With increasing competition in the SaaS industry, Growth Hacking has become one of the most popular buzzwords in recent times. The SaaS market is currently growing by 18% each year. This indicates that to keep pace with the competition, SaaS companies need to come up with unique strategies to become successful.
So, What Is Growth Hacking?
In simple words, growth hacking, as the name denotes, means forming strategies that are solely focused on business growth. The goal is to come up with innovative and pocket-friendly ways to market and generate business leads. In 2010, Sean Ellis coined the term “growth hacking“, which has become most popular among startups owing to their limited budget and resources. Today, experts working in this field go by many names- growth hacker, growth marketer, technical marketeer, data-driven marketer, or head of growth.
While there are many ways to conduct growth hacking, we have listed the top ten most effective and foolproof strategies of growth hacking used in the SaaS industry.
Switching from Traditional to Digital PR
The conventional approach to marketing via media, newspapers or magazines has proven to be time-consuming and less effective. Today, having a powerful online presence is what catches the eye. With digital PR, you can effectively work on increasing your brand awareness, getting more traffic to your website, and boosting your organic rankings, sales, social following, and hence revenue.
Use the Power of Storytelling through Influencers
A marketing strategy backed by a compelling story always lingers in the minds of consumers. The influencers have the power to influence the decision-making of millions of followers they have on social platforms. Build a relationship with top influencers who can promote your company and products. This is the simplest and most effective method of growth hacking.
Improve your Referral Marketing
Often, referral marketing was underestimated until the breakthrough success of Dropbox, who used referral programmes to make their customers work as acquisition channels. As per human psychology, people are likely to trust and buy a product when referred to by a friend. Thus, companies having interesting referral programmes experience 86% more growth revenue and those who don’t.
Provide Target Customers with Free Trials
This is one of the most popular and effective growth hacks used by SaaS companies. A free trial of your software will let the user realise the quality and reliability of your software and what benefits s/he can get using it. This allows warm visitors to become potential customers. Allow them a hands-on experience of your tool for a limited time and let them decide for themselves if it’s worth it or not.
Increase Your Visibility in Online Directories
The two most common issues facing SaaS startups are first, getting seen amidst huge competition, and second, getting ahead of your competitors. Both your domain authority and brand recognition need to grow. Along with ranking your content in search engine results pages (SERPs), G2 Crowd, Capterra, and GetApp are popular ways for SaaS organisations to get enrolled.
Use Chatbots to Increase Customer Engagement
Chatbots are essentially important for lead generation. It’s a mechanism to fetch information about your website visitors. It aids in expanding customer networks, facilitating visitor engagement for better conversation, and increasing ROI. Also, this is an extremely budget-friendly strategy because of its automated conversations and reduced resource costs.
Stay Active on Product Hunt
In order to increase your sales, the primary step is to increase your brand awareness. In this case, Product Hunt is a wonder platform for you. Here you will get passionate seekers who look for new products and tools. It seems like the best strategy so far to gain the maximum crowd by launching your new products on Product Hunt.
Collaborating with E-mail Marketing Agency
Most of the above discussed strategies are things you can do by yourself to enhance your growth hacking. However, sometimes you do need some extra help. A well-planned e-mail marketing campaign can boost your sales beyond expectations. The experts in this domain can help narrow down your target audience, cut off unnecessary addresses, and hence result in increased open rates, click-throughs, and conversations.
Enrich Your Content Library
The majority of your website traffic is likely to leave your website if the first impression is not impressive enough. Having good quality, error free, and relevant content plays a big part in holding your visitors. Add more value to your product by writing and giving out more information about it.
Include FAQs to help your customers with their questions
The most popular FAQ is if people really do read FAQs? Well, the answer is, yes. FAQs sum-up the overall web page content. FAQs indeed should be well researched content as it highlights your visitor’s important queries and provides solutions.
As we come to the end of discussing the top ten growth hacking strategies for you, here is a bonus tip: have a customer-oriented mindset. After all, your goal isn’t just to promote your products; it’s also to help your customers understand the value and benefits of your products. This is what helps in building a long-term customer relationship.