How Branding Can Set Your SaaS Business Up for Success
For almost every entrepreneur, the sales and growth of their business is the ultimate goal. To achieve this goal, you will need to develop an outstanding and functional product, launch it into the market and get users to adopt it.
Marketing is hard for SaaS marketers, especially when it comes to:
- create a strong brand identity for your SaaS startup that has no physical presence.
- SaaS products that are constantly changing.
- a SaaS brand that has a goofy name.
- a product that does not make sense to a layman.
- a SaaS product that only caters to B2B companies
Branding your SaaS company is not an easy feat, it’s quite challenging. And it is entirely different from every other type of branding that the digital world and entrepreneurs are aware of. Here in this blog, you will find how to market your SaaS business and what methodologies you should opt for as a SaaS entrepreneur to take your business towards success.
Give Away Free Products is Something You Really Need it
If you were a brick-and-mortar merchandise, you would not give away the full product. Probably, a few free samples were enough for the promotion. But for SaaS businesses, it is not the case. Giving away a full product or service is something that is considered as the standard and widely accepted branding strategy for SaaS businesses. The free trial or sign up for free is a perfect marketing strategy for SaaS customer acquisition and onboarding.
This free model has a number of iterations, including, limited version, 90-day free trial, freemium plan and more. The most common feature is FREE, which is considered as the basic ingredient of SaaS branding. If you want any type of SaaS service, most probably you will look for a free trial option. Giving away your product for free is indeed a wise approach for SaaS startups and any other type of branding agency.
A Rapid Sales Cycle
For SaaS companies, the sales cycle is rapid, transactional and done. One of the factors that make the sales process so quick is the nature and quality of the service. Software is an ever-changing arena, that includes constant advancements, changes, setbacks, and iterations. The low price and low complexity of a product can increase the chances of revenue, value, and profits.
The rapid sales of SaaS businesses are because of the easy and quick decision of buyers. When a customer wants a solution, they do some research, gather some feedback and try a product, watch the demo and make the buying decision. The entire process takes a few days or sometimes even a few hours. The whole SaaS sales process is so rapid: customer see it, like it and buy your product. That’s all.
It’s all about Propagating Information
Marketing your SaaS startup depends greatly on information. It is sad that most SaaS startup founders overlook this foundational element. Take an example of Buffer here: The Buffer Blog is totally based on information related to social media marketing and tips. They want their readers to read and try their social media service.
So, if you are a SaaS entrepreneur, think of yourself as an industry savant who possesses and distributes information. If you are blogging, tweeting and posting, it must involve the dissemination of information. Most SaaS businesses are here to provide information and being a SaaS entrepreneur you should provide information that leads to the source of greater information about your SaaS product.
Focus on Customer Retention
Believe it or not, customer retention is something that is critical to success for any SaaS business. Being a SaaS entrepreneur, if you realize the real power and value of customer retention then you can do wonders for your business. Most of the SaaS business revenue is generated from existing customers. If SaaS startup founders increase their customer retention by only 5%, they can increase the business profitability ratio up to 75%.
Develop an Awesome Product that Sells itself
When you develop an insanely flawless software and provide killer customer support, you will rule the SaaS industry. Because awesome products with a strong customer support team behind can take your startup towards success. If you want to brand your SaaS business, then you need to understand that a great product will sell itself and you can drive sales and generate more leads with content marketing and awesome customer support.
SaaS entrepreneurs are advised to create their marketing strategy by completely understanding that the business model is an integrated architecture where every aspect of the business, including product, revenue, and marketing interact with each other. Mostly, SaaS businesses rely on developers and programmers and overlook the real importance of sales team, bloggers and marketers, which is totally wrong. Your SaaS product must be flawless, powerful and awesome and has the power to retain your customers. Keep customer retention and satisfaction paramount while strategizing and promoting your service.
This is why, SaaS business strategy must revolve around customers’ demands, because if they find value in your services, they will use, refer and recommend it to others. The viral effect can generate a lot of revenue. But, ultimately, as software is evolving, your SaaS marketing strategies must be continually evolving. Keep up to date with trends and innovations to stay ahead of the game.