There are a lot of ways to grow revenue for a SaaS company. But, not all of them will work for your business. Determining which is right for you helps to understand what each tactic offers and how they fit into your overall sales funnel. First, look at the five strategies we’ll be exploring.
What are Ways to Grow SaaS Revenue in 2022?
1. Customer Marketing
Customer marketing is a marketing strategy focused on acquiring new customers. Many companies use customer marketing to drive business growth, since it allows you to expand your reach, generate leads and increase revenue.
There are many ways you can use customer marketing:
- Email Marketing – This is one of the most effective channels for reaching out to potential customers and building brand awareness. It also allows you to follow up with previous leads by nurturing them over time until they become paying customers.
- Social Media – Social media is an excellent way to connect with prospects and engage them in conversations around relevant topics related to your business or industry. You can use social media channels such as Twitter, Facebook and LinkedIn as part of your content distribution strategy since these platforms allow users to share information quickly with their audiences while also engaging directly with them through comments or user-generated content like photos or videos (UGC).
- Referral Marketing – This method involves encouraging existing customers who love your product/service enough to recommend it to others; this could mean asking them directly via email but there are other ways too including sending UGC created by those who have previously purchased from you (eBay sellers often do this).
2. Referral Marketing
Referral marketing is a powerful way to grow your business. This strategy encourages existing customers, often the most invested in your business’ success, to refer their friends or colleagues. When you have a great product or service that customers enjoy using, this can be an effective way to grow your SaaS revenue without spending money on advertising.
Here are five ways you can get started with referral marketing:
- Understand why referrals work
- Craft your referral program
- Launch and manage the program
- Measure results
3. Partner Marketing
Partner marketing is a great way to grow your SaaS revenue. It can help you reach new customers, new markets, and even new employees!
Why? Because partnering with a company that has an audience similar to your own can attract their audience to you. For example, if I were a SaaS company that sells accounting software for startups, I could make a partnership deal with another startup blog in order to get exposure on that blog’s audience—and get potential customers who are interested in startups visiting my site via Google searches.
4. Influencer Marketing
Influencer marketing is a great way to reach an audience interested in your product, but it can be difficult to set up. Here’s what you need to know:
- What is Influencer Marketing?
- How does it relate to SaaS?
- How do I find influencers for my brand?
- What should I say when reaching out to them?
- How do I incentivize them for their participation?
If done well, influencer marketing can help you generate leads and increase sales. You just need the right approach and incentives! Think about using one of the top influencer marketing platforms to manage all of your influencer campaigns.
5. Affiliate Marketing
Affiliate marketing is a form of performance-based online advertising in which an advertiser rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.
Affiliate programs are used by merchants to increase sales and promote products, services and brands. Affiliates may be paid on different commission structures: CPA (Cost Per Action), CPL (Cost Per Lead), CPI (Cost Per Install), CPE (Cost Per Engagement), CPV (Cost per View) and CPS (cost per sale).
6. Ambassador Programs.
Ambassador programs are a great way to get more customers, because they let you pair your products with people who can spread the word about how great they are. Ambassadors can be employees or customers, but they’re usually employees.
They’ll help you by sharing their passion for your brand with others and give you feedback on how you can improve the product. You can also use them as a test group if you’re thinking of coming out with new products—they’ll let you know if something works or doesn’t work right away.
Ambassador programs don’t just offer growth opportunities; they also give people more incentive than ever before to buy from you. If someone feels like they’re part of the company and their voice matters when it comes to what goes on there, then they will feel like they have more ownership in the business and are more likely to stay loyal after buying from them once or twice.
We’ve made it to the end of this post and I hope you found some inspiration from the five examples we discussed. As always, I recommend you take these tips and run with them until they become your own. They may seem simple at first but remember that no business grows overnight—it takes time and dedication!