SaaS, or “Software as a Service” simplifies the user experience by cutting down the need to install software, allowing access to the application via an internet browser instead.
Started a SaaS-based business or have a brilliant SaaS idea to implement? Great! But worried about raising funding?
It is all indeed a game of numbers,
- getting more new customers than customers not renewing or cancelling.
- Getting paid subscription sign-ups rather than trail sign ups
What new ideas can you apply for boosting growth and customer retention without taxing your funds?
Various low-cost ideas can be applied in most business models with ease. Here are some growth hacks to help your SaaS start-up.
Give away a valuable incentive and start charging early
Target Acquisition and Retargeting
Create engrossing content, keep engaging and increase your reach
Listen to your customers
Make competitors your partners
FAQ
Give away a valuable incentive and start charging early
You want people to use your services, think about giving away something useful. Offering free trials and giveaway gadgets have become very common. So what else can you do?
When customers switch to your service, they import information. So, how about offering them some extra storage? Or a bonus for every referral, after all, who doesn’t like some money?
Get your existing customers involved and do the precious marketing for you. Offer them something that is linked to your service and connects them directly with your business.
On the other hand, don’t be hesitant to charge for your service. You may think expanding the customer base is important but earning revenue is just as necessary.
Believe in your product and put it to the test. Most people don’t value things that are available free of cost. Also, this would help reduce your risk in the investment.
Don’t invest a huge amount of money in launching the product, but start at a modest level and continue building up. Your customers demonstrate their faith in you by buying, while this also drives away freebie users.
Rishabh Rathi
Target Acquisition and Retargeting
When the product was designed, did you think of potential users? And was your campaign aimed at specific customers?
In many instances, time, effort, and even funds spent do not yield results. And the issue is simple: the message did not reach the correct person.
Everyone does not need everything. Precious resources can be used selectively. You need to focus on the right audience who requires your solution.
How do you go about it?
- First, give a thought about the user’s attributes: Age, gender, location; types of business; problems, budgets, and so on.
- Now, what about businesses similar to yours? What are they doing? Look at their strategy and analyze, how can you be different and make an impact?
- Meet up with potential customers, attend seminars, webinars, forums, and use them to understand the market better.
- Use analytics tool for your website, you will get to know your visitor, areas of interest, and content effectiveness, it will be a good exercise to identify customers
Finally, use retargeting techniques to bring previous visitors, churned or likely leaving customers back to the fold, and sign up for your service.
Rishabh Rathi
Create engrossing content, keep engaging and increase your reach
Content is compelling and engaging and has the power to bring people back for more. Also, it is a fantastic way to stand apart in a crowd especially in a competitive space.
But the quality of the information matters, so you have to believe in the idea. You must produce quality work regularly and most of all information should be freely accessible.
Share your knowledge about the industry, introduce your solution, and present a valid case to your intended audience, this will garner their attention.
This will work in building an email list, and once sufficient numbers are reached higher traffic and brand awareness will follow. This should be good for business growth and ultimately revenue.
Listen to your customers
You will have a lot of voices talking to you, but the most important ones are your customers. So, listen you must. What are the best ways to contact you?
- Start with welcome call minutes within minutes of customer signing up. Get feedback on your marketing funnel, personalize your solution support. You will obtain real-time experience data and know if you are reaching the intended crowd.
- Offer weekly contact points i.e. Q&A sessions, Webinars, pre-recorded pieces of training, etc. to demonstrate, explain, and help your customers embrace the product. Your SaaS solution has to be embedded in customers’ business fabric, so let them learn the benefits and improvements as it develops.
- Pay special attention to subscribers, as they are serious about your product and care about it. They have paid to utilize the facility, thus should be given preference and special privileges like access to new features.
Listening to your customer will make them feel valued and create a personal connection with your company. Another good way to increase and retain your customers.
Rishabh Rathi
Make competitors your partners
Ever heard the proverb “Keep your friends close, and your enemies closer”, well a direct example would be when your partner with your competitors. You and your new partner(s) can work and play together.
You will have plenty of smaller competitors usually and few big players in the SaaS marketplace. Instead of quibbling over the pool of customers, it may be worth combining forces to take on big players.
Another way would be to actually partner with the big players. Becoming a direct competitor would be a difficult task. So it may be a better idea to work with them, like offering a peripheral utility. This would increase traffic, your brand awareness, and revenue growth.
FAQ
What is B2B SaaS?
B2B SaaS stands for business-to-business Software-as-a-Service. It encompasses cloud-based software used by businesses for various tasks, such as accounting, office productivity, customer relationship management (CRM).
What are the top SaaS companies?
HubSpot, Microsoft, Asana, and Shopify are some of the top SaaS companies.
Why do SaaS companies fail?
Most SaaS businesses fail because they are simply not solving any existing problem and a lack of market.
Conclusion
Setting up a business is a difficult task, continuous growth is even harder. All of this needs you to have belief in your product, a flexible approach, and lots of smart work. You can implement these to attract and retain the correct clientele; create your brand in the market, get useful feedback to effectively manage decision making, and fulfill your goal of a prosperous business.
Author: Seema Banerjee
Source : https://startuptalky.com/bootstrap-saas-startup/
Date : 2021-05-06T04:30:00.000Z