SaaS product marketing can be a difficult creature to figure out. One moment you can feel like you’re doing everything right and are on your way to boosting your business. The next, you feel like things are tougher and you begin to struggle against the competition.
The thing about SaaS marketing is that it consists of multiple layers of complexity. If you continue to try to tackle it with a one-sided view, you’ll continue to get the same one-sided results. Understanding what the biggest indicators of SaaS product marketing success are is crucial to building your business and getting a hefty ROI.
In this article, we’re going to teach you what those indicators are so that you’re able to make sense of your results and figure out when your strategy is perfected.
SaaS Product Marketing Success Indicators
1. Setting Your Revenue Goals
Have you ever had those life moments where you feel as though you’ve been putting in a lot of effort but at the same time, life isn’t really going anywhere (or at least not how you expected it to)?
SaaS product marketing techniques can be judged in a similar way. In order to be good at handling SaaS properly, you need to start setting up some revenue goals.
If you think about it, this should be an obvious piece of advice. How can you know where you want to go if you have no idea what the end goal actually is?
Start asking yourself some serious questions about your business needs. What is your measure of success? Do you want to lower your churn rate? Maybe you simply want to increase revenue? Or maybe your primary focus is the number of customers you get?
These are all questions that can help you to nail what it is you expect from your SaaS marketing campaign. Knowing what your goals are won’t just help to gauge a strategy’s success, it helps develop an effective strategy in the first place.
After making a strategy and putting it into practice, you can check if the results align with your final goals and finetune the strategy accordingly based on the results. This is just one great reason to set goals – it keeps you on the right track!
2. Know Your Market
Here’s the thing. You can cast a wide marketing net and hope to pull in a lot of customers, but this is far from an efficient method. In fact, this is a good way you can start to lose money.
Every product has a particular market base that it corresponds to. Some businesses deal with people in a particular age group, others find that one region performs better than everywhere else, and there are even businesses who learn that customer salaries can determine the best demographic to target.
Stop trying to reel in everyone possible and focus on only reeling in those that will actually care about what you have to offer. Targeting a widespread audience is a surefire way of wasting money fast and having little to show for what you’ve spent.
The benefits of knowing your target audience are plenty – your spending is reduced, conversion rates are higher, and you’ll get a better response from people than if you target everyone.
So, get to work doing the research and discovering your ideal audience because if you know you’re targeting the most valuable people, this is a top indicator that your SaaS product marketing strategy is heading in the right direction.
3. Don’t Forget the Value of Expansion Revenue
One of the biggest ways to combat churn (the loss of customers) is to focus on building a stronger relationship with the ones that you already have.
Your expansion revenue essentially deals with customers who want to upgrade or increase their current plans. When enough customers do this, it can offset the number of one-time buyers to the point that it’s not even a revenue-draining factor.
Before you look to expanding your base, look towards the people you already have in your corner. With a SaaS product marketing strategy that allows for expansion revenue techniques, you’ll start noticing how valuable this can be.
Get Help with SaaS Product Marketing
Now that you have the knowledge to find a successful SaaS product marketing strategy, you can strengthen your position against competitors.
Knowing what makes a campaign successful is useful but if you don’t know how to deal with the information you get from these indicators, you’ll want to call in the pros. At KonvertLab, we’ve got the skills needed to put this information to good use.
We focus on both Facebook Ads and Google ads and use these platforms to drive consistent sales to SaaS businesses, and we can do this for you to.
Find out more about how we can help you by booking a call where we can discuss your company’s needs, explain how our process can benefit you, and get to work increasing your sales ten-fold!