6 Innovative Growth Hacking Tips SAAS Entrepreneurs Can Use
According to Transparency Market Research, the global SaaS market is expected to expand at a CAGR of 27.9% during the period between 2015 and 2022. The overall market is projected to reach a valuation of US$164.29 billion by 2022. It was worth US$23.88 billion in 2014. So pie is big, but there are plenty of competitors. SAAS marketing teams need to be smarter and faster. What are some of the tried and tested growth hacking tips they could apply? Let’s find out.
#1 Work On Your FAQ Page
Don’t expect your customers to know your product. The onus is on you to tell them all about your product and the features it has. Start with the basics. If you are open to small businesses, tell them that. Tell them how your product can help their business. Tell them about different products you have. Tell them how a specific feature can be used to get an edge over their routine processes. A customer if interested in your product researches it. Get constant feedback from the sales and marketing teams on the questions they frequently field during live chats and demos. Update this page accordingly. As your product evolves so should this page. Be informative. If you neglect this page you are actually letting go of an opportunity, neglecting a touch point to goad your customer into the funnel.
#2 Try Raising Your Price As You Add New Features
As your SAAS product evolves and becomes better you should try experimenting with your price structure. You provide more value to the customers, you can ask for more — old business rule. Pricing decisions depend on a lot of different factors no doubt, but you should experiment with your prices if you can. As you iterate and go for better version of your product start planning to market it as a new category.
#3 Stalk The Prospects — Gently
This hack needs proper planning. Decision to purchase a SaaS product and go for subscriptions is taken after due consideration and deliberation at a company. It pays if the decision makers have heard about your product. How do you ensure that? By doing your homework. Find out companies similar to the ones who use your product and services. Get details on decision makers. Find out the social media networks and other forums they visit or are likely to visit. If they are on LinkedIn on facebook, go for targeted ads. Works well, if are new to the market. With a little fiddling around you will be able to customize your ads and place them in front of the CEOs and VPs of Marketing you have been tracking. You could have a campaign for a very small group too. Read this if you don’t believe me. And when you finally are ready to meet them, they would be aware of you having seen your ads. Just don’t expect them to remember where. Watch this keynote address at #SaaStock16, by Bastiaan Janmaat , CEO and Co-founder, DataFox. It is inspiring. Using business intelligence tools can make your task easier.
#4 Tell Them That Security Is Your Topmost Priority
SaaS vendors are responsible for the security of their applications. They do not own the customer data but are responsible to protect it. They need to guard against the risk of malicious data infiltration, malware insertion or accidental exposure. How do you as a SaaS vendor protect the customer data? Tell your users about the measures you take. Nothing less than the industry standards is enough. Make sure the details are displayed on your website prominently. You can have a look at the security details of Slack here and of Salesforce here. Put the security seals as proof upfront on the website. Third party trust and security logos matter a lot as this study here shows. If you don’t talk about safety and security on your website, you are passing up a big opportunity to assure your customers and in 2017 when safety of data is such a big issue, you cannot afford to do that.
#5 Nurture Your Partnership Programs
Partnership programs should be considered an important channel, at par with other revenue channels and need the same amount of care and nurturing that they do. It is slow and takes considerable efforts to grow –agree, but with dedicated attention on its vitals, it can prove to be of great support. Monthly brainstorming with sales and marketing teams can give you ideas about the way you can nurture this channel. Come up with offers and schemes that might interest them. Be proactive and have a unique content strategy for this channel. Find out-of-the-box ways to strengthen the partnerships and go beyond revenue share. Understand their business. Create value for your partners. Collect feedback on your products and services. Re-strategize and experiment.
#6 Develop a Community Around Your Product & Services
Communities and Forums where your products and services are discussed have a very important segment of people as visitors — your potential customers. They are there to find out about the specific products and services from your company which can best serve their purposes. These are the places where your customers air their views about your company and your products and services. You can have your own forum linked to your website to develop your community. When your customers are happy they talk about you positively and become evangelists for your company. You can engage with the community to provide the right information, clarifications and updates. You can visit other forums and engage with other communities too. You can talk about your products and services without spamming the conversations and get attention of community members and visitors the right way.
That is all from my end for now. Use the tips. Experiment and learn. If something has worked for you and you want to share your tips with others, do write to us in the comments. Until next time, Adios.
Originally published at www.openxcell.com on February 3, 2017.