How To Grow Your B2B SaaS Company
⏱ Reading Time: 9 minutes
Initiating a business isn’t easy, and keeping a check on the growth requires persistence, hard work, and a strong strategy. For B2B SaaS marketing to keep its mark in the ever-competing platform, you need to focus on two main things. First, understand the data and art of marketing. Secondly, keep your customers engaged in your lane.
Creating an impressive software is just step one. The next step involves your knowledge and action in sustaining your footprints in the market and making it more prominent to target audiences. So what components do you need to do to grow your B2B SaaS company?
What do You Mean by B2B SaaS?
“Talking more about customer success seems to be the key element of every successful company”
Those companies that create and sell software in service form to other companies are known as B2B SaaS or business-to-business software as a service. These software services are considered valuable in helping organizations to run their operations better, thus making them reliable and dependable. SaaS supports the achievement of generating optimum sales and customer service success.
One of the main purposes of B2B SaaS is to reduce expenses on human resources. This explains why many companies are depending on leading SaaS companies to run their organizations more efficiently.
Picture 1. SaaS market
Today, SaaS companies are generating up to $141 billion annually. This staggering amount is a testimony of the value of the SaaS market in the community.
In simple words, the growing demand for B2B SaaS is due to its cost-effectiveness, easy accessibility, auto-update features, and flexible payment options.
Simple Strategies to Upscale your B2B SaaS Company
Hack your way to growth with these simple steps.
1. Understand Your Products
To achieve an effective SaaS goal, you need to understand your services, products, and structure. Balancing your product and the demand in the market means placing your SaaS products in the right platform.
The value of your products and services will soar rapidly when you know how to market them correctly. There is one open secret that every SaaS company swears by. And that is keeping the features of their products focused on limited features rather than expanding their functions.
Whether it is B2B or B2C marketing, it is ideal and crucial to get familiar with the portfolio of your customers. Knowing the demands of the other ends helps in setting the right target which is hard to miss. This strategy may set you apart from the other competitors in your lane.
Once you know your products and services and your target customers or companies, you get the leverage to introduce newer and better offers, unlike your competitors.
2. Establish a Strong Co-Marketing Partner
This strategy requires a generous amount of time and energy but it will guarantee a sure rise in the customer base. Cultivating a strong partnership with the right partner demands concentrated efforts in the right niche.
To put in simple words, there are two factors you need to consider. This includes the attributes you want in your co-partner and the traits that you need to avoid.
To nurture a strong relationship you will need similar Ideal Customer Profiles or ICPs. It is essential to find marketing partners that share the same audiences as yours. The demography of your target audience needs to share similar interests and develop the same attitude to tackle problems as well.
While you have established a partnership with the shared audience, another important trait to look out for conflicts in your offerings. A long term partnership depends on how you complement each other.
Joint mass productivity between two marketing partners depends on working their goals together and avoiding differences that may harm the mutual interests. To find an ideal co-marketing partner for your SaaScompany, some programs will help you in designing the perfect partner for growth.
3. The Power of Referral Marketing
Spreading the gospel of a new product with impressive features is a definitive way to ensure business growth. A recent study by the New York Times has stated that 65% of emerging businesses appeared on the marketing map due to referrals alone.
The perks of encouraging referrals are free marketing for your products while your customer earns validation. And the third person gets free expert and reliable advice. However, you may see this happening more often.
This strategy guarantees potential revenue for your B2B SaaS company. There is one thing you can do on your part, offer them probable reasons to extend positive recommendations.
Effective referrals lead to higher sales and faster deals and that is what any growing SaaS company is looking for. Some companies turn the other way without giving a go with referral marketing. But this strategy has evidently upped the game in seeking more revenues.
Picture 2. The effects of referral programs
Your B2B SaaS service is bound to gain more from referral marketing programs than without one. Out of all the B2B SaaS companies that use referral marketing programs, about 87% claim this method improves their sales effort.
A successful SaaS business requires qualified leads that are low-cost and easy, and what better than the word-of-mouth method. The sooner you start your referral program, the higher your conversion rate grows.
4. Incentivize Growth on Product Lead
This is a go-to-market strategy that uses your product as the medium to connect to customers. This is a common hack to grow your company where your product becomes the epicenter of your marketing field.
If you plan to optimize conversion rate, increase revenue, and expand your market, PLG or product-led growth is the quickest way to do it. Your in-product activities become the primary driver rather than outer activities.
Engage your potential customers with your products and services further familiarizing the value of what you are selling. You can opt for free trials and freemium models. This will allow your customers to experience the goodness of your B2B SaaS products before buying them. By doing this, your customers will have clarity before investing in your services and products.
Usually, most marketing activities involve the use of webinars and emails to engage with the customer. This limits the customers to have the first-hand experience of the products and services you are selling. Potential customers demand a self-serve experience of the products they are going to buy. These free trials allow your buyers to know what your product is made of.
This is a smooth way to acquire customers without hard-selling anything. On observing the rise of Survey Monkey, Shopify, and Dropbox, you will see why product-led growth is essential for effective growth.
5. Join with Other Suitable Competitors
Studying your competitors and racing with them to grow your company is a healthy practice. To make things more suitable for your B2B SaaS company to grow, join them.
You have the advantage of knowing the factors that differentiate them from your company. Now this gives you leverage to innovate better techniques and methods to stand out in the industry.
There is always one strong contender that slows the progress of your growth. Identify them, study their elements, and merge your interests and differences. Leading companies have merged and expanded their market to sharpen their focus and diversify their business.
Additionally, a common factor that leads many SaaS companies to merge with their competitors is the potential growth. Also, it is a cost-effective way to develop business activities that will go hand-in-hand with the development of the company’s interest. Another factor for integration is eliminating other stronger competitors in the community.
6. Construct Great Contents and Improve Your Email List
With the right content marketing, you can convert your B2B SaaS leads to potential buyers. Creating great content is time-consuming but it is a solid way to boost your existence in the industry. Contents come in different forms, like texts, videos, and carousels using all kinds of social media platforms.
For quality publishing, you will require putting a lot of effort and patience into creating content with a lasting impression. Contents are what give you the distinctive feature in a crowded market with other strong contenders.
You may be a start-up company today, but marketing with valuable content will help you reach a higher platform with bigger audiences.
Content marketing means active participation in leading social media and handling an impressive email list. Consequently, this will result in bigger traffic and more capital.
Content marketing and building an email list will take time. But after the task is completed, a huge number of potential buyers will follow each of your product releases.
Picture 3. The importance of content marketing
7. Guide Your Customers to Success
The best way to keep loyal buyers is to gain their confidence and how do you do that? Your B2B SaaS product and services may be easy to understand, but that is not enough. To ensure the consistency of revenue from your customers, they need to know how to effectively use your product.
Various methods you can rely on are, in-product chat features, consultation services, tutorials and training videos, email workflows, and even self-service courses. When the end-user has questions about your products, the answers should be available without consuming much time.
Invest your attention on delivering exceptional customer service. The service should not just provide instructional responses but teach the customers how to use your services efficiently.
By offering all necessary tools and information to your customers you are ensuring strong loyalty. This is an essential and effective strategy to create a foundation for the promotion of your products with the help of your buyers.
These strategies don’t have to be executed at once but one at a time. It is always wise to take one step at a time to see how it works, and if it is a success. That way you will be able to focus on the important details that rise and fail.
Highlight the benefits of your B2B SaaS products to boost sales. Stay interactive with the end-users, this connection will take time but it will be worth it.
Marketing is all about retaining your customers and expanding your company. Unlike tangible companies, your products will take time to make a mark in the industry. However, every step you take to increase the growth of your B2B SaaS company will be counted in making your intangible products substantial. Hack your way to growth with these smart methods and watch your leads convert to loyal buyers, attracting new customers.
Lauren Williams is currently working as an SMM at MedicoReach. She has been working in the B2B industry for a decade now. Through her blogs, she keeps the industry updated on latest trends, development, and advances across the various segments.
Small Business Guide to Amazing Customer Support
More from our blog
Creating a system design is tough. But you will gradually turn into a pro with practice!
To make your processes simpler and progressive, you need to create a dedicated omnichannel eCommerce strategy. Is your business omnichannel ready?
Home > Blog > Omnichannel & Live Chat > Guest Writer⏱ Reading Time: 12 minutesThe conventional methods of marketing are barricading lead generation for several B2B businesses. Activities like fabricating exaggerated ad copies and power word spamming were...