In this article, you’re going to learn the most effective strategies to supercharge your B2B SaaS business.
The strategies you will learn here will help you reduce customer churn, improve retention, attract more customers, expand your reach and drive revenue and grow your business.
No doubt, the SaaS industry is growing rapidly.
Statista estimates the software as a service market size to be more than $167 billion:
However, with the rapid growth, there is a challenge.
More and more SaaS companies are coming up almost every day. In fact, there are approximately 17,000 SaaS companies in the United States alone with a total of around 59 billion customers around the world.
This means that there is stiff competition for new customers.
So how do you supercharge the growth of your B2B SaaS business?
Read on to learn how you can accelerate your business growth.
Table of Contents
1. Create a Solid Customer Acquisition Strategy
Among others, customer acquisition is one of the most vital factors that determine SaaS growth.
Needless to say, apart from the stiff competition, acquiring new customers for B2B SaaS businesses can be expensive.
Because businesses are usually afraid of taking on new products.
So what should you do?
You need to implement a powerful customer acquisition strategy that can help you generate leads and convert them into paying customers.
Even though there is no one-size-fits-all formula for creating a solid customer acquisition strategy that drives growth, here are practical tips that have been proven to work:
- Create a well-optimized website and keep publishing valuable content on it.
- Optimize your product pricing by investing in a powerful subscription billing software solution.
- Lure customers with free trials.
- Invest in search engine marketing and search engine optimization.
2. Have a Product-Lead Strategy
Another growth strategy for your B2B SaaS business is focusing on product-market fit. This strategy involves researching products that people actually want to buy.
In this case, you need to ensure the product offers value to your clients or solves a real problem for a specific category of users.
You can talk to potential B2B SaaS customers to know what products they are looking for.
Offering a freemium or free trial plan is a great way to determine whether a product is valuable to users.
Because it enables customers to quickly try the product and discover its value.
Zoom, Slack, and Trello are some of the brands using the product-led approach.
They offer free versions of their software with basic features to attract customers with the idea of getting them to upgrade to unlock more advanced and useful features later.
3. Focus on Your Customers
Without your existing customers, your business is dead.
What does this mean?
You need to focus on your current customers and give them the best out of your products. Otherwise, they may lose interest in your product and you will have mass subscription cancellations.
To retain existing customers, focus on giving them the best experience and build a solid relationship with them.
Here are handy tips to help you focus on proving your customers with the best experience ever:
- Communicate with your users regularly via in-app messages, email, etc.
- Send them regular updates about new features of products they are using.
- Offer exclusive offers or discounts.
- Give them loyalty rewards.
4. Build an Effective Referral Program
People are influenced by people.
Referral marketing is a powerful tool for B2B SaaS businesses for many reasons:
- It increases lead quality and quantity.
- It enhances brand awareness.
- Increases conversion rates.
- It can lower the customer churn rate.
- It’s a cost-effective marketing strategy that can increase the customer’s lifetime value.
But existing businesses won’t recommend your products to their networks if they aren’t loyal and happy with your products.
This is where you need to invest in building a b2b reward program that enables you to incentivize your existing customers.
Dropbox, a file-hosting SaaS has a double-sided referral program, where the referrer and referral gets a reward:
You can use one or a combination of the following as your referral rewards:
- 10-30 days free access to the product.
- A discount when customers renew their subscriptions.
- Unlock premium features for a limited time.
- Cash credits.
- Fee waiver- for one month or a given period.
5. Have a Comprehensive Pricing Strategy
Pricing is one of the crucial factors in SaaS growth yet people in SaaS focus only 10% of their efforts on monetization and seven times more on customer acquisition:
You need to balance between generating revenue and attracting customers.
Here are tips to create a comprehensive pricing strategy:
- Offer different pricing options that allow customers the flexibility to choose a plan based on their needs. Bambuser is one of the best live video shopping platforms offering a tiered pricing option.
- Segment your customers.
- Adopt a subscription model
Read To Grow Your B2B SaaS Business?
Growing your B2B SaaS business can be challenging. However, it’s possible and doable.
The good news is that there are multiple growth strategies for B2B SaaS companies.
Follow these strategies to increase brand awareness, improve your lead generation, build lasting customer relationships and bring in more sales to grow your business.