SaaS is a market that is growing at an accelerated rate and one that will continue to grow at the same rapid pace throughout the next few years. The fact that it is growing at such a fast rate, coupled with the need for companies to appeal to clients in a more cost-effective manner, makes SaaS product marketing a hot topic for business marketing.
In order to sell SaaS, it is important to identify the needs of your target market and craft a sales strategy that meets those needs. Before you can begin selling your SaaS product, you first need to create a marketing strategy that will attract your target audience. Here are the steps you need to take:
1. Develop A Unique Value Proposition
The first step to improving your SaaS product is to develop a unique value proposition. The value proposition is important because it paints the picture of how your product accomplishes what it sets out to achieve. An effective value proposition will be short, and to the point, and tell the customer why they need your product.
The idea that people will just flock to your product because it’s so innovative, or because it’s a good value is completely insane. SaaS products are like any other B2B product: you need to capture the imagination of your target market and stir up a ton of excitement. You need to create validation and content marketing campaigns that demonstrate your product’s relevance in the eyes of your potential customers. You’ve got to have a compelling value proposition and a great sales pitch.
2. Solve A Problem
This is by far the most important thing you can do for your SaaS product. Nobody will buy it unless it’s solving a real problem for them. This is the biggest reason why so many SaaS products fail. You must be able to answer the question of “why this?” in order to understand what problem you’re solving. I’ve watched too many startups try to get away with not having a good answer for why your product exists.
I’ve heard people say things like “because there’s market demand” or “because my friend and I are bored.” Those are not good answers. The why of what you do is the most important part of your business.
When you’re considering an idea for a new SaaS product, ask yourself “Does this solve a real problem for the people who will pay for it?”
3. Get some customers
Poor SaaS products are built on a concept that solves a problem for the creator, but not for anyone else. If you want customers, you must solve their problems — not your own.
A lot of people think that getting customers is all about getting a bunch of people to “sign up” for your product. But that isn’t how it works. Nobody wants to be a customer. People want to be able to use your product in order to solve their problems. So your job is to convince people that your product will solve their problems better than any other product you are using.
4. Pay Attention To Onboarding
There’s a myth that onboarding isn’t important. However, onboarding is an important part of a new customer’s life with your product and therefore SaaS product marketing. In fact, a study on the topic of customer acquisition put the customer onboarding phase as one of the most important factors in achieving a customer’s long-term success with your product. Think about it – a new customer is completely unfamiliar with your product, and you need to do a lot to convince them that it’s worth their time.
Unfortunately, many founders underestimate the importance of onboarding. Of course, it’s easy to see why – it’s not a feature, it’s not a metric, and it’s not visible to users. Onboarding is a time for you to make your product shine and win the customer over.
The good news is that onboarding is not a one-time event. It’s a process. You can influence and guide your customers through this process. When designing customer onboarding, it’s important to consider every step of the user’s journey and create processes to help them become comfortable and familiar with your product as quickly as possible.
5. Measure Your Success With Metrics That Matter
Metrics that matter are all about measuring progress. Make sure you’re tracking the right metrics for your SaaS product, and you’ll have a far better picture of your growth and success. You can then use these metrics to fine-tune your SaaS product and see future improvements.
While traditional metrics like MRR and annual recurring revenue are important, they only tell a fraction of the story. Metrics that matter focus on customer growth, engagement, and retention. You can use these metrics to target the most profitable customers and figure out how to retain them.
And not all metrics are created equal. Depending on your industry, you’ll most likely need to pay close attention to certain metrics in order to make the right decisions for your SaaS product.
While you can start with the basics here – such as user signups and conversions, you’ll want to be thinking about more advanced metrics for your SaaS product. This includes social sharing, bounce rate, and client acquisition.