Don’t lose out this year – grow your new venture to its highest potential with these simple tips.
Being a newbie in a world of ever-growing, highly developed, and established SaaS businesses can be pretty overwhelming. Imagine being a new student in the middle of a semester; it almost seems everyone is moving at a fast pace, and you are too slow to even keep up. However, in reality, all you will ever need is to adapt and survive, and you just become like the rest of the students.
Surviving as a new SaaS company might seem challenging. In fact, it is challenging. According to the US Bureau of Labour Statistics (BLS) 2021 data, 20% of new businesses fail during the first 2 years, and only about 25% make it to over 15 years. To avoid being part of the former 20%, one of the most critical criteria to adopt is growing your business. The question, however, remains, ” How do I grow my new SaaS company?”.
Well, that’s why we are here for you. Below are tips to employ to be able to grow your new SaaS business to its maximum potential so that it can survive in the competitive SaaS world.
Announce Your Presence to Your Target Audience
The first basic step to growing your SaaS business is to let the world know of your existence. It is possible to get lost as a business in the haze of the SaaS world, but it is more overwhelming for customers when they have so many options to choose from. However, it is most difficult when they don’t know your SaaS business exists.
One of the best ways to do this is to invest in marketing. You can apply any forms of marketing that would work best for your business. You can create an online presence, make google ads, or create content for your business.
However, more important than marketing is who you are marketing to. Are you telling those that need your services, or are you telling just anyone? Are you advertising school bags and shoes to a taxi driver who doesn’t need them or students who need them? Are you marketing to your target audience?
A significant mistake that any business could make is selling to everyone. Your service can only cater to a specific niche or a specific age group, or a specific gender. So, it would help if you focused on that particular group instead of the general public.
This way, you can reach your potential customers faster, and they can help grow your business by helping you to generate revenue.
Market the Problem, and Not the Product/Service
Unlike other products or services, SaaS is more like an invisible service to your clients. Your clients cannot feel, touch, or smell your service to know if it’s the right one. All they have and can depend on is what your product has in store for them and how it can help out with their problems.
This is where “marketing their problem” comes into play. Your product cannot offer a solution if your target audience doesn’t know they have a problem that needs a solution. Don’t focus on why you are selling the product. Focus more on your clients’ problems.
Know and understand their pain points, and then harness them to sell your service. Let them know about the existence of their pain, and proffer your service as a necessary solution to their problems. Show them your product’s power over their problems and watch how they will come rushing to try it out.
Realizing that your product is a solution will bring in more customers to your business, and more customers signal more revenue, which will drive growth for your business.
Improve Your Customers’ Success Department:
More important than gaining customers for your business is your business’s ability to retain the said customers. Loyal customers are more likely to do your business well in the long run, in terms of purchase and referral, than just one-off customers.
To achieve the feat of retaining your customers, you need to work more on your customers’ success department. This department is geared towards effectively helping your customers and ensuring they have a seamless user experience that guarantees them staying rather than leaving.
Your customers’ success department should be one of those with utmost importance because they manage customers’ affairs, and what’s a company without its clients, anyways? Your customers’ success increases your customers’ value, as stated in this Forbes article. So, you should invest in this department so that they can effectively carry out their duties and satisfy your customers immensely.
Understanding Change in Clients’ Behavior:
It is important to ensure that your business caters to your client’s needs because your company’s growth depends on them. To do this, you need to identify and note any changes in your client’s behavior and the reason for such changes.
Your clients’ needs can change slightly from time to time, and they might require you to add or remove features from your services to suit their tastes. To achieve this feat, your service must be flexible enough to adapt to such changes.
Sometimes, the change might come in other forms, like reluctance to pay for your services. They might have been willing to pay for them but are holding off now. This may be due to some financial challenges or other factors. To combat this, you can create an irresistible offer to draw them back in.
You can do this by creating discounts for a specified period on your services or giving free trials so that they can get a taste of the service. If they realize it’s just what they need, they wouldn’t want to let go again.
Pushing Client Growth Organically:
More than addressing your client’s needs, your service should be able to drive the growth of your client’s businesses, too, if your service is geared towards that too. Your service should be able to help them attract potential customers to their businesses.
Not only should they solve their client’s problems, but they should also be able to solve the clients’ customers’ problems, thereby driving sales and generating revenue for the clients. Growing your clients’ sales would, in turn, grow your company’s sales too.
Intrepid Finance provides growth capital to new SaaS companies, like yours, based on your recurring revenue. Interested In hearing more about us? Contact us via intrepidfinance.io