The SaaS industry has been experiencing a ‘boom’ over the last decade, and it doesn’t look like there are any plans on slowing down any time soon. But seriously, how can you blame businesses for jumping on board? It's never been a better time to run a company from anywhere in the world.
According to Finances Online, the SaaS industry is on trajectory to reach an incredible “$623 billion by the year 2023, at a compound annual growth rate of 18%.”
So, you’ve decided to join in on the SaaS fun. While we all love a boom, it does also mean more competition joining the market too. How are you going to stand out? Now’s the time to get an update with what’s happening this year, with our top 6 SaaS marketing strategies for 2022.
What is SaaS marketing?
SaaS products don’t have any tangible, physical presence, it’s not as though you can hold them in your hand. This is why SaaS Marketing has a whole category of its own.
It’s all about ensuring that your marketing strategy actually fits the needs and focus of a SaaS company.
Keep this in mind when creating your SaaS Marketing strategy.
What’s the difference between marketing and SaaS marketing?
Let’s delve deeper as to what you need to be focusing on as a SaaS Marketer. A SaaS sale cycle is set up a little differently, with a strong focus given to the following;
Monetization - converting users to purchase a plan or subscription
Retention - nurturing the user to stay subscribed.
With the basics covered, now let’s work on how you will stand out above the rest.
SaaS marketing strategies for 2022
It’s never too late to reevaluate your strategy. Make sure your SaaS Marketing plan is up-to-date with the most important SaaS trends for 2022.
1. Product-led strategy
Get your product to sell itself. No pressure right? A product-led growth strategy relies on the product itself to be the main vehicle in growing and retaining your customer base. This new way of operating is changing things up in the SaaS industry, and for the better.
If your product is sparking joy for your customers by solving the pain points they face in their day-to-day, then it’s time to implement a product-led strategy. The product-led concept aligns across the company, meaning your sales and marketing department, engineering team and everyone in between are all established around the product itself. This can lead to scalable SaaS Business growth.
A meaningful feedback loop, improved sales metrics, speedy sign-ups and a happier team are just some of the benefits experienced by companies who have taken on a more product-led strategy.
2. Data enrichment
Within the SaaS world, data is everything. Enriched data is a step above that. Data Enrichment makes your first-party data much more useful as it offers further insight and a deeper level of detail. You’ll want to add this in your SaaS Marketing strategy to understand your SaaS buyer personas and existing users on a refined level, with accurate information.
As users move around online, the journey they take gives marketers insights into their behavior and preferences. By matching this up with your first-party data, you have the ability to create strong customer relationships, personalized messaging, and meaningful customer journeys — meaning you’re better equipped to nurture leads and increase sales.
It’s time to get personal with your customers — like really personal! According to the latest market research report from Technavio Analysts, the Compound Annual Growth Rate (CAGR) of the global artificial intelligence-based personalization market is set to expand by 13% over the 2018-2022 period.
Hyper-personalization uses artificial intelligence (AI) along with machine learning to create an experience for your customers that is purely unique to them.
These meaningful touchpoints with your customers start to build a solid foundation of loyalty, as they feel your company knows what they want. 72% of consumers say they only engage with personalized messaging. The personalization of different touchpoints within your SaaS marketing channels needs to be prioritized within your SaaS Marketing Strategy.
It’s easy to turn an activity into dynamic content to deliver hyper-personalized messages, Ortto. Add dynamic content to emails and SMS from attributes in your activities. Show recommendations, related products, trip information and order summaries.
The concept of “one size fits all” doesn’t really work. Every company or user will have different needs when they start interacting with a SaaS product.
Those who are hunting for their perfect product want a specific problem solved, or may be looking for a certain outcome to make their life easier. As users have become more in tune with exactly what they need, customizable SaaS products have become more popular.
These different demands from each client has led to unbundling coming in as a SaaS Marketing trend.
SaaS companies are moving away from providing a “holistic” solution - an expensive and resource-rich approach to implementing unbundling. Now, the focus is on establishing which aspects of the SaaS product will be able to solve the customer’s problem.
This package is then tailored for the client, and they only pay for exactly what they use. This can be an easy way in acquiring new clients and strengthening your client relationship. Plus, once they are in the funnel, it’s easier to upsell other add-ons and packages.
This trend will often be used in conjunction with vertical SaaS models.
5. Word of mouth
While this may not be a new concept, sometimes trends repeat themselves. We are looking at you, 90’s fashion!
We are recommending two different types of “word of mouth” activities;
Incentivizing a referral program - Your happy customers now have another reason to share their excellent experiences with your product.
Your clients are your biggest advocates. Incentivizing their referrals will also act as a nurturing tool for client relationships.
Review Sites - We all know the plethora of review sites available for a range of different industries. From TripAdvisor, to the umpteen amount of car review sites. SaaS products are no different.
Review sites can have potential customers comparing SaaS Products, or looking for specific solutions to meet their software needs. Either way, it's an easy win to sign-up to top review sites like G2, Capterra or Product Hunt. Start building your product review score by listing your product and the value it will hold to potential customers.
6. Multi-channel marketing
Think of your own interactions with your favorite brands, even if they are B2C, and take those experiences and bring it into your SaaS Marketing strategy.
The average customer will use multiple digital platforms every day. So it’s integral that you know the channel your customer wants to be contacted on, how they are best engaged and what messages are important to them.
Using a program like Ortto, will allow you the ability to reach your customers on a variety of different channels, from the comfort of one platform.
From email marketing, push notifications or social integrations, Ortto's got your back. Register today for your free trial.
SaaS marketing FAQ
What is SaaS?
Firstly SaaS stands for Software as a Service. It’s a business model where the software is accessed over the internet, rather than installing and maintaining the software on your own device.
This method of accessing software means that you, as a customer, simply need an internet connection to use a third-party’s software. Say goodbye to the days of installing hardware and endless updates on your computer.
What is SaaS marketing?
A marketing strategy fitting the needs and focus of a SaaS company. A SaaS Marketing Strategy is the process to help deliver a product to a market, position it and create awareness for the SaaS company.
What is a product-led growth strategy?
A product-led growth strategy relies on the product itself to be the main vehicle in growing and retaining your customer base. This way of operating is more than just a SaaS trend, it is a long-term strategy designed for sustainable growth.
Is product-led growth the right strategy for my company?
The best way to answer this is to think about your customers and their behavior. When they reach a salesperson, are they asking for a free trial before they commit? Do they seem disengaged with the demo and itching to get their hands on the product? And once they’re over the line, is onboarding and setup simple? If you’ve answered yes to these questions, it’s highly probable PLG is the right strategy for your product.
If you’re concerned your customers just won’t get it, consider this. Everyday consumers sign up for products like Spotify and Netflix in the millions without a salesperson’s help. In the B2B world, even complicated products like Asana are adopted in major companies with little to no intervention from a sales team.
What is hyper-personalization?
Hyper-personalization uses artificial intelligence (AI) along with machine learning to create an experience for customers that is purely unique to them.
Hyper-personalization is done by creating custom and tailored experiences using data, analytics, AI, and automation.
What is multi-channel marketing?
In simple terms, multi-channel marketing is all about choice. It allows you to interact with customers using a range of communication channels, including email marketing, website, direct mail and mobile.