Software as service (SaaS) is a service that allows users to utilize a program without having to download the software. It’s usually cloud-based and centrally hosted so different users could access it on a subscription basis. SaaS has revolutionized the software industry by cutting the need for businesses to download or frequently update their technology.
With businesses adopting SaaS technology, there seems to be an equal rise of SaaS providers. This apparently has led to stiff competition among companies over these cloud-based services. To survive and grow in such a competitive environment, it’s important to stand out among the crowd and offer excellent business value.
Key To Growing Your SaaS Company
Even though SaaS is a technology-based service, to run a successful SaaS company, you need to understand the business side. There are excellent strategies set to ensure the business is booming. Here are some of them:
- Adopt SEO Strategies
- Value Partnership Over Competition
- Be Customer-Centric
- Give Freemium Models To Customers
- Use Proper Growth Metrics
- Be Agile
- Manage Your Resources Well
1. Adopt SEO Strategies
Any SaaS company would face stiff competition from other growing and already established providers, which would significantly affect its growth. Usually, the owners or managers would turn to paid advertisements and other forms of promotion. However, this could be costly and could only run for a short time. But one of the best ways to address this is to adopt search engine optimization (SEO). SEO strategies for SaaS companies could help generate leads for the business.
These SEO strategies could help the company rank high in the search engines whenever people search for the services you offer. There are tools such as blog writing, keyword research, and link building. When you get the right SEO strategy, you could increase your visibility and the chance of more organic traffic reaching your sight.
If you’re struggling with search ranking, you could also contact professionals such as BCC Interactive and similar digital marketing agencies. You may click here to learn more about BCC Interactive, or you may search for other similar services online.
2. Value Partnership Over Competition
With the many companies offering SaaS and others emerging every day, there’s a chance you’d face stiff competition. This competition could motivate you to level up your growth, but other times it could mean the downfall of your company. Unfortunately, some companies have strong financial muscles and resources to take any business out effortlessly.
Therefore, it’s crucial to find ways to bypass competition while still beating your competitors. Probably the best way to do this is to start a partnership with other companies. These companies would be your growth channels; therefore, it’s important to ensure they’re not direct competitors. Instead, the relationship has to be mutually beneficial. For example, you could offer them your services, and they could market you through their platforms.
3. Be Customer-Centric
Whatever the nature of the business is, the clients would be the most important part of it. Without customers, there’s no business. Therefore, try to make your SaaS company customer-centric. First, consider designing a piece of software that addresses customer issues. To achieve this, you could conduct user testing at various stages of your company’s development.
Second, you could create a great user experience by integrating their feedback into your software and attending to their issues immediately. By valuing your customers, you’d likely retain them and even acquire new ones. Customer retention is essential in building business value, expanding your business, and marketing your brand.
4. Give Freemium Models To Customers
For your SaaS company to be fast-growing, it’s vital to have a product-based strategy. In a freemium business model, users would have access to the product to test its value and efficiency. Under this model, the company could also offer a free-trail period, free version, and money-back guarantee after purchase.
With this business strategy, customers could first try your products before purchasing. Then you could limit the services for free versions so people who want a better version could purchase the premium one. These strategies could help clients better trust your product, leading to more purchases and, subsequently, growth.
5. Use Proper Growth Metrics
For any SaaS company to grow, it has to adopt a strategic growth model measured against the right growth metric. Your business needs to have short- and long-term goals to be achieved over a specified period. To ensure the goals are being attained, you may set performance indicators, such as the number of clients and revenue generated monthly, quarterly, or annually.
Perhaps the most crucial part of your growth is your long-term objective. It’s important that every member of your team addresses this target and works toward achieving it every day. Your goal has to be precise and attainable within the specified period. While these growth metrics serve as a standard guideline, they should also be a motivation for work.
6. Be Agile
Agile methodologies could be beneficial to the development of your software and for the running of your SaaS company. Being agile means being flexible enough to tackle challenges as they arise and being able to increase productivity within a short time. Your team could ensure the product being launched addresses all customer issues by testing and correcting problems during the development stage.
In addition, adopting Agile methods could help increase team productivity. In your business model, your team could work on cutting production costs, reducing errors, and increasing output. The workload would also be divided into sprints, which means precise handling of issues. As a result, your business would likely grow faster.
7. Manage Your Resources Well
One of the unwritten yet very vital rules of business is the management of resources. How you manage your company’s resources could either make or break your business. Time and finances have to be well managed to ensure the return on each unit of these resources is profitable for the company.
Management of human resources in your company is also crucial to ensure optimum productivity and reduce overworking. Each of these resources is important and has to be utilized in an optimum way. Once you’re able to optimize them, your company could grow faster.
If you run a SaaS company and are looking to take it to the next level, this guide could help you achieve that. Always keep in mind that your company has a technological part and a business part, which are both crucial. Hence, forgoing one for the other would not be favorable. Instead, try to find a balance, strategize, and implement these strategies, then you can watch as your company soars.