Marketing strategies for SaaS products have to be different from other types of marketing. It’s because these software products are after all software that can be talked about but not shown physically or in action to every customer.

How do you overcome this? Through innovative marketing strategies!

Marketing has always been a fiercely competitive area and it’s more so for SaaS products. Given this, marketing trends keep changing. However, what might be relevant in previous years are likely to be good to some degree in the current year also. So, a SaaS product marketing strategy should build on previous knowledge and strategies.

Here, we are going to provide the 10 best marketing strategies for SaaS products.

SaaS marketing campaigns are designed to entice visitors to sign-up for trials leading to paid subscriptions. SaaS Product Marketing is about intangibles – wholly digital – that promise to change the way you work. The SaaS marketing funnel is the conversion of visitors to a free trial and then to a paid subscription. Here are 10 killer ideas to grow your SaaS company:

Simplify sign-up process

People don’t like lengthy personal info forms; keep the free trial or freemium sign-up page easy and simple. The “form fields” should be relevant to the exercise. There shouldn’t be unnecessary fields. The best SaaS product marketing agency in India will ask only for the name, email address, and payment mode. The subscriber will have the option to give additional details, but with the lure that doing so will qualify him for a reward!

Step up with content marketing

The benefits of content for SaaS companies are immense. Invest in content. The most effective modes of SaaS marketing are webinars, blogs, articles, videos—especially demos and how-to-use videos—case studies; virtual summits, and email marketing campaigns. Ensure content is consistent. Also, ensure content in different formats. Boost a webinar with a blog on the same topic. Share them on multi-media platforms. Such content will reach more people than just those who attended the webinar.

Marketing automation

Companies routinely automate marketing. Various marketing automation software products are available. Marketing automation boosts the conversion of leads with prompt action on customer behavior. The SaaS marketing strategy goes a step further, i.e., it aggressively pursues customer outreach. It reviews customer behavior and reaches out with a highly personalized B2B marketing strategy.

Upgrade to freemium

The ‘visitor—free trial—paid subscriber’ is the standard SaaS funnel. Another SaaS product marketing idea is to upgrade to the freemium model. The power of freemium is hard to resist. Replace the time-limited free trial of software with the full-time free account. But limit the features. Once potential customers get used to the freemium plan, chances are they will convert to paid subscriptions. They don’t have to, but they will.

Referral programs

Referrals help companies add customers. A rewards program for referrals is a good SaaS B2B marketing strategy. Financial compensations for subscribers who bring in other subscribers are a good rewards program and an excellent marketing strategy for SaaS marketing. For example, a rewards program of a phone company that gifts an extra 10 GB free for a single referral will attract referrals like bees to honey.

Partner with competitors

Tie-up with competitors! It is a good SaaS marketing strategy. A win-win for both because, unlike concrete sales, SaaS sells in the intangible and the digital. The SaaS market is not in the millions or the billions. Niche software has a finite market. The trick is to reach out to the right audience. A partnership strategy works for startups with limited budgets. Webinars in a partnership are an example of SaaS marketing. Webinars and promotion events jointly organized by competing companies are the future of SaaS marketing, especially if the Coronavirus remains active.

Retention and acquisition

Customer retention is the mantra for SaaS product marketing. It boosts profits by significant margins. Targeting potential users of SaaS is only half the job done. SERPs should also rank retention of existing users high, not existing customers alone. The content should relate to both old and potential customers. Mix ‘how-to’ content with comparison posts. Tell old subscribers how they’ll profit by sticking with existing SaaS. Content that helps both retention and acquisition of customers is like eating the cake and keeping it, too.

User-generated content

Asking clients to write guest articles and guest blogs about your SaaS product is a good marketing strategy. Content specialists say this is one of their best SEO strategies. The best SaaS product marketing agency in India would know that longstanding clients are experts on a company and its offerings. The clientele comprises marketers and agencies. And because they do business with the company, they’re the best people to write and create content for the company. User-generated content with keyword research ranks high on SERPs. It is a win-win situation.

Case-studies

Case studies are invaluable; they help marketing and sales efforts besides the expansion of the user-base. Saas product marketing is also about using case studies as a marketing strategy. Case studies bring with them expertise, especially conversion-driven ones.

Hijack the conversations

That is, get on first base with the customer. Go online and straightaway starts a conversation with the client. This happened a lot during the Covid-19 lockdowns all across the world. Invade chat rooms, and virtual event platforms for SaaS Marketing, and hijack conversations. Create and use a separate conversation strategy for different prospects you converse with. Ask about the event and how they felt about it. So on and so forth. Answer questions. Ask how the ‘product’ will change the life of each one of them.

In Conclusion

SaaS Marketing Strategy is a magnet to people looking for more than a 3D product that they can hold and take home for the mantelpiece or add to those hanging in the closet. SaaS is software that transforms life in ways never imagined before! The best SaaS product marketing agency in India does just that—transforms life.

Given the domain expertise required, digital marketing for SaaS products requires help from digital marketing experts and agencies. So what should a company consider before hiring a SaaS marketing agency? At KloudPortal we curate a large number of informative blogs on SaaS Products and SaaS Product Marketing and other related topics. Let’s not forget that content is, perhaps, the only tool through which SaaS products can be marketed no matter what channel you choose.

Products and their performance matter the most to a SaaS B2B marketer. It’s above anything else! A mistake in planning the product launch can ruin everything. It can land a massive blow to SaaS marketing and the overall business prospects.

Let’s compare the importance of digital marketing for SaaS Products to your holiday! You plan a holiday and reach the destination but find out that you’ve missed out on bringing some essential items. Without those necessary things, your holiday turns out to be less than an ideal affair.

Similarly, your SaaS product marketing will not get the traction it deserves if your B2B marketing is less than perfect. SaaS product marketing requires sufficient knowledge to navigate intricacies in this seemingly difficult task. However, SaaS product marketing agency can make the journey for a marketer less stressful and more productive.

Nevertheless, it pays to know the basics of the game – SaaS Product Marketing. Here, is a checklist that can help you work out a winning SaaS product marketing strategy:

1. Create A Minimum Viable Product

The first thing on your SaaS marketing checklist should be the creation of a Minimum Viable Product (MVP). It provides the ground to test the product before you formally introduce the product in the market. Make sure that your MVP reaches your prospective customers. Analyze how they use the product and what they want or need as an addition or improvement in the product. The minimum viable product will help you understand if the customers will purchase the final product when you bring it to the market. This analysis will help you save money, time, and effort. However, a successful MVP isn’t enough to determine the success of your final product. But it can if you act on the feedback, and make positive changes to the product.

2. Set A Reasonable Price

In SaaS product marketing, pricing plays an important role. A subscription is the essential pricing model, a difference of even a single dollar per month can make your competitors’ product look more attractive. So, price is an important factor and can motivate or demotivate a customer from buying your product. Ensure that you decide on a reasonable price that is affordable for your target customers. You can check out some online resources  to understand the value metrics of your SaaS product and price it accordingly.

3. Create a buyer persona

Not everybody or every business is going to be your customer. Then, who is your customer? A research-based profile of your average buyer is the buyer persona for your SaaS marketing. Your SaaS product can have 3-4 buyer personas. It’s different from defining the target audience. A clear portrayal of buyer persona can lead to a more efficient definition of your target audience. You can check out online resources on creating a perfect buyer persona.

4. Explain Your USP

Why would a customer buy your product if it is of no benefit to them? Here comes the need to define your product’s USP. Make your customers understand how buying your product will benefit them and how your product will address their problems. Targeting the pain points of the customer is a necessity. It helps them connect to the product you’re planning to bring to the market.

5. A Realistic Timeline Goes All The Way

One of the most important things about SaaS product marketing is the creation of a realistic timeline. You need to chalk out a proper timeline for launching your product among the customers. Having a practical plan based on realism and clarity will always lead to a successful SaaS product launch. Figure out the goals and metrics you need to achieve after the launch of your product. Include every department in your planning, right from product development to marketing, to develop an effective SaaS marketing plan. Identify the loopholes and obstacles that might hinder the success of your B2B marketing. Such milestones will help you get a clear vision of progress.

6. Feedback Is The Most Important

Don’t you wish to know how your product is performing in the market and whether people are liking it or not? Make sure you stay in constant touch with your customers and gather timely feedback about the product’s functionalities. Regular communication will help you know your product’s performance in the market and help create a personal bond with your customers. It will allow a stable trust to build between both parties, allowing you more business opportunities in the future. Consequently, the product feedback will enlighten you on the loopholes and whether the product is a success or a failure. Depending on the feedback, you can make necessary alterations.

7. Test Your Product

Never launch your product in the market without performing a thorough test on it. Permit your product development team to conduct all necessary tests so that you know the weaknesses and loopholes that may exist in the product. The test results can be an eye-opener concerning whether your product needs changes or it is good to go. Entrust the testing duties on objective parties as their unbiased feedback and opinion will help you take the necessary steps.

Summing up

A SaaS marketing checklist will ensure that your marketing plan remains firm and steady even in choppy waters. The checklist provided in this post will help you develop an effective SaaS marketing strategy. You will benefit immensely from a SaaS product marketing agency in the entire exercise. It can use various marketing strategies such as automated lead generation to boost the marketing and sales of your SaaS product.

SaaS product marketing can be an expensive exercise and company in this space often need to source funds. On how to source funds or your SaaS Product marketing, you can read a few relevant KloudPortal blogs.

An important thing in SaaS marketing is educating the target audience about your product. Content marketing can play a very important role in this game. So, let’s not forget to read some content marketing  blogs on Kloudportal.

Cred is a phenomenal success story on the Indian startup horizon. Founded in 2018, it became a unicorn at a valuation of $2.2 billion in April 2021, in less than 2 years. That makes it the fastest billion-dollar startup in India.

Although Cred is a Fintech company and doesn’t quite fit into the definition of a SaaS product, its cloud-based app that provides the credit card payment system works much like a SaaS product.

Before we take a deep dive into Cred’s marketing strategies, new start-ups can learn from its success. They should avoid making some common mistakes and choose their marketing agency carefully.

Cred’s marketing strategy involves B2B Marketing and SaaS product marketing.

Cred’s marketing case study

As per the latest reports, the credit card payment processing company is again scouting for a fresh round of investment at a valuation of $5.5 billion. Cred has a staggering 7.5 million users on its platform and apart from facilitating credit card payments, it offers a bouquet of financial services that include instant personal loans, a D2C payment system, and more.

The lightning speed at which Cred has grown as a Fintech enterprise is largely due to its marketing blitzkrieg. The company reported a loss of Rs 360.31 crore in 2019-2020, high due to high expenditure on marketing and advertising.

In this post, we will discuss some of the key marketing strategies campaigns that launched Cred into the big league of most successful startups globally.

Event Marketing

Cred signed up as a sponsor of IPL for 2020 to 2022 for a hefty Rs 120 crore. Event marketing is Cred’s calling card as it relies on this strategy to influence massive audiences. There is no better strategy than to promote brands using the vibrancy of events. Event sponsorship is coveted and cherished.

That being said, there are two modes—align brand campaigns with many events, or put all your eggs in one big basket! Cred’s vote has always been for and with the Indian Premier League (IPL). If the Cred App exists, it’s because you saw it on IPL ads and promotions.

Cred square drive

During IPL 2020, Cred launched the 100% cashback offer to those making payments using the Cred app. The 100% cashback was for one lucky user. And there was no minimum payment limit to avail of the offer. Social media jousts, ads, and marketing drives during the IPL gave the Cred brand saturation exposure.

For Cred content is king

Cred gets its heft from knowing finance. As it is, finance is not everyone’s cup of tea. But Cred does a great job in educating Indians on finance. Financial blogs and youtube videos on financial topics on credit cards are very much part of Cred’s marketing content. There is also a Cred YouTube channel called ‘On the Money’ which is dedicated to how IPL earns money. In short, Cred serves customers with content.

When Cred went viral

Cred does its marketing such that it gets viral. Cred is known worldwide for its viral content. Trending is in Cred’s blood!

That ‘Dravid the Gunda’ ad

Now whoever thought Rahul Dravid is a ‘Gunda’? But for IPL 2021, Cred launched ‘The Great for the Good’ marketing campaign featuring a bunch of ads. One of them had Rahul Dravid doing the impossible. Mr. Cool, the Wall, loses his cool in a traffic jam! He yells, and he rages—he is not the man he is, he is the quintessential bad dude! The ad expresses incredulity at somebody getting rewarded for paying his credit bills using the Cred app. It is like saying Everest is a hillock. It is like insisting Rahul Dravid lost his temper! Impossible! Comic Tanmay Bhat thought it up.

Cake from Cred

Another time, Cred struck upon the cake idea! In a first worldwide, in 2019, Cred dispatched cakes for customer acquisition. Existing users were surprised with a cake apiece at their workplaces. “Who sent you this cake?” asked colleagues and the answer made droves of people install the cred app for making credit card payments—it was a bloodless coup!

Jousts and Jackpots

Cred attracts users to its platform with contests and giveaways—exciting gifts plus rewards. A reward warms the heart. Cred lays out a spread of rewards and asks for only two things in return—install the Cred App, and don’t miss paying credit card bills.

How many of you remember Cred’s ‘Mega Jackpot Week’ during IPL 2021? The Mega Jackpot, a total of seven rewards! Harley Davidson—Fat Boys—iPhones for a decade—Free flights for five years—Gold—Tata Safari—Bitcoin—and a complete homemaker! Beat that if you can.

Seen on TV

Cred’s target audience is Gen Y. Generation Y loves TV, they watch the idiot box like they are geniuses, the thing to do and how! Want to advertise to them, make a TV commercial. Way to go!

In 2019, the Cred app was a TV ad launched with Jim Sarbh doing the honors of explaining the benefits of Cred.

In 2020 Cred made 6 TV commercials featuring Madhuri Dixit, Govinda, Alka Yagnik, Udit Narayan, Bappi Lahiri, and Anil Kapoor. Outcome: 700% hike in Cred App users.

Summing up

Cred’s backroom marketing experts leveraged many of the strategies typically used in SaaS marketing. It may not have hired a  SaaS product marketing agency per se, but it did engage a few reputed digital marketing agencies to plan and run its campaigns.

New startups both in Fintech and  SaaS Product marketing  can benefit from  lead generation and marketing automation software OPAL CRM. Cred may soon be tapping public funds by listing itself on the stock exchanges. For new startups, ideation to IPO is a lot of distance.

However, it’s not impossible to cover in a short duration. Here are  some tips from Kloudportal, a leading  B2B marketing, and SaaS Product Marketing Agency. Cred’s curious marketing case study should inspire you to stay on the course and aim for big success.

The budget for SaaS product marketing can be a difficult issue in the first few years of the business. You need to spend vigorously on different channels to drive sales and recurring revenue. At the same time, you can’t lose sight of the ROI that gives you a hint about the areas that need more investments than others.

To know about winning marketing digital strategies for SaaS companies, you should visit Kloudportal, a leading SaaS Product Marketing Agency. In SaaS B2B marketing, retaining the customers is as important as making new customers. You can take the help of Customer Relationship Management (CRM) Software  to engage, delight, and retain your customers.

In this post, we are going to discuss how you can plan your SaaS marketing budget by working out ROI for different channels.

SaaS Marketing Budget and ROI

Assessment of ROI and preparing a marketing budget for your SaaS product is an essential aspect of SaaS marketing. SaaS companies need to constantly work on increasing their recurring revenue so it can offset the cost of customer acquisition, if not fully then to some extent. How much a SaaS company may have to spend on sales and marketing? For an established brand, it may vary from 10 to 40 of the annual recurring revenue (ARR). The SaaS product marketing of a new product may cost up to 90% of the ARR in the first year of its launch.

How to calculate your SaaS Product Marketing Budgets

A SaaS product’s business model is based on monthly or annual recurring revenue. So, how much budget should you set aside for SaaS marketing? The answer depends on how much return you want and how many customers you need to achieve that target. For example, if your SaaS product is priced at $100 a year and you want an ARR of $100,000, you need 1,000 customers.

Next is the number of leads you need to convert into 1,000 customers. If your SaaS product marketing agency works out that you will get 1 conversion from 200 leads, then you need 200,000 leads to achieve your target of 1000 customers.

Your SaaS product marketing budget depends on how much you need to spend to generate one lead. For example, if it takes $1 to generate 4 leads, you will have to spend $50 to generate 200 leads that will convert into 1 customer who pays $100 for a year. This is how you work out your SaaS marketing budget.

How to work out your return on investment (RoI)?

The return on investment is the rate of profitability and it is worked out as the ratio of return against investment. In the example that we are working with, the total investment needed to acquire 1 customer is $50. For 1000 customers, the investment would be $50,000 while the ARR or the return is $100,000. So, the ROI will be $100,000: $50,000, which is equivalent to 2: 1. In other words, for every dollar spent, the return is $2. More simply, we can say the RoI is double the investment.

Why is ROI important?

The marketing campaign for a SaaS product may involve  B2B marketing where many different channels are used. For every channel, a marketing budget can be allocated based on the return on investment it offers. Working out RoI for different channels may give an idea as to which of them is more effective and cost-efficient. There can be a whole range of metrics that can provide insight into your investments and returns.

Different marketing channels

A SaaS product marketing agency will most likely use Email Marketing, PPC Search Ads, SEO and Content Marketing. These marketing campaigns can help the company reach new customers within the budget and quickly.

Of the 3 marketing channels we have just mentioned, email marketing and Google search ads are the first and the second most cost-effective. They deliver an average ROI of $45 and $8 respectively for every $1 spent.

To effectively monitor the leads particularly where it’s coming from you will need CRM software such as the one from Salesforce or Hubspot.

ROI of different channels

You can use the same formula as we have used earlier in this post to calculate ROI. You can work out how much money it needs to be spent on email marketing to generate enough leads to acquiring 1 customer. Finally, you will compare the returns with the investment for a clear picture of the RoI status.

An important thing to remember is that you should compare the RoI with the previous month of the year to see if the direction of your campaign and the allocation of budget are right.

Dig deeper into the data

Once you have all the ROI data of the period under review as well as that of the previous month of the year, you can do some data analysis and see which channel is more profitable to work with. You may get some actionable insights such as reducing or increasing the budget on a particular channel.

However, RoI alone may not be a matter of concern all the time. There are some SaaS marketing metrics that you might be interested in. They all go into making your RoI better from one review period to the next.

Traffic:

Whether it’s has gone up or down; geography-wise mapping and tracking of visitors.

Qualified leads:

it gives you an idea of which channel is more effective in bringing qualified marketing leads and qualified sales leads.

Customer Acquisition Cost (CAC):

It helps you know where you should spend your marketing budget and in what proportion.

Churn:

Customer retention is the key in SaaS marketing. If your business is witnessing a higher churn rate, you need a course correction.

Summing up

Accurate and timely assessment of SaaS product marketing ROI and provisioning of SaaS product marketing budgets holds the key to success in this highly competitive business segment.

For SaaS marketing, you need to plan, develop, and implement   a sound digital marketing campaign. To this end, you need to hire a good SEO company  that can make your digital marketing journey less painful and more productive.