Are you wishing to take your SaaS business to new heights? Do you need growth for your company and make it a mega one? Well, sometimes it might not be possible to achieve this without traveling on the path of hard work and patience. But, experimenting a little bit with the growth hacks, you will likely reach there faster.
Growth hacks have allowed several entrepreneurs and businesses to achieve substantial growth. You can take examples of Airbnb, Quora, Hubspot, and Paypal. They have increased their customer base swiftly. So, let us look at these five growth hack techniques that can be implemented for your SaaS business.
Recommendations work like magic when you want to convince users to purchase from you. Think of it the other way around. Consider you are the user. Would you be more convinced to buy from the one recommended by a relative/friend or from the one whom you know through an ad? Obviously, the recommendation develops a sense of trust in the selling party.
This is the reason; a SaaS business should consider implementing a referral program as a growth hack technique. A referral program is conscious, and semantic way to attract more people to make a referral to your business. You can find examples everywhere because it works!
For example, Uber gave $20 to customers who recommended the business to their friends. Another method adopted by Dropbox was to give free space to the users who referred it to others. This will keep your existing customers more engaged and it will also drive some new ones towards your business. So, you will get more signups plus the current customers keep coming to your platform again and again. It’s a win-win situation.
So, follow this low-cost and creative way to get your product in front of thousands of users. Here, top 5 growth hack techniques for SaaS business.
Content marketing strategy
Content marketing is not just creating, distributing and sharing your content but it is also a marketing technique that engages more audiences, generates leads, improves branding. It needs a strategic approach.
Content marketing is an effective way of driving more traffic towards your business. It is the most effective yet inexpensive way of engaging your users to convert them into your customers. The best example of a content marketing strategy has been laid down by Buffer.
Buffer App was introduced when there were lots of other social media tools already available in the market. Yet it stood apart by creating outstanding content. Now Buffer is known for its blog as well as its software. This gives us a clue to developing a content marketing strategy that is fruitful to guide consumers with every step of the buying journey. Optimising content for keywords that are most likely to be searched might help your business.
Affiliate marketing is an online sales tactic wherein you refer someone an online product and when that person buys the product based on your recommendation, you receive a commission. Affiliates can earn commissions on a one-time purchase or they can earn more income through sales by participating in subscriptions programs.
Affiliate Marketing is a good growth hack strategy for expanding your customer base and developing trust among them towards your brand. So how does this work? Well, the business approaches a top influencer who has a number of followers to endorse your brand or SaaS business. In return, the business only pays for the affiliate partners when they drive sales to it. The risk involved here is the minimum but you get a maximum output in return.
There are affiliate marketing sites as well like ShareASale having a network of affiliate partners. One can get more exposure by connecting with such sites. You get a chance to endorse your brand and drive organic traffic through a team of influencers creating awareness among the audience for you.
It might so happen that users come to your website and signup for something but eventually, they do not make a purchase or leave the site forever. This could happen because you were not able to convince the user enough to buy from you. However, there is an alternative to get you through, called “Retargeting”.
Retargeting allows your SaaS business to follow a user, who did not perform a required action through the web, Google or Facebook. It gently pushes an email or ad reminder to send those users back to the business or even complete the purchase. So, whenever a user shows some interest in your brand, you convince them a little more with ads in case if they change their decision and buy from you.
Try before buy
As the name says, try before buy simply means that you can offer your product as a trial for your customer before buying.
If you think about it from your customer’s point of view, it is logical enough to try before buy. There are so many SaaS products available on the market and it becomes difficult for customers to make a selection between them. But what if you offer them free trials for a set duration? Once the users have tried and tested your products successfully, they will be more inclined to buy it from you. They know what they are going to get in return before they make a purchase. It also helps to attract more valuable customers towards your product and so that you can get more exposure.
This also provides a chance for doing business on a transparent basis. You will see many software products available for free trials like the one provided by Raffle copter on its website.
It might be hard for any SaaS business to grow abruptly making huge success. But they can try some of the growth hacks mentioned here and make it less painful to grow. Now it’s time to hear from you. What are you waiting for? Experiment with these right now and do let us know about the results in the comment section.
Parth Vora, CEO, and Co-Founder, Tecocraft Infusion Pvt Ltd