How do you Develop a SaaS Marketing Strategy?
The global software as a service (SaaS) market is on track to grow by 17.5% each year until at least 2025. For an area that already has a significant market share, it means that the competition is only going to get tougher. And that’s why developing marketing strategies specific to SaaS is so important. It’s a fast-moving field made up mostly of product-led growth, which means that traditional consumer marketing strategies just aren’t going to drive the kind of revenue gains you’re looking for.
But how do you market SaaS products? That’s what we’re here to answer. This article will explore our three-step approach to developing a stellar SaaS marketing strategy and some key components to keep in mind as you’re planning.
How do you Develop a Saas Marketing Strategy?
To help you develop a solid SaaS marketing strategy in 2021, we’ve put together a three-step approach that lets the data do the talking and guide the decision-making process. Let’s dive in.
Step One: Do your Research
Every good marketing strategy starts with research and data. While this isn’t exclusive to SaaS marketing campaigns, it’s arguably more important here. Your customers are probably more complex and discerning than the average B2C customer and your products likely aren’t tangible. So how do you get started?
The fact is, if you have one or more customers, you have data that can be used to develop a strategy. Look at your past leads. Are there common job titles you see? Where are they coming from? What time of the year do they convert? And If you have a website, you have even more data at your disposal. You can use tools like Google Analytics to see when folks submit leads and what their journeys look like on your site. In the right hands, all of this is data that can illustrate what has—and potentially hasn’t—been successful.
The one hitch in this plan? We don’t know what we don’t know. So market research (and a team of people who know where to look to find the right market research for your niche) is a must, too. And because new products and tools are hitting the market daily, research can’t be a one-and-done activity. It’s got to be consistent and ever-present… always informing each new decision you make.
Now that’s a lot for a company to handle on top of their other responsibilities. That’s part of the reason we started Statwax. We love data and the insight and power it holds to help us deliver more closed leads—and more revenue—for our clients.
Step Two: Listen to your Sales and Product Teams
This might sound obvious, but your product and sales teams have a wealth of insights about your customers. Tap into that. By its very nature, SaaS is product-led growth. In other words, customers have to get in and start using your product with demos or free trials before they’re ever going to sign on the dotted line. Your sales team is fielding questions, speaking to pain points, and hearing about customer journeys every day. This is all marketing optimization with the right strategy behind it.
Use your sales team to identify what SaaS marketing strategies will and won’t work. Adjust your messaging to match what you’re hearing, create thought leadership, and cut off the pain points before they happen. Just remember: Don’t go full sales pitch. Speak to your target audience from a place of educating and understanding.
Step Three: Identify the Channels that Work
Otherwise known as throw a bunch of stuff at a wall and see what lands in six months. Ok, not really. Here’s what we really mean: You have to identify the channels that work for your product and where your customers are likely to find out about you.
While we know that paid search and Linkedin are likely—at least in part—the right channels for SaaS, it’s much more nuanced than that. Anyone can go out and get a Google Ads certification, but the right team of marketers know how to identify the best keywords and how to leverage remarketing, thought leadership, and lead-generating ads to build a funnel. What’s more, a dedicated team like Statwax can be consistently analyzing your ads to see what’s working and immediately refocus efforts—and money—once we know what isn’t working.
What is a Good Marketing Strategy for SaaS?
The three-step approach covers the bones of a SaaS marketing strategy, but there’s definitely more to it than that. Here are three of the most important aspects of a good marketing campaign.
- Keep up with your competition: The SaaS market moves fast. Your marketing needs to move faster. Keep up with your competition, understand what approaches they’re using, what keywords they’re targeting, and how they’re reaching their target audience.
- Use a multi-channel approach: The number of advertisers and unique searches is increasing daily. A multi-channel approach can target your audience from different angles, because most of the time your leads aren’t going to come in from one channel and one touch point. A good strategy is going to have enough in the data and attribution to tie together upstream touch points, lean on tracking data, and understand how different channels impact each other to generate positive results.
- Accept failure: If you’re good at A/B testing, half of what is done will fail. But the other half will win and you can incrementally improve from there. If possible, carve out of a piece of your marketing budget exclusively for testing new ideas and new channels. There’s often hesitation to try something new and unproven, but a successful strategy should always be testing to find new and up-and-coming strategies. Otherwise, your more risk-tolerant competitors will find it first and win it.
Statwax: A Data-First SaaS Marketing Agency
100% of our clients hit their acquisition goals in 2020. We’ll never claim to be perfect, but our results speak for themselves. At Statwax, we understand that you aren’t looking for just more leads. You need quality customers—and information about where they’re coming from and how you can develop a marketing funnel to build on your success. We use a data-first approach to marketing that combines ABM search strategy, predictive modeling, lead quality optimization, and persona based targeting to provide a customer acquisition-based marketing approach that can be scaled at any level.