Either you’re bootstrapping or you’re running on investors’ funds, your SaaS startup has a great chance at survival. The software as a service industry is a very dynamic one. We are talking about a niche that has X3 its size in the last five years. The projected revenue figure for the SaaS industry in 2023 is over $170 billion. It has a market worth of $152 billion in 2021 and is projected to reach $208 billion by 2023.
This industry is full of potential and thus, startups keep popping up. Growing startups in this industry are constantly asking a question: how does this ever-increasing newbie keep their heads above the water? There are many tech companies like Syndicode that have survived this startup phase. Are you a SaaS startup seeking tips for growth? This is exactly what you should be reading. See these 5 essential tips for your SaaS startup success:
1. Make your software pretty and functional
Growing a startup in the SaaS industry requires coming up with an innovative product. Some competitors have a fair share of the market already. And there is a huge chance that your product has similar ones already in existence. How can you compete favorably with these?
Your first focus must be on the difference you can make. Look at how you can come up with a product that has a lovable interface. Your software product must catch users’ attention. The visual appeal must be corroborated with mobile-friendliness and its smooth architecture.
SaaS growth is dependent on the functionalities of the software product. Pay attention to what people want. You should do this by checking through the pitfalls of the competitors. Building pretty and functional software is key to growing SaaS companies. Start business on the right foot with an attractive software
2. Outsource when necessary
How to grow a SaaS company is not to do it all by yourself. Yes, you may be bootstrapping but it still does not mean you cannot outsource when it is necessary. To remain scalable and grow, you must learn to let experts handle some key parts of your process. So don’t be shy to collaborate with others.
Several parts must come together for a successful SaaS business. And this is common to any other business. You may be great at designing but not too good at writing copy. Don’t patch it up and manage your wishy-washy writing. Get a badass copywriter to get the right words together for your product.
It is about coming to terms with your strengths and weaknesses. You need to know what you can do and cannot. Also, you must highlight what is important and what is not. What is important may not be urgent. So, learning to outsource for better results when it is necessary will help your SaaS business remain floating.
3. Sell the problem, not the product
This is a very important tip for every business in this modern day. People are not buying products anymore. Rather, they are seeking solutions to their problems. So, start talking about the problems and how your product will solve them. Nobody cares so much about the specs of your software product. What people want is how it can alleviate their pain.
For your growing startup, you must lend your ears to what your prospective customers want. Get to find out their pain points, then package the SaaS product that meets those needs. Everyone is looking for ease and comfort. Whatever takes our pains away will remain in our hearts.
As a SaaS startup, you must get into the minds of the customers. Know what they want and give it to them. This is how you remain in their hearts. Sell the solution to their problems and not just another product. It is in this that how to grow SaaS companies lie.
4. Use the latest technologies to collect data and intelligence on your market
The SaaS industry is a very dynamic one. This is why you must be abreast of how your product is doing in the market. You should use the latest technologies to collect useful data. This data will become the framework for making important growth and business decisions. We cannot overemphasize the power of collecting data in SaaS growth.
Make use of automation tools that makes data collection easy. Of course, you’re a technology company. So, don’t look away from making the best use of technology in making informed business decisions. Your software product will be greatly improved when you have quality data on how it is currently doing in the market. What customers are saying or experiencing with your product is needed for upgrades and improvements.
Also, the collection of data will give details into the marketing techniques that are working for you. The numbers will show where the real sales are coming from. You won’t have to spend so much on conducting research, you will have the data at your beck and call. Ensure to invest in the latest technology to collect intelligent data on your software product.
5. Create Your SaaS Content Marketing Strategy
Marketing has changed a lot with the stride of technology. But content marketing is still very much necessary. The use of content is now more expedient in getting people on the side of your product. Growing a startup requires creating captivating content and this does not happen without a strategy.
How to grow SaaS companies involve the creation of a strong content marketing strategy. The use of content marketing is way cheaper compared to outbound marketing. But there is more, it has over five times more conversion rate as well. People are now on the internet more than ever. Great content will call and attract them to your software.
There are a lot of free tools you can leverage at the startup stage for growth. Make use of keywords and SEO-friendly writings. This may be a time-consuming task but you can easily outsource it to good hands. Hiring freelancers can be a very easy and cost-effective option to use. Your content marketing strategy must be robust. It is easy to grow from there.
Growing your startup will require time and commitment. You need to have faith in your software product and be ready to learn along the course. It is a dynamic market and you must be willing to try new methods.
These 5 tips are proven to aid SaaS startup success. Packaging your product to have a good appeal and great functionalities will help you attract the right customers. And this will be aided by your content marketing strategy. Get to use social media, email marketing, SEO tactics, and other digital marketing tools to your advantage.
Keep your messaging focused on what problems you’re solving with your SaaS product. Let people see how their pains will varnish with your product. Finally, collect important data for further improvement of your software. Always prioritize meeting the needs of your customers.