The demand for software as a service (SaaS) has doubled in size as businesses of all sizes discover the advantages of cloud-based tools that provide quick access to advanced capabilities.
The global pandemic has proved what most software-as-a-service (SaaS) publishers already knew: there is a growing market for on-demand technology. Publishers must ensure that their activities cater to audiences outside of the IT department, including a wide range of stakeholders from various organizations, each with their own set of conversion motivators and nurture flows.
While there are several potential challenges, they are not insurmountable. A smarter approach, based on three main pillars: acquisition, transfer, and retention, is what SaaS players need in addition to the right product.
Also Read: Leveraging Technology to Overcome Challenges in Client Engagement
Top Three Foundations for Overcoming the Complexities of SaaS Marketing
Make acquisition a work of art
On the surface, the mechanics of SaaS acquisition seem straightforward. The majority of prospects conduct digital product research and purchases, often beginning their journey by browsing online and viewing business websites. However, successfully handling this method can be challenging.
SaaS publishers can’t rely only on the allure of their brands to attract customers. They will need the right mix of pay-per-click (PPC), display, and social ads, as well as content that employs refined search engine optimization (SEO) practices to boost web rankings for specific keywords and generate organic traffic.
Then, as visitors arrive, sites must be able to offer the details they are looking for quickly to facilitate fast conversions.
All of this is contingent on knowledge: SaaS publishers must develop a thorough understanding of their target markets, the terms they use to find information, and the steps that lead from interest to the sale. This necessitates continuous evaluation, monitoring, and adaptation.
Calculate the value of the conversion
Although sales are critical for all companies, profits must not be at the expense of quality. To ensure long-term success and growth, SaaS publishers must ensure that their cost per lead (CPL) and cost per acquired customer (CAC) are equal to, if not lower than, the returns they earn. In other words, costs should never outweigh the benefits.
Calculating the true CPL and CAC for each person, using data and advanced analytical software to track consumer activity, is critical to achieving this. However, the calculation must cover all bases in order to have an accurate perspective.
Publishers should seek forensic multi-touch attribution, which examines the whole customer experience from ad impressions to clicks and trials to conversion and accurately assesses the effect of each touchpoint on final outcomes.
Also Read: Why a Robust B2B Sales Enablement Strategy Matters in 2021
Increase retention revenue
Retention is, of course, the last big element in long-term sustainability. Publishers should strive to strategically plan out user channels and change web content or communications and deliver a consistently favorable environment, ensuring they provide answers and solutions to the issues and challenges users have, just as they should aim to do with acquisition.
The difference now is that publishers are searching for factors that allow consumers to stay longer while also evaluating which ones generate the most revenue. Although businesses should aim to retain as many customers as possible, it’s important to remember that not all customers are equal.
While SaaS products are in higher demand than ever, publishers face stiff competition for users. The compliances are also becoming increasingly difficult. They must include multi-layered strategies that incorporate the three main pillars of acquisition, transfer, and retention – meeting a wide range of SaaS prospects, streamlining their route to purchase, and zeroing in on high-value opportunities – to achieve maximum performance.
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