digital marketing initiatives and help you attain immense success in your business.
But before that, let’s give you a general idea of what is often the right approach for creating an effective SaaS digital marketing strategy. So, let’s discuss the steps that are quite essential for every SaaS business to consider while seeking digital marketing implementations:
1. Research the Competitors and identify the Key Goals
When running a SaaS business, the first thing you must do upon implementing digital marketing solutions is research the competitors. Running an in-depth competitor analysis is important to understand what your rivals are doing in the industry. The team of experts you hire to assist you in the SaaS marketing journey will help you run this analysis.
The more you tend to know about your competitors, the better you will be prepared to outperform them in the market. Upon integrating the collected information into your marketing campaigns, you will set yourself on trend, surpassing the most direct competition.
Following that, you must then spend some time identifying your goals based on traffic, sales, subscriptions, or revenue that you want to track alongside your marketing efforts. In this way, the team you hire to run your marketing aspects will be more focused on how to run the campaigns associated with the end goals.
2. Defining Your Target Audience
The next step in starting your SaaS marketing campaigns is to identify the target audience. For you to better approach this step, you must identify the core buyer personas, depending on which you will be able to create some hypothetical versions of your customers that would help you define ideal marketing strategies.
This shall help you better understand your audience and direct your marketing efforts accordingly to target them. You get a forward-looking insight into what your customers expect from you and what would work best in terms of attracting or converting your audience into leads and then into paying customers.
Take the help of experts to run a market research initiative for collecting data on specific customers’s responses toward your software-centric business idea. Have an idea of what group of audience is more interested in your product or software offerings. Based on that, you can curate your marketing efforts to the specific audience groups from the start.
The best thing you can do is leverage content marketing to address the pain points of your target audience and let them know the benefits they can acquire upon joining your platform. Thus, in this way, you would be able to scale your conversion rates.
3. Utilize Quality Content Marketing
Content marketing is undoubtedly the best SaaS digital advertising strategy to be a success for your brand. It is probably the best approach for any marketing expert, as it can help give impeccable growth to your business. The best thing about using quality content for marketing your SaaS business is you don’t have to hard-sell your offerings, but still, your brand gets noticed.
Content marketing is quite cost-effective and is probably the best digital marketing approach to get you higher conversions with lowered investments. When you do it right with the help of experts, you will eventually be positioning your SaaS brand as a trusted advisor within the industry that offers valuable and accurate information. You just need to be sure that your content is relevant to what you are offering and should connect with the audience.
SEO strategies will be imposed for your SaaS business to ensure your brand site scales up in the ranking order over Google SERPs. May it be keyword research, backlinking, adding meta tags, or optimizing media, you must do it all to ensure your site content gets the maximum visibility. You can post content pieces on your website or social media channels. While implementing content marketing, consider adding case studies, whitepapers, webinars and blog posts.
4. Invest in Paid Advertising
In the next step, you must pay emphasis on implementing some paid advertising measures to gain an instant flow of traffic and conversions without delay. Content marketing with SEO implementations is quite slower in showing you visible results. But paid advertising, such as PPC campaigns across social media or Google SERPs, is helpful in driving instant traffic, mostly from the relevant audience.
PPC ads appear on the top of all the organic search results on Google, which increases the chances for it to receive more clicks than others. The only thing you must keep a note of is that you will have to pay for every click that the ad gets. Following that, PPC ads can also be used for setting up retargeting strategies. It means you will be marketing your SaaS product to customers who have already visited your platform but didn’t complete the purchase.
Retargeting ads will appear on the top of the websites or search results in the form of banners, reminding people to complete the purchase. Following that, you must also keep track of your paid ads performances, which shall help you learn what to improve in your campaigns or what to be consistent with. Monitor the ROI as a whole to ensure that your paid ad campaigns are converting enough to draw profit for your SaaS business.
5. Use Maximum Referral Marketing
You can implement a referral marketing approach for your SaaS business, where you can propose some rewards for your existing customers if they successfully bring in more of their friends or family members to the platform.
Among all of the other marketing measures, this is one of the most successful and impactful strategies to work on. Referral marketing is a winning move for most businesses, as you get to decide on how to set the right incentives, which would entice the customers to take this marketing program seriously.
6. Use Social Media and Community Building
The next big thing you must prioritize is choosing the right channels where you seek to market your SaaS product. Social media is the best place for you to gather a great lot of active audiences and market your SaaS product. But choosing the right channels, where your audience mostly is, will make a great impact on whether your social media marketing is a hit or not.
Following that, you must also build a community in a dedicated sector, such as entertainment, technology, or others, based on what your SaaS product intends to offer. Build your community and gather more people for it to make the space engaging. As more people come together within the community, the better will be your brand awareness.
7. Optimizing Landing Page
When running digital marketing campaigns for your SaaS business, and you intend to promote something new about your products or services, consider optimizing your landing pages. Run A/B testing to determine which landing page entices your target audience to be paying customers.
You can try to offer a few things, presented with a fresh landing page for your SaaS marketing efforts, which might optimize your conversion rates. Some of those tips are:
● Offering free trials of your Saas product.
● Make the CTA more prominent on the landing pages
● Do experiment with various colors and contrasting themes.
● Display service cost over the landing page.
● Check the placements of social media buttons.
8. Email Marketing and Automation
Create a healthy email list by enticing customers to get a freebie or an added discount upon signing up for your newsletter services. In this way, you get consent from your customers to send them promotional emails over time. But remember not to spam them with too many emails, as you might just end up in the spam folder.
Do segment the customers and personalize the communication via emails, which will increase the chance of drawing the customers’ attention to pay for the services. You can encourage re-engagement programs, referral programs, and upselling/cross-selling programs through email marketing.
9. Analytics and Continuous Improvement
You can make use of certain tools, such as Google Analytics or Mixpanel, to obtain marketing performance data with ease. All you have to do is collect the data and interpret the same to identify various improvement areas. Take note of that, and run A/B testing for various strategies and iterate on them to decide what’s best for your SaaS marketing.
Lead the Market: Master SaaS with Our Expertise!
So, this article expressed the importance of digital marketing for SaaS businesses. If you have launched a new SaaS product into the market but aren’t sure how to approach the right way to market it, you must connect with the best SaaS digital marketing agency and let experts do the implementations for you.
You need a perfectly curated strategy to take forward your digital marketing implementations for the SaaS business. And hiring a team of experts would help you achieve that with ease! At Searchonic, we have the most proficient and experienced individuals who are filled with creative strategies to make your SaaS business an enormous success.
With the right digital marketing implementation, we ensure you will create a great customer base and generate high revenue in a very short span of time. Connect with us today to discuss more about your SaaS marketing requirements.