5 SaaS Growth Strategies to Scale Your Business Quickly

With such high demand comes great opportunities but also intense competition. The good news: Despite all the challenges, SaaS growth is attainable. Creating a well-defined SaaS marketing strategy to respond to evolving customer demand for cloud-based solutions is the way to succeed in the SaaS market. 

In this article, we discuss five SaaS growth strategies that can help ensure long-term success and sustainability for your B2B software business. But first, let's understand what exactly the SaaS growth strategy is.

1. Market strategy

Understand your target market, and find the right way to reach them. This process involves researching your potential customers, their needs or pain points and the SaaS solution they are looking for. It also includes developing a go-to-market strategy that details how to reach your target market and what channels to use to market your SaaS product.

2. Product strategy

Ensure your SaaS product meets the needs and solves the pain points of your target customers. In this step, you conduct customer research, develop a product roadmap and continuously improve your product based on feedback. You also select a pricing plan that is feasible for your target market.

3. Go-to-market strategy

Put your SaaS product in front of your target customers to generate leads. A go-to-market strategy includes developing a SaaS marketing plan, creating compelling content and leveraging the right channels to reach your target customers. It also includes generating a buzz around your SaaS product and building a sales pipeline that converts leads into customers.

Also read: Build a Global Sales Expansion Strategy That’s Right for Your Business

1. Focus on customer acquisition

You need to have a sound customer acquisition strategy in place to drive SaaS growth. This means generating leads and converting them into paying customers. 

Determine your target market (who you are selling to), create buyer personas (what their needs and pain points are) and develop targeted marketing campaigns (what messages will resonate well). Having a laser-focused approach when developing customer acquisition campaigns helps generate quality leads, and that is where account-based marketing (ABM) comes in. ABM is a targeted marketing strategy focused on key accounts and specific decision-makers within those accounts. 

ABM aims to generate quality leads, accelerate the sales cycle and create personalized campaigns that address the specific needs of each target account. As per the Gartner 2021 Technology Marketing Benchmarks Survey^[2], 76% of respondents have an ABM function at their organizations, mainly centralized among marketing teams.

2. Scale your sales and marketing efforts

A solid customer acquisition strategy will only work if you have the right sales and marketing infrastructure to support it. You will need a team of professionals with specialized expertise in fields including, but not limited to, demand generation, lead nurturing, sales enablement and product marketing to attract, convert and close deals. 

You will also need the right tools and technologies, such as CRM software, marketing automation software and sales intelligence software, so your team can focus more on high-level tasks such as strategy and execution.

3. Develop a comprehensive pricing strategy

Pricing strategy plays a crucial role in SaaS growth because it determines how much revenue you generate from each customer. You need to find the right balance between generating revenue and attracting customers. 

A lucrative pricing strategy in the SaaS industry is offering a free trial so customers can try out your product before committing to a paid subscription. It also helps upsell customers on premium features.

4. Invest in SEO and content marketing

Ignoring SEO and content marketing when trying to scale your SaaS company is a huge mistake. SEO helps attract more visitors organically, while content marketing helps convert those visitors into leads and paying customers.

This process involves producing high-quality content that is keyword-rich and informative. (The image below lists the content types buyers consider most valuable when making a software purchase decision.) Also, emphasize optimizing key pages such as your homepage and landing pages for higher conversions.

5. Expand into new markets and geographies

Don't limit yourself to just one market or geography. Instead, think about ways to expand your SaaS business into new areas. This strategy will help you tap into new customer segments and accelerate SaaS growth. 

Expanding into new markets will allow you to diversify your customer base and reduce the dependence on any one market or geography, making your business more resilient and increasing its growth potential.

Keep improving and innovating to win more customers

The SaaS industry is constantly evolving and changing. As a B2B SaaS provider, if you don't find ways to improve and innovate your product, you will fall behind. SaaS customers have high expectations, and they are always looking for solutions that offer more value. Keep the following things in mind to ensure you are always improving your SaaS product:

• Monitor SaaS industry trends. Track what is new in the industry and what is working for other SaaS companies.
• Experiment with new things. Don’t just follow the trends; create them! Be bold and try new things.
• Listen to feedback. Use customer feedback to improve the design and functionality of your SaaS product.

Shubham Gupta

Shubham Gupta is a Content Writer at Gartner Digital Markets who ideates and creates purpose-driven content to help modern technology businesses achieve their goals. Outside of work, he enjoys reading thriller novels and Urdu poetry, as well as spending time with his dog. Connect with Shubham on LinkedIn.

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Sources

1. General Manager Insight: Keys to Becoming a Profitable SaaS Provider, Gartner
2. Tech Marketing Benchmarks Survey 2021: Account-Based Marketing Insights, Gartner