According to statistics from 2015 to 2021, the Software as a Service (SaaS) market has grown by nearly 200%. The market is estimated to reach about $172b in 2022.
However, as dynamic and fast-growing as the market seems, treading through it can be tedious if the right marketing strategies are not employed.
A study by Harvard Business School presented that about 95% of start-up products fail yearly due to poor pre-launch marketing strategies. Nearly 45% of SaaS product launches are delayed due to the same reason. Thus, entrepreneurs need to execute the best Go-to-Market (GTM) strategy for their SaaS product marketing to land a successful product launch.
But what exactly is a GTM?
The go-to-market strategy is a comprehensive guide or understanding of launching the product to the market. It covers several facets, like identifying the target audience and the market and where to locate such, setting practical marketing efforts and sales strategies to hit them, pricing strategy, positioning tactics, and much more. To launch a product to potential customers at the right time, a brand needs a detailed SaaS product strategy beforehand.
Here are six GTM strategies for Software as a Service (SaaS) companies
1. Create content for your audience:
As a business, you must entice customers to visit your website and spend time there. The solution is to publish high-quality content your website visitors will enjoy reading.
Creating a blog is a popular marketing tool. If you’re unsure what kind of content to put on your blog, start with tutorials demonstrating the most important features of your SaaS. You can later add other topics related to your SaaS or address your customers’ pain points.
Some of the content that can boost your SaaS product awareness and sale:
- Explainer video
- Demo videos
- FAQs
- Webinars and events
- Podcasts
- E-books
- Whitepapers
- Newsletters
2. Boost your acquisition with a free trial:
SaaS products are frequently innovative and cutting-edge. So, how do you describe and sell a product that no one has ever used? One method is to allow people to test it for free.
Giving away a product for free is relatively common in SaaS marketing. The “free trial” is a widely accepted practice because it allows customers to test the product and see if it meets their needs.
Invite your visitors to join up for a free trial, so they may first experience your product. Allow people to try the product out before making a purchase decision. For SaaS businesses, the freemium business model is known to work best.
They might be willing to upgrade from the freemium to the paid version if they’ve used and, more importantly, loved your product. Offering extensions and free trials will increase client visits and product purchases.
3. Host a webinar:
Webinars are an excellent way to present your product and interact with visitors to your website or clients. You can host a webinar to create awareness about the product, the industry it belongs to, and the problems it solves.
You can record your webinar and upload it to your website, where customers can access it anytime.
If your SaaS product necessitates frequent upgrades and improvements, you can create a YouTube channel to build your audience and keep them up to date. It will be highly beneficial to your clients since they can easily access all SaaS-related updates.
4. Create a video library:
Whether for product demos or service specifics, a video library is an invaluable tool for expediting the purchasing process. It makes it easier for customers to find answers to their questions. A video library may contain short videos, testimonials, tutorials or instructional videos, etc.
Video tutorials are a fantastic way to transmit knowledge fast and clearly. Customer testimonials work well for building trust with potential customers. Customer testimonial films are significantly more effective, though, as they feature a real person to whom your target audience can relate.
5. Offer a transparent pricing structure:
Offering a fantastic free product while also needing methods to commercialize it and turn free users into paying customers is the biggest problem big SaaS providers like Airtable and Trello face. The important thing is to avoid taking users by surprise.
The important point here is that the more clarity you make between what in your freemium SaaS product is free and what is paid for, the better.
SaaS vendors can cut through the noise and help their users understand their value proposition more clearly by being upfront and straightforward about pricing.
6. Retarget the interested customers:
Customers are bombarded with information, and it’s natural for them to forget they’ve visited your website. You can attract them to return to your page by running retargeting campaigns. The retargeting strategy uses the “cookies” that website frequently informs us about by tracking customer visits to the site and displaying relevant ads.
Use the channels like Google Ads, Facebook Ads, or email marketing where your target audience spends their time.
Conclusion:
The GTM strategy is critical in launching and developing a SaaS product. Regardless of the product’s effectiveness, one can fail if they do not launch the product right, at the right time, and to the right audience. A proper GTM strategy is needed to pursue potential customers, stand out from the existing competition in the market, and grow further. Follow these SaaS product ideas and discover what suits your SaaS company.
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