
The SaaS (Software as a Service) market in the U.S. is a competitive sport, leaving many startups on an uneven playing field.
Statista says the market volume is expected to increase to $445.60 billion by 2029 as the country witnesses a surge in demand for SaaS solutions. And yet, some companies are grappling with an unknown future.
The new year brings with it the dawn of a reset market. And the rise of generative AI has created upheaval, causing traditional SaaS providers to revisit their business plans.
Growth hacking has taken the marketing world by storm. Built In describes the term as a type of “mad science” where a person is tasked with adapting data-driven strategies to test, optimize, and improve user activation and marketing.
Sounds like a mouthful, doesn’t it? However, the approach has achieved favorable results, especially for fast-growing tech startups.
Driving business growth is the ultimate goal. You could be onto a winning formula by incorporating these seven SaaS hacking strategies.
#1. Get Listed
Without spending money on paid advertising, prioritize your organic growth. Creating a product that sells is easy; the hard part is making it visible.
Online directories are a quick and cheap way of listing your digital product or software solution. These digitized platforms have evolved beyond the Yellow Pages. They give millions of potential customers access to your services while product reviews build brand loyalty.
Start by creating a “Google My Business” listing. The free advertising will expose your business to the intended audience.
#2. API Integration
Forward-thinking SaaS companies develop solutions that complement other apps or APIs (Application Programming Interfaces).
You could explore the possibility of business partnerships by easily integrating your tools with existing models. Companies are always open to optimizing their app’s functionality, so give them a value-added service. Sell them a SaaS solution like a payment gateway that accepts global payments to transform their global growth journey.
Or, why not consider integrating your marketing tools? PayPro Global says this will allow you to access features for lead management, promotions, and discounts. It will result in attracting and engaging potential customers.
#3. Work with Email Lists
Leverage your subscription management tool to build an email list. You can accomplish this by enabling email signups on your website.
Incentivize your subscribers by offering discounts, incentives and free trials.
Utilize other techniques like sticky widgets, popups and header opt-ins to attract your first hundred subscribers, advises growth hacker extraordinaire Neil Patel. As your subscriber base grows, so too will page impressions and revenue streams.
#4. Try A/B Testing
A/B testing is a crucial component of growth hacking. Don’t only test headlines and copy. Include images, color schemes and CTAs (call to action).
This is especially important when introducing an app to the market. On-site tests evaluate the app’s UX and UI while focusing on principle metrics.
An effective A/B test project will yield positive results, allowing you to experiment with variations and choose the option that achieves higher conversion rates.
#5. Leverage Referrals
Like email lists, referral programs are a cost-effective way to grow your user base. Remember that every new user could be a potential customer.
So, sweeten the deal by incorporating incentives and making it easy for them to share referral links via multiple online channels like social media, text or email.
Referral marketing depends on the trust between a business and its clients. They share your brand with their network, driving new user acquisitions.
#6. Utilize Influencer Marketing
Unlike traditional eCommerce influencer marketing, the SaaS perspective requires a different strategy while concentrating on your target audience and business goals.
Brands tend to gravitate to popular social media platforms like Instagram and TikTok when it comes to influencer marketing. However, pop culture influencers might not be the best fit for your SaaS or B2B SaaS business.
Crunch Marketing suggests companies should focus on alternative channels (podcasts, events and blogs) to reach their target audience.
#7. Adopt Automation
You have the right tools at your disposal so why not use them? By leveraging AI, you can boost revenue, referrals, and leads.
Implementing email automation, product recommendations, and chatbots helps retain and nurture leads throughout your growth funnel.
Plus, AI has proven to retain customers by analyzing user behavior and personalizing interactions.
That’s a Wrap
Growth hacking can unlock a world of opportunities. It allows for organic, sustainable growth.
Yes, it can seem overwhelming at first. Incorporate each strategy with research, careful planning and experimenting.
If you can’t do it alone, consider employing a marketing company to provide valuable insight into growth hacking trends. It will help identify the correct strategies for your business and implement and refine them.