SaaS is a business model that got a lot of attention over the last few years. Considering that technology is only going forward and today’s businesses strongly depend on software, it’s pretty safe to say that this type of business is one of the most future-proof ideas you can invest your time and money in.
However, you are not the only one possessing this information. Many others are aware of the fact SaaS business models are precious in these modern times. This means the competition you’ll be facing is definitely not to be underestimated.
In case you’re wondering how to improve in the upcoming 2024, feel free to check out these tips and tricks for growing your SaaS business. Without further ado, let’s take a look at what you need to know.
Why choose a career with a SaaS Business?
We assume this article will be found by many people who are looking to find their best career choice for 2024, so let’s just slightly explain the concept of SaaS and why it is a great choice for a startup.
SaaS stands for “Software as a Service”, and it’s one of the most popular business models nowadays. There are so many examples of SaaS services that we use on a daily basis but most of us aren’t really aware of it. One of the most popular examples is Netflix. Yes, Netflix is a SaaS service selling software that allows its users to watch licensed videos whenever they want. It uses a subscription-based system, which you’re probably aware of if you’re watching Netflix.
Other popular examples are Asana, Unity Collaborate, Google Drive, Salesforce, Microsoft 365, Zendesk, Amazon Web Services, Dropbox, and a lot more. You are probably familiar with all these. Now that we got that out of the way, let’s take a look at these tips and tricks for growing your SaaS Business.
Pitch the problem, not the solution you have
Sometimes we’re facing a problem on a daily basis and we’re not even aware that things could be better if someone offered us the solution. Well, knowing this can help you skyrocket your SaaS business in the upcoming year. What we’re trying to say is that you should focus on “reminding” people about their problem instead of trying to convince them that the solution you came up with is going to drastically change their life. They’ll start looking for the solution themselves if they understand they’re facing a problem.
For example, instead of telling a business-manager you made an online cloud-based task-solving and organizing software, ask them if planning the workflow for an entire upcoming month on a piece of paper is the most optimal and efficient way of working in 2024, a year in which technology makes everything so much easier. When they realize they’re missing out a lot, and that they are indeed facing a productivity problem, they’ll come looking for the solution themselves, and that’s when you start selling. In case you’re quite new to all this and you don’t really know how to achieve quick growth, but you have the budget for it, getuplead.com is a website where you can learn more in-detail about marketing and even hire a consultant on your team for some professional help.
Don’t settle for fixed pricing
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Even if you are small now, you won’t remain small forever. This means that as your company keeps growing, your software becomes more sophisticated and your team size increases, so should your price. Now we’re not talking about overpricing your service and chasing away your customers, but you shouldn’t be afraid to bump up your price if you notice that your product is selling well and you’ve recently made tons of positive changes to it. Data is your friend when pricing. Make sure to carefully analyze it.
Communicate with your customers
Nothing sells better than a company that’s open and communicative with all their customers. Send out e-mails, notify them about updates, rewards those who are loyal and subscribed to your service for years, and most importantly, make everyone feel special to be a part of your journey. Communication is the key these days, and thanks to technology it was never easier to establish it.
Run your social media pages like they are your personal accounts. With every next year, we have more and more people present on Instagram and Facebook. You shouldn’t neglect the “ways” and the interests of the younger generations. They are the ones that will keep your business alive in the upcoming years.
Reach out to influential companies and form partnerships
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There’s nothing to be ashamed or afraid of if you’re just starting out now. Although it’s smart not to show everyone you’re still a vulnerable startup, it’s also a pretty bad thing to keep what you’re doing only to yourself. Shoot your shot, try your chances with more influential companies and try to establish partnerships. It may not seem like much now that you aren’t very experienced, but trust me, partnerships have a huge impact long-term.
If you as a startup manage to “score” a partnership with a larger and more reputable company, suddenly every other business and investor in your sphere will start to wonder what your secret is. Take Twitch.tv for example. Ever since they “fused” with Amazon and introduced their Amazon Prime subscriptions, the entire streaming platform skyrocketed in success. Both the consumers and the owners are happy with the results.
Don’t remain passive if you’re still a startup
Tons of startups get “crushed” under the feet of their competitors because they are simply not gaining enough momentum. It’s the number one mistake you have to avoid if you are willing to succeed in any business, not just SaaS. Marketing is your number one friend and you have to invest every penny in it if you notice that you’re lacking exposure. Target the right type of audience, push out ads on social media, and don’t be afraid to reach out to influencers and form partnerships with more successful companies.
Conclusion
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Starting your own SaaS business can be a great choice these days, but the competition makes it difficult to succeed if you’re starting out just now. Thankfully, we have a bunch of great tips for you, so make sure to check them out and implement them in your business strategy.
