Growing your Software as a Service (SaaS) business can take time. In simple terms, it’s a numbers game. If you don’t bring in enough customers, you won’t grow. It’s that simple to understand, but how does this knowledge help you make strides in your business?
If you’ve been trying to grow for months or even years, you likely already know that the old strategies no longer work. You’ve got to push beyond the “traditional” methods of the past to find new ideas that work today. In a world where growth is everything and competition is moving quickly, you can’t afford to stand still.
Believe it or not, if a software company only grows at a rate of 20% annually, it has a striking 92% chance of ceasing to exist within just a few years. While this might sound alarming, just take it as motivation to incorporate one of these 5 SaaS startup growth strategies into your own business.
1. Free Trials and Free Premium
Try before you buy is more important now than ever. If you don’t offer this, your competition will. While free trials weren’t so big a few decades ago, they’re the new normal. Who, in particular, responds well to free trials? Millennials and Gen Z are more likely to be interested in free trials and free premium.
Why is this? It’s all about trust. These generations are notoriously smart shoppers. They care about reviews, social proof, and so on. They won’t blindly trust that your software is the solution to their problems. Frankly, they need to try it for themselves. That’s why free trials and free premium are such a powerful tool. In addition, this is an effective way to grow your email list.
2. High-Value Online Content
Online content has the power to convert but only when it’s high-value. Think back to those younger generations we just discussed. They really value trust. You can build this trust through blog articles and help articles. Who said these two articles had to be separate things?
Both existing customers and prospective customers have the same questions. Answering these questions and solving these pain points through high-value online content shows that your software is as useful as you claim while making it easier for users to familiarize themselves with your tools.
3. Customer Stories
Did you know your top customers can refer your next customers? It’s true. Our brains love stories, so telling customers stories is a powerful way to connect with users, even if it’s their first time stumbling upon your website.
B2B decision-makers also love stories. In fact, 78% of B2B decision-makers used things like case studies and customer stories in order to research their next purchases. Case stories are excellent, but a story has an easier time driving action.
Showcase your customer’s success with your product in his or her own words. If possible, utilize video, audio, and other new media to leverage these stories beyond your website. They’re a great form of content for social media and advertising as well.
4. Vendor Management
Most businesses go through vendors before deciding to make a purchase. While this can be intimidating to startups, it’s actually something you can leverage in your advantage. IT vendor management helps guide clients in the right direction towards innovations and solutions.
If you develop a vendor management strategy to connect with vendors, show your value, and provide the right perks, you could be set with a long-term relationship. So make sure you focus on your vendors and making sure they’re familiar with your offerings, benefits, and any future changes.
5. Referral Program
Last but not least, consider launching a referral program. This is something many SaaS companies are sleeping on, and it’s an excellent resource if you leverage it properly. Better yet, referral programs help with customer satisfaction and they lower the cost of acquisition.
Your referral can and should be simple. Offering a free bonus, add-on, or additional month of service to anyone who refers a paying customer will payback exponentially. Your existing customers will be more motivated to recommend you, and you’ll keep the quality customers you already have. All of this will be at a lower cost to you since this is money you would have needed to spend on an expensive marketing campaign.
There’s a lot at stake in the world of SaaS. More and more companies are popping up every day, and they’re all competing for the same customers in many cases. These strategies above are a great way to show you’re serious about your own growth.
Even small improvements translate into a huge difference. Just focus on the right things like connecting with customers, building trust, and referring new users. From there, you’ll have more opportunities to grow. How will these tips help you reach your goals?
Featured image credit: Pexels.com
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