BLog Post
Product Strategy
5 strategies to market a SaaS product for growth and conversion.

It is no secret that the SaaS industry has taken the world by storm and is still growing exponentially.  Gartner estimates that by 2021, the global SaaS industry will be valued at $75.8 billion. Additionally, Cisco’s Global Cloud Index, predicts that by the end of 2021, 75% of cloud workflows will be delivered as Software as a Service (SaaS)This shows the rising demand for SaaS businesses, which has increased competition within the industry, and in turn, makes it challenging for SaaS businesses to set themselves apart from the competition. Here are 5 strategies to market your SaaS product for growth and conversion.

What is SaaS Marketing?

SaaS marketing is a type of marketing that specifically helps build awareness and promote software as a service product. It helps to bring a product to a market, aids in positioning the product, and raises awareness for a SaaS company.

1. Create a Compelling Value Proposition

Your value proposition is what sets you apart from your competitors and communicates why your SaaS product is the best choice for potential customers. It’s essential to create a clear and compelling value proposition that resonates with your target audience. A good value proposition should answer the following questions:

  • What does your SaaS product do?
  • Who is it for?
  • What are the benefits of using it?
  • How is it different from competitors?

Your value proposition should be clear, concise, and easy to understand. It should also be prominently displayed on your website, marketing materials, and any other customer-facing channels.

2. Leverage Content Marketing

Sharing knowledge that is relevant to your industry is a useful tactic to establish your business as an expert and build trust with potential customers when it comes to SaaS marketing. Content marketing is utilized by companies all over the world to build their companies, get customers to their websites, and provide leads. A significant benefit of content marketing is that, like a wise investment, its value grows over time thanks to its compounding power of return.

To leverage the power of content marketing, you can start by creating a blog on your website and publishing articles that are relevant to your target audience. You can also create other types of content, such as infographics, videos, and whitepapers. Be sure to promote your content on social media and other channels to reach a wider audience.

3. Invest in Paid Advertising

Paid advertising can be a highly effective way to drive traffic to your website and generate leads. There are several different types of paid advertising, including:

  • Pay-per-click (PPC) advertising, such as Google Ads and Bing Ads. PPC accounts for between 40% to 50% of the clicks on Google.
  • Social media advertising, such as Facebook Ads and LinkedIn Ads
  • Display advertising, such as banner ads and retargeting ads

Before investing in paid advertising, it’s essential to define your target audience and create a clear message that resonates with them. You should also set clear goals for your campaigns, such as generating leads or increasing conversions.

4. Use Email Marketing

Email marketing is a cost-effective way to nurture leads and keep customers engaged with your SaaS product. Start by building a mailing list of potential customers and current users. You can then create targeted email campaigns that provide value to your subscribers, such as product updates, industry news, and educational content.

Be sure to segment your email list based on customer behavior, such as whether they’ve signed up for a trial or made a purchase. This will allow you to tailor your messages to their specific needs and interests.

5. Focus on Customer Success

Customer success should be at the heart of your SaaS marketing strategy. By focusing on the success of your customers, you can build a loyal customer base and increase referrals.

Start by providing excellent customer service and support. This includes offering multiple channels for customers to reach out, such as email, phone, and live chat. You should also provide educational resources, such as knowledge bases and tutorials, to help customers get the most out of your product.

Finally, be sure to collect feedback from your customers and use it to improve your product and customer experience. By listening to your customers and addressing their needs, you can build a product that they love and are happy to recommend to others.

Bonus Tip
Offer free trial to users

An efficient SaaS marketing tactic for customer acquisition is to offer free trials as a reward for users to sign up and begin using your services. This is a wonderful technique to encourage them to make the first move towards using your service and recognizing the advantages you can provide. Not only do you get the opportunity to collect their information and turn a visitor into a lead, but they have the ability to see the value in your product for a set period of time.

Consider the following as recommendations for free SaaS trials:

  1. Ensure that signing up for your SaaS free trial is simple. SaaS providers regularly lose potential customers as a result of overly complicated sign-up procedures. Make sure that consumers are not need to enter any more information than is absolutely essential in order to sign up for a free trial.
  2. Take into account not requiring a credit or debit card to register. Although it can be highly discouraging for potential customers, some SaaS providers charge a fee to access their free trials using a credit or debit card. Instead, provide customers with the choice to pay later via a different method—such as a check or ACH transfer—or refuse to accept payment altogether.

In conclusion, marketing a SaaS product for growth and conversion requires a multi-faceted approach. By creating a compelling value proposition, leveraging content marketing, investing in paid advertising, using email marketing, and focusing on customer success, you can attract new customers, retain existing ones, and grow your SaaS business.