Keeping clients as a SaaS company may be difficult, and poor retention rates and high lead acquisition costs aren’t uncommon problems for B2B SaaS organizations.
In fact, SaaS firms would see a higher median turnover rate of 13.9 percent in 2020. This is increasing year after year, making it a major issue for SaaS business owners.
A churn rate of between 5% and 7% is considered acceptable for a SaaS company. Despite this, more than half of SaaS organizations experience a turnover rate of 5% or greater.
It’s past time to improve how we sell SaaS businesses
Let’s look at some ways to improve your SaaS marketing and revenue generation.
What Are the Current Trends in SaaS Marketing
You’ll be able to find solutions to your problems if you know what marketing SaaS companies are using today (that actually work). So here’s a rundown of the most cutting-edge SaaS marketing strategies for 2021.
Increasing the number of features available to attract (and retain) customers
There were 6,829 SaaS businesses in 2018. With so much competition entering the market on a daily basis, it’s vital to identify strategies to differentiate your SaaS service.
SaaS companies are differentiating themselves by introducing new features, plug-ins, and tools to their offerings. Ideally, the new additions should be add-ons to existing features, providing further value to both existing and new clients.
Using features to attract prospects, convert trial users, and keep current customers is referred to as feature marketing.
How to Use Video Marketing to Promote Your Product
If a picture is worth a thousand words, a video is worth a million. And video material is becoming increasingly important in the marketing of SaaS firms.
Did you know that 59 percent of senior executives would rather watch a video than read an article?
So, if you’re going after this audience (decision-makers), make sure your marketing caters to them. Video tutorials, customer testimonials, product demos (for those new features you added), and turning blog posts into videos are all examples of ways to do so.
Data-driven, hyper-personalized SaaS marketing campaigns
Do you want to get more B2B leads? Then you’ll need to create material that appeals to them. Personalization has become a marketing term because it works.
As a result, segmentation has become an integral part of all marketing campaigns. Hyper-personalization, which necessitates a data-driven strategy, is a step further for SaaS marketers.
AI and machine learning tools are critical in making this simpler. This makes it easier to decipher large amounts of data and make sense of it all. You may create thorough customer profiles, highly targeted email campaigns, and use predictive analytics to determine when a lead is ready to sell.
Customer retention has risen to the top of the priority list
Customers should always be in the forefront of a SaaS company’s attention, especially when it costs more to acquire them than to keep them.
The average cost of acquiring a dollar of new ACV from new customers is $1.18. So you’d have to wait over a year to recoup your investment.
However, account retention isn’t a priority. Upselling to current clients contributes for just 16 percent of the typical SaaS company’s ACV (annual contract value).
Client retention is a wise financial decision, and you may accomplish it by enhancing your customer experience. We discovered that 36% of organizations that emphasize customer experience outperform their main business goals by a factor of ten.
This makes sense because a positive customer experience boosts retention, satisfaction, and facilitates cross-selling and up-selling.
As a result, 59 percent of businesses are increasing their customer retention spending.
Differences Between SaaS and Other Industries in Marketing
You want to avoid trends that won’t work for your sector while looking for ideas to boost marketing for SaaS firms.
You’ll notice that how you advertise SaaS enterprises differs from how you market businesses in other sectors.
For instance, in SaaS:
- Customer retention is equally as crucial as recruiting new ones.
- To entice leads, several companies provide free trials and programs.
- There’s a lot of emphasis on developing material and resources (education is king)
- Collaboration with companies that provide complementary services (cross-promotion)
- In comparison to other B2B businesses, the sales cycle is shorter.
- Customers are usually loyal and stay with you for a long time.
- It’s about service more than a product (user experience and customer support are key)
Let’s move on to the SaaS marketing methods you may employ to generate more B2B prospects with this in mind.
Suggestions for a SaaS Marketing Plan
It’s time to improve your SaaS marketing approach by finding solutions. Let’s look at some of the tried-and-true methods.
Create a Content Knowledge Base
At various phases of the funnel, you may employ a combination of content formats to educate your audience. For instance, you might use:
- Top-of-the-funnel infographics to assist prospects understand their issues.
- Blog pieces that go into the issues that top-of-funnel prospects face.
- Case studies may be used to illustrate prospects in the middle of the funnel why your product is the best option.
- At every point of the sales funnel, use video content to educate prospects and consumers.
- Downloadable (for free) eBooks to educate (and capture emails from leads).
Pre-qualifying leads for your SaaS product will be easier if you provide more high-quality and relevant content.
To gain trust, use product trials
On paper, any product might sound wonderful, but how well does it function in practice? When your prospects are on the fence about buying your goods, this is the question they’ll ask.
You can give a free trial run or demo to build their trust and prove you’re worth every penny if you have a higher-tier product that costs a lot of money.
Another alternative is to provide a free plan with limited features to give prospects a taste of the benefits of your product.
Streamline the Selling Process
Prospects will be able to identify, engage with, and purchase your goods more easily with automation. It will also make pre-qualifying leads easier for your salesmen.
Because certain SaaS goods don’t require a bespoke quotation, you may develop a more straightforward checkout procedure (no more than two steps). Otherwise, make your salespeople available by online chat, phone, and email so that prospects may contact them easily.
Increase the size of your referral marketing network
It’s critical to cultivate consumer loyalty in order to transform them into brand ambassadors. As a result, it is critical to invest in the client experience.
This entails putting money into customer service, developing a great onboarding experience for new customers, and constructing a simple and efficient SaaS product. You’ll find it easier to receive referrals if you have a lengthy record of satisfied clients.
You can’t expect all of your existing accounts to take a chance and recommend your product to others. Asking for referrals and reaching out to them will enhance the likelihood of their doing so. You may accomplish this by sending them emails with special codes that they can share with people they know.
Then, to add some spice, you may give an incentive, such as $X per referral, which will be deducted from future invoices. You might also provide a free upgrade to those who recommend a certain number of persons who convert.
B2B Leads Can Be Attracted Using Reviews
Your SaaS product is a hit; in fact, you have hundreds of glowing testimonials from customers. You may use these testimonies in a variety of ways.
You may, for example, include evaluations at the bottom of your nurturing campaign emails. These will help to establish your offering as a viable option, tempting leads to convert.
Another location where you might display your testimonials is on your website. Several should be placed on the front page (maybe right before the pricing section). Also, create a separate testimonials page where visitors may read (or, better yet, watch) all of the testimonies.
Corporate Gifting Solutions and Strategies should be implemented
It’s not always simple to persuade leads to convert, especially when they have several reasons to oppose. In every sector, though, clients appreciate a positive experience. And they like authentic brands.
This is precisely why corporate gifts are given:
To gain prospects’ trust and demonstrate that you would go out of your way to make them happy.
This isn’t to say that you should send a generic gift to each of your prospects — that would be gimmicky. It’s critical to hand-pick gifts for leads based on their specific circumstances.
For example, if your salesmen speak with a prospect and find that they enjoy wine, giving them a basket of high-quality wine would pique their interest.
You may urge prospects to convert by combining corporate giving with exceptional salesmanship. Use your sales teams to gather information so you can give the correct gift at the right time every time.
You may then utilize a platform like Sendoso to guarantee that your gift-giving campaign is successful. This keeps track of all the crucial stats, such as when gifts are given and received, as well as if you get a response (or conversion) later.
It’s critical to link your gift-giving to income in order to determine whether your campaign is successful.
Sendoso’s Use Cases
Corporate gifting is becoming increasingly popular among B2B organizations. So, if you’re trying to give your SaaS marketing a distinctive spin, this is it.
Sendoso allows you to personalize each present by choosing from a huge number of gift alternatives. Swag bags, food, wine, eGifts, and other items are included.
The platform will then follow the status of each contribution that has been sent. Any data-driven marketing manager would fawn over the analytics and reports.
What are some of the ways you may strengthen your SaaS marketing approach using Sendoso?
Here are a few examples of applications:
- ABM Marketing: Use personalized gifts to close target accounts faster (some see a over 200 percent ROI).
- Gifts and direct mail can help you generate demand for your SaaS product pipeline.
- Field Marketing: Use memorable gifts to attract more attendees to your in-person and virtual events.
- Sales: Personalized gifts can help your sales teams close transactions faster and more frequently (build trust and meaningful relationships from the start).
- Meetings: Prospecting is all about getting on the phone with leads, so utilize corporate gifts to entice them to participate.
- Build customer loyalty, retention, and brand advocates by focusing on the customer experience (referrals).
- Remote Recipients: If some of your clients work from home, Sendoso guarantees that their messages reach them, re-creating unforgettable in-person interactions.
One of the most effective ways to generate B2B leads is to use Sendoso as your corporate gifting platform. Let’s take a look at how others have fared since partnering with Sendoso.
How Sendoso’s Corporate Gifting Improves SaaS Marketing
Corporate gifting is becoming more popular among B2B companies all over the world. In fact, 95% of those polled in the United Kingdom believe it is an essential aspect of their business strategy.
Another 85% of respondents claim that corporate gifting has aided in the development of valuable relationships. Personalization is one of the most important elements to consider when selecting a corporate giving platform.
We specialize in bespoke corporate gifts at Sendoso. Our crew makes sure your present is beautifully wrapped and packed, and we even add a personal letter for you.
The Sendoso platform provides fantastic outcomes for our customers.
Several case examples are provided to demonstrate how it aids in the marketing of SaaS firms.
Sendoso was utilized by Tipalti, an end-to-end accounts payable software company, to boost their ABM approach. The firm decided to include corporate giving in its campaign, but the first vendor took an eternity to deliver things to recipients. Plus, they didn’t have any personalized presents.
They may pick customised presents from the Sendoso warehouse and ship personalised parcels (and messaging) promptly after partnering with Sendoso.
This campaign targeted 200 leads, with 25% of them becoming opportunities and 10% becoming closed won agreements.
For demand creation, Siteimprove, an SEO tool developer, utilized Sendoso. The firm intended to establish a tailored strategy to engage prospects as it expanded into the corporate sector.
To drive demand and income, they used Sendoso campaigns that included eGift cards, high-value gifts, and informative booklets, among other things.
Finally, Siteimprove saw a 65 percent email open rate (thanks to the eGift cards). And a $15 return on investment for every $1 spent.
Sendoso can help you improve your SaaS marketing
Because the SaaS market is so competitive, you’ll need to establish trust and stand out to attract new customers. This necessitates a SaaS marketing approach that prioritizes the user experience.
Sendoso allows you to leverage corporate gifting (along with analytics) to generate B2B leads and revenue for your SaaS company.
Request a demo today to put an end to your SaaS marketing woes!