Now that you’ve built your SaaS company, you must know and get the resources to aid your growth. We discuss the SaaS growth resources in this blog post.
In life, nothing comes easy, especially growth. Growth requires numerous inputs, strategies, and focus. This condition for growth does not exempt SaaS companies. Also, your SaaS startup needs to develop a growth strategy to stay ahead of the fierce competition. A growth strategy is the combination of the customer acquisition process and customer lifetime value. This marketing step often requires you to employ paid, organic, and inbound marketing efforts to actualize this growth process and turn prospects into paying customers.
Acquiring customers and improving their lifetime value requires you to have the right resources. To ensure you’re on the growth path, we shall discuss the different resources to help your SaaS company grow.
Develop A Solid Growth Strategy
Before embarking on your growth journey, you need it all mapped out. Imagine flying out of the country for a high-class event without an itinerary. Things could become chaotic before you know it. The same goes for your SaaS company. You cannot leave anything to chance, fold your arms, and watch events unfold. Instead, you have to invest heavily in growth resources. The three major components of the growth strategy for SaaS are market strategy, product strategy, and go-to-market strategy.
Market Strategy focuses on identifying your audience and how to get across to them. Suppose your SaaS offers a solution that can handle various financial analyses. The potential customers for this service would be those who engage in finance-related tasks. These include banks, business owners, entrepreneurs, etc. Similarly, your market strategy should include how to reach your customers. It could be through the TV, social media, email, etc.
Product strategy ensures that your product will solve your prospects’ problems. Going with the previous example, your audience’s pain points might be calculating daily profit, automatically sorting monthly expenditure, profit, loss, etc. Your SaaS product should care for this need.
The go-to-market strategy concerns getting your target audience to become buyers through effective marketing content. The steps to SaaS growth are as follows;
- Customer Acquisition
The acquisition process requires attracting potential customers and converting them. Acquiring paying customers begins with identifying your target market & their needs through research. Also, identify the channels through which you can reach them. So, setting up marketing campaigns that will draw them in comes next. Some marketing techniques for customer acquisition include email marketing, content marketing, and paid advertising.
- Sales & Marketing Optimization
It’s crucial to optimize your sales and marketing efforts. Use tools that effectively handle attraction, nurturing, raising desire, offering trials, and follow-up.
- Design your Pricing Strategy
As you design your pricing plans, ensure flexibility. Give every customer the liberty to choose their most preferred plan according to their needs.
- SEO and Content Marketing
SEO can get you organic leads. Quality content can convert them to paying customers and retain them. So, as you attract your audience with SEO, convert them with quality content that will answer their questions and provide their needs. Content examples are blog posts, videos, infographics, etc.
Join SaaS Communities
Joining communities of like-minds broadens your horizons as you can gain fresh ideas and opportunities that can scale your business. As you apply the B2B SaaS growth hacks and ideas shared, your startup will begin to scale. SaaS Communities your startup can join include SaaStr and GrowthHackers.
SaaStr is the largest community of persons – B2B founders, SaaS entrepreneurs, and venture capitalists in the SaaS industry. It also runs an academy committed to offering community members the resources they need to grow their SaaS. SaaStr aims to help its members generate up to $100 million in Annual Recurring Revenue (ARR) by providing strong community connections and helpful content.
The company’s growth resources include blog posts, podcasts, videos, eBooks, Q & A, etc. Likewise, the company holds events – SaaStr, SaaS Summit, SaaS Scale, and SaaS Europa to educate its members.
Similarly, GrowthHackers is a private community for SaaS leaders to connect, share growth hacks, and learn. Members can easily access business growth and innovation methodology & tools in the community.
The growth tool is a centralized system that helps users control their growth process in a single location. Users can form ideas, sort, collect, and analyze data without errors. Intending members can request to join the GrowthHackers community to get learnings and gain access to the high-level connections.
SaaS Metrics 2.0 – A Guide to Measuring and Improving what Matters
As you put in the effort to grow your SaaS company, it’s essential to track the performance of this effort and make improvements. SaaS marketing metrics to track are customer acquisition cost (CAC), customer lifetime value (CLV), monthly recurring revenue (MRR), annual recurring revenue (ARR), churn rate, etc. At Intrepid Finance, we can help your SaaS calculate these metrics and send your results. This calculation will help you make data-backed decisions for your SaaS.
Recurring Revenue Financing
The recurring revenue business model is a way to help your company financially. It allows you to generate revenue without worrying about where your next paycheck will come from. This business model can be in the form of auto-renewals, tiered billing, user-based billing, etc.
- The growth strategy for SaaS covers customer acquisition and customer lifetime value.
- The three elements of the growth strategy for SaaS are market strategy, product strategy, and go-to-market strategy.
- The steps to the growth of a SaaS company are customer acquisition, sales & marketing optimization, designing a pricing strategy, and taking advantage of SEO and content marketing.
- Growth resources for your SaaS include designing a growth strategy, joining SaaS communities, measuring metrics and improving marketing efforts, and recurring revenue.
Growing your SaaS requires a financial commitment. Your SaaS needs capital to acquire customers, run marketing campaigns, etc., before it starts to generate revenue. If your SaaS needs more funds to pursue this growth cause, we can help you. Our company is SaaS-focused and gives its clients capital based on their recurring revenue. If you’re ready to access this capital, contact us today.