The Software as a Service (SaaS) industry is one of the biggest, most rapidly growing markets of the 2020s. Constantly adapting and transforming to meet evolving consumer needs, offering software services to a global audience has never been easier, more widespread, and more profitable.
Throughout 2024, the SaaS market is predicted to expand by 18%. This will take its total value to a mind-boggling $232 billion, further cementing its position in the current and future digital era.
However, with rapid growth and consumer reception comes high competition. Companies operating within this sphere need to adopt clever marketing strategies to stand apart from the crowd and attract the lion’s share of their target audience.
Below, we’ll unpack what makes a SaaS marketing strategy most effective in today’s market. We’ll also delve into some of the best strategies that brands in this industry are using to get ahead of the game. However, let's start by understanding SaaS marketing or SaaS product marketing (often used interchangeably).
What is SaaS marketing or SaaS Product Marketing?
SaaS marketing revolves around promoting and selling software products delivered over the internet as a service. It focuses on subscription-based models, emphasizing the ongoing value and benefits of the product. Marketing SaaS products involves targeting businesses (B2B SaaS marketing) or individuals (B2C SaaS marketing) and requires a deep understanding of the target audience's pain points and motivations.
What Makes a SaaS Marketing Strategy Effective in this Digital Age?
SaaS covers a broad spectrum of different software services that all require brand-specific strategies to be successful. However, SaaS marketing strategies all need to have a few things in common, some of which include the following four characteristics:
- Scalability – For your SaaS business to take root in larger markets, it needs scalable infrastructure to support itself long-term.
- Integration – Today’s consumers are used to being able to integrate and access multiple different apps and platforms from single base points. If your software service prioritizes integration with other channels, it will have an easier time appealing to wider markets.
- Perenniality – Subscription-based services like software need to have year-round appeal. Otherwise, consumers won’t see the point in paying an annual fee for access to them.
- Personalization – Consumers love all things related to personalization. If your SaaS business strategy involves offering consumers fun customization options, they’re more likely to want to add your services to their everyday digital rotation.
When choosing a SaaS product marketing strategy for your business, keeping the above characteristics in mind is a smart way to ensure that you’re as equipped as possible to remain competitive.
6 Strategies Every SaaS Company Can Implement for Faster, More Sustainable Growth
Now we understand a little bit more about what makes a SaaS product marketing strategy strong and relevant in today’s market. So, let’s get a closer look at some strategies that brands in this industry are already implementing for optimal success and sales results so that you can do the same.
1. Keep tabs on the competition
You know what they say: keep your friends close and your enemies closer. Now, that might seem a little melodramatic. But in reality, keeping close tabs on other SaaS companies' strategies is a smart way to stay in the loop about current trends and innovations in your industry.
You can achieve this by analyzing competitor’s websites, reading up on industry news, following SaaS trends, and learning from both the successes and failures of other brands in your sector. Don’t ever imitate another brand, but do take note of what works and what doesn’t and which brands are making an impact in the industry and with their audience.
2. Identify your UVP and USP
Your business’s Unique Value Proposition (UVP) and Unique Selling Point (USP) are crucial for your SaaS marketing strategy.
Consumers want to know what makes your brand different from others and what value you can bring into their lives by using your services.
Zenfolio is an excellent example of SaaS that has a very unique UVP and USP. Not only do they offer an online portfolio builder for product photographers and a myriad of other creatives, but they’ve also incorporated an AI tool that helps review, sort, group, and select images. This adds unique value to their product and is a stand-out selling point, which is exactly what consumers look for.
You need to do the same and then build your sales pitch around what makes you stand out.
3. Offer free trials
Believe it or not, 62% of SaaS companies get 10% (or more) of their business profits from free trials, with the top 27% claiming 25% or more business from free sales. This means that brands like Salesforce, Google, Zoom, and Microsoft all benefit from offering freebies—and so can you.
SaaS customers want to know that your product is worth investing in before they sign up. This makes free trials one of the most important options you can offer undecided consumers.
What’s more, just about every SaaS business on the market right now is offering free trials. So, if yours doesn’t, it’s likely to get drowned out by more advantageous competitors.
4. Make content marketing a priority
Content marketing is alive and kicking, and your SaaS business can be one of the many millions that benefit from it on an engagement and sales conversion level.
Create educational videos, share well-designed infographics, and upload relevant blog content to your website and social media pages. If you make it easy, fun, and entertaining for people to follow, they’re more likely to invest in your services.
5. Improve your domain authority with SEO
Don’t make the fatal mistake of thinking that Search Engine Optimization (SEO) is no longer relevant. It still has status as the most viable, cost-effective, and efficient way of reaching customers and understanding their behavior.
Improving your domain authority with SEO is one of the most effective and simple ways to boost online conversions and attract leads.
To optimize your website, you need to insert relevant keywords and high-ranking phrases, keep your content up-to-date and relevant, make your expertise and authoritativeness clear, and cultivate trust. This will ensure that your domain ranks highly.
6. Use the right tools
Using an integrated platform that helps you to manage leads, prospects, and customers as well as streamline your omnichannel marketing ensures that you get the best results from your SaaS marketing campaigns.
Having all the relevant information readily accessible makes it easier to create targeted marketing strategies, analyze data, and manage customer expectations.
Consistently managing these tools is also essential, so consider integrating SaaS software management into your work to monitor their usage and updates.
With the right tools in place, you can also break down silos between teams and facilitate increased collaboration. An integrated platform will allow every team member to access relevant data at the click of a button, reducing the potential of teams working in isolation.
In Conclusion
SaaS businesses are some of the fastest growing in the world right now, and that comes with both a high likelihood of success and a high likelihood of competition.
Adopting strong SaaS marketing strategies is the best way to ensure that your business maintains a keen competitive edge within its target market and continues to stay in the spotlight for years to come.
By identifying and taking advantage of your UVP, offering free trials to new subscribers, prioritizing content marketing, watching the competition, and utilizing the uncapped potential of SEO, any SaaS business can find its feet and move forward as a frontrunner in the global software service scene.
