Software development and use are on a completely different tangent than what you’ve known as familiar a decade ago. Traditionally, software companies would develop software for every company depending on their needs. Even when a new client needed software similar to a previous one, you had to design a new one. And this was attributed to the transfer of ownership rights.
However, with the current software-as-a-service (SaaS) technology, software companies sometimes have to create a new product for every customer. On the contrary, if you’re a SaaS company owner, consider developing a single high-end product that can be used by several customers simultaneously. You only need to host your product on the cloud and grant access and usage capabilities for every new client. It’s simply by creating paid accounts for all your customers.
With that said, to level up your SaaS company’s growth, consider implementing the following strategies:
1. Deploy A Data Analytics Mechanism
Data is critical in all kinds of businesses. It’s a primary indicator of whether your business is growing or declining. As such, you must have a robust data collection, storage, and visualization strategy for your SaaS business. With a professional tool, you can monitor the number of clients visiting your online shop. Plus, you can identify how many of your visitors converted into clients.
In addition, you can harness product usage data by conducting a short survey on the effectiveness of your SaaS product. During such a survey, your clients can rate your product using the star rating or scale system. Besides, you can design an online form for data collection, including your clients’ challenges while using your product. You can implement measures that improve customer experience with your SaaS product from the feedback you get.
Moreover, in the pursuit of data analytics, you can determine the effectiveness of your marketing strategies. Which marketing efforts are generating converting leads? Such a strategy should become your stronghold for your online marketing campaigns.
In summary, data analytics is a strengths, weaknesses, opportunities, and threats (SWOT) mechanism that can help you comprehensively introspect your processes. Afterward, you can determine which processes should be improved or abandoned.
2. Diversify Your Products
Product diversification is a business model many business owners use to attract customers through different business streams. And SaaS companies can take advantage of this strategy. As a SaaS business owner, you can start brainstorming about other challenges you can solve using software development.
For instance, if you began your business by selling a customer relationship management (CRM) system, think of another software, such as a warehouse management system. And just like your previous product, ensure that your new product is also SaaS compliant.
In some cases, your new products in the market perform better than your first product. This can help your sales revenues to skyrocket quickly.
3. Stage Marketing Campaigns
The message concerning your SaaS product can only be known through robust online marketing campaigns. First, you must plan for your marketing before the actual takeoff meticulously. For instance, will you use your staff or the services of a managed marketing company? If you need experts in online marketing, your best option should be partnering with an agency close to you. Online marketing can consume a reasonable budget. Thus, you need experts to ensure visible returns on investment (ROI).
There are many options for you regarding digital marketing. For instance, you can leverage search engine ads as a primary option. In such a case, you need to optimize your ads using search engine optimization (SEO) skills. This can help your ads appear on the search engine results pages (SERPs) once someone uses your keywords to search for your product.
On top of ads, consider blogging on your website. Just like for ads, you need to optimize your blogs with relevant keywords on the topics, subtopics, content, and metadata to enhance your blog’s online visibility. In light of blogging, you can opt for guest blogging. However, to reap maximum benefits with guest blogging, be a guest blogger on sites with high authority from search engine’s measuring metrics.
Besides you can also market your SaaS product on social media platforms and YouTube. You can create short videos concerning your products and their benefits for your YouTube Vlogging. On the other hand, you can post your videos on your social media pages. Plus, you can craft captivating content that you can post on social media.
Making your SaaS company grow to your expected extent can be challenging, especially when you need to learn how to hack the industry. However, this article has you covered with proven and actionable strategies that you can implement and take your SaaS company to the next level.