In this world of fierce competition between SaaS-based companies, making your company stand out is the biggest challenge. New startup companies struggle with setting up a customer base, applying marketing strategies, and increasing product sales. You can learn from the strategies of SaaS companies like Atlassian, Hubspot, Zoom, and many more. In this article, we will share amazing SaaS growth hacks suggested by experts in this field. You can apply these hacks to amplify your business profit.
1: Evaluating and prioritizing
In the present times, you should evaluate what systems and software are crucial for your growth. Choose the options that accelerate your business and don’t try to do everything at once. Evaluate what the systems lack and use it to your advantage.
2: Focus on problem-solving
The reason why many SaaS startups fail is that they are unable to convince users that their product is a problem-solver. Taking the example of Apple, they understood the pain points of consumers and sold the iPhone as a solution. Now it is a brand that stands out among all. It is always better to provide services and products that solve existing problems rather than a new product that the consumers are not sure if they need it.
3: Identify your target market and make efforts
Sometimes startups don’t get desirable results even after investing so much money, time, and effort. That doesn’t mean their product is not enough, the problem here is not knowing the target customers. Avoid marketing to everyone and wasting resources, not everybody needs your products. Instead, narrow down your efforts to specific audiences who really need your product. Thoroughly research the age group, gender, interest, geographical location, problems, budget, etc. of your target customers. You can also research your competitors and organize polls or surveys to find your customers. This is one of the best SaaS growth hacks that work most of the time.
4: Start charging initially
Many SaaS startups don’t charge customers at the start because they are not sure if their product is good enough. First of all, let go of the idea that many free users can become your serious customers and increase revenue. Startups focus on growing customers rather than growing profits. But, more customers don’t verify their products. So, no need to hesitate and apply charges initially to see how it works. It will help you attract serious customers who value what they pay for. You don’t have to collect freebie customers to indicate your value in the market, so it’s better to do the opposite sometimes.
5: Experiment with different pricing
A renowned book about marketing strategies called ‘Selling the Invisible’ suggests that it is ok to raise the price of your products till 20 percent of your target customer base resists it. So, experiment with pricing as your business grows and test what is the right pricing. Only by testing different pricing, you can understand the views of your customers about your product and how are they willing to pay for that. But the question is, how can you understand the right pricing? Here are the signs that you are charged right. If there is a small percentage of people complaining about the price, or those who don’t hesitate before paying, you can take it as a good sign. Also, if a large group of customers say that your product is expensive but buy it anyway, it means your product adds value to their business. You should develop an easy pricing model to attract customers.
6: Listen to constructive criticism
The best way to find the flaws in your SaaS business is to listen to the criticisms of your paying customers. You can always ask for feedback from them and work on those flaws. You don’t have to listen to every baseless criticism. Just focus on the advice that can actually help in the development of your products. SaaS startups should continue this process from the start to grow in their target market.
7: Paid growth hacks
It is one of the frequently suggested SaaS growth hacking strategies that can help you increase revenue in the short term. Sometimes even the good SaaS products are not able to generate profits due to a lack of proper marketing. The concept of organic growth and a word of mouth are ineffective in achieving quick goals. Running ads on paid digital marketing platforms can greatly help in increasing revenue.
8: Content creation and marketing
Content and marketing are the backbones of any SaaS business. Again you can take the example of Hubspot, which is known for its content creation strategies. Hubspot shares the experience of customers about how they used products and different informative blogs that make it easy to navigate for customers. Make use of all forms of content like infographics, videos, blogs, and others to see the difference.
9: Join hands with larger communities
The majority of SaaS companies believe that joining online communities can significantly improve brand exposure, customer reach, and credibility. You can join these communities and engage with them and might get positive feedback from them. You can also get your potential prospects through these communities as you develop good relationships among them. Don’t forget to share informative content along with promoting your business.
10: Provide incentives for referrals
Every customer is probably connected to other potential customers. So, providing incentives for referrals can be a great SaaS growth hack. It will help you increase revenue in less time as referrals are more likely to make a purchase. You can provide incentives like cashback, 1 free month, free plan upgrades, feature unlock, or anything for every new client your customers bring.
11: Don’t underestimate the power of LinkedIn
For B2B SaaS companies, LinkedIn is the best place to invest money and time. It is surprising that LinkedIn alone brings more than half of all social traffic to the SaaS platforms. You can share useful content, engage with your prospects, and reach out to your ideal clients on LinkedIn.
We hope that you can apply these smart SaaS growth hacks and boost your profitability. It is always better to be creative and have faith in your product for these strategies to help you.