SaaS stands for “Software as a Service.” The term “cloud computing” was coined back in 1996, and it has skyrocketed since then. The ‘software as a service’ industry is larger than ever.
Software solutions offer businesses the ability to access data on any device – and with any web browser. This is a large shift from the need for hardware installations to host the data on premises.
This works more on a subscription based method (usually monthly/annually), which provides the benefit of spreading out costs over time.
Here at FaaStrak, FaaS stands for “Finance as a Service,” and we know what works. Here 3 ways to kick SaaS and be successful as a software startup.
1. Own Your Brand
SaaS is becoming an ever-crowded marketplace of different software solutions. It is important to differentiate yourself from the competition. This does not only affect the actual design of your brand, but the vision you have in creating your business. What type of service are you offering? How is it better than what’s already out there?
That being said, nobody is trying to reinvent the wheel here! What parts of other software do you love? How can you improve upon that service and implement that into your own business?
Beyond that, many do not focus on the importance of a domain name for a SaaS business, as it is focused on online solutions. Keep it short, easy to spell, and keep it memorable. If possible, your domain name should reflect your business name exactly. This creates reinforcement for your brand and adds credibility to your company. It should not be closely related to or spelled like a competitor or a popular brand.
2. Email Campaign Optimization
Email marketing is not dead, my friends. Campaigns can be incredibly successful when executed properly. These campaigns are known to increase conversions, engage potential/active users, and considerably helps with onboarding.
It is very important to create relevant and simple email copy that converts. Software solutions can be complicated. Maybe your product doesn’t make sense to your potential customers right now. Your content should introduce, engage, and educate your customers on how your product/service will benefit them. How can you create content that speaks your customers’ language effectively?
Research your customers and keep the email campaign laser focused. What is the challenge your customers are facing and HOW is your product going to fix that?
Incorporate contact information into your company’s opt-in/sign up form. You can easily send permission-based emails, including polls, surveys, and other questions to gain a better understanding of customer needs. Getting to know your customers creates trust between them and your business. That’s the very first step in creating value!
An Extra Tip: Using human email addresses versus a “sales” or “information” address does wonders (i.e. “email@example.com” vs “firstname.lastname@example.org). Customers like knowing there is an actual human being on the other side of the computer – an actual human being who is listening to their wants/needs and is acting on them. That is what customer success is all about – making the customers happy and satisfied with your product/service.
You know when you’re on Google searching for something (i.e. Mother’s Day flowers), and suddenly you’re on Facebook an hour later and there’s all of these ads for flowers all of a sudden…? And then you see the same ad later?You bought the flowers, didn’t you? Welcome to retargeting.
The idea is that you have clearly expressed an interest in whatever product you were shopping for. But why didn’t you pull the trigger…? What was stopping you? Therefore, a business will want to retarget YOU because of your interest, which is far higher than the average Joe.
It is incredibly important to reach out to prospective customers who have shown interest in your product/service. Your email campaign (mentioned above) should be doing a great job of this.
However, social media outlets are other great resources to retarget your customer base. Facebook can create ad campaigns for you focused on targeted audiences (people who have viewed your website, your Facebook page, or liked your posts).
When you retarget, these potential customers are already familiar with your brand either by email introduction or advertisements. When a person visits a retargeting-enabled website, a cookie is placed in the user’s browser, which stores information regarding the customer’s actions while visiting the page. Then, when that person is browsing other websites within the ad network, the cookie tells the retargeting-enabled website. This leads to exponentially more conversions.