Let’s face it. When you’re starting out in Software as a Service (Saas), you need to get momentum. And fast. There are a few very simple growth hacks you can employ in the early stages which will continue to work for your company as you grow.
1. Simplify your Message
This is surprisingly rare in SaaS businesses. Usually it’s pretty complicated getting the tech to work. And it’s an awesome achievement that your super clever tech team has mastered and built your amazing SaaS tool. But that is not what you should be shouting from the rooftops about (as much as you want to). What you need to do is really explore the key use case for your product. What is the absolute best thing about it? What problems does it solve for your clients?
You can delve deeper into this – and you should! But most won’t. We run growth workshops to look at this type of thing with SaaS companies. These are hyper focused on really understanding the value of your product or service. How is it unique? Let’s try to dig up some metrics. How much time does it save the average user? How much added value can it deliver? What percentage increase in ROI can the user expect from this software?
The results of these workshops will help you to really target your message into your key selling point. Your USP. Your succinct elevator pitch – and your top 5 reasons why your client needs your product.
This is the key to selling. Know the value you deliver before you waste time and money marketing the wrong messages.
Once you’ve simplified your messaging, the next step is to exude confidence, and ensure you’re not giving consumers any reason to doubt your SaaS solution.
2. Be Confident
Another extremely common factor in SaaS start-ups is humility and over-honesty in public facing messaging. Let me be clear – these are wonderful traits in human beings.But in marketing, there is no room for ambiguity or doubt. You sell the best version of what your tech does. And if it’s not quite that way 100% of the time – you work behind the scenes to make it so as soon as possible.
All SaaS companies have teething problems. But what often happens is that the better tech loses out to the better marketing. Yes, in the long term, you may be able to win over the customers who are disillusioned by your competitor’s inferior product, but it’s a risky strategy, as you might not last that long. Be confident from the start. Find where your product is the best. Really understand why it’s the best. If it’s not the best, then improve it so it is the best.
Consumers are exposed to an insane amount of brand messaging every day. If you’re not confident, you will not be remembered. It’s as simple as that.
Finally, now your messaging is concise and confident, you need to turn to the data for our final growth hack.
3. Get your Metrics in Order
You’ve probably heard it a thousand times, but what gets measured, gets managed. Are you tracking the right metrics for your business? Make sure they are telling you how close you are to your goals. Don’t be afraid of metrics that don’t tell the best story – that’s where your growth will come from. Look at those metrics. Ask questions. Explore your weak spots. Addressing weak spots are where you will find the low hanging fruit.
Tracking the right metrics is the best way for you to achieve growth fast. But you have to be ready and willing to act on the information they reveal. Don’t focus on what has gone wrong in the past. Focus on how to make it right in the future.
For example, if the ratio between MQLs to sales opportunities is high, but the rate of MQLs to closed won is low, then you need to work on your sales messaging. This would suggest that your marketing messaging is working, but something in the sales process is losing the prospect's interest. Find out what it is. Explore (outside of the office). Test it on people who you are not selling to. This is essential if you want to nail growth - go to the people who will not tell you what you want to hear.
If you'd like to explore how we can help you get these 3 growth hacks super charging your business strategy, book a free discovery call by clicking on the button and choosing a mutually agreeable time to chat over Zoom!
We look forward to hearing from you.