Everybody wants more. More money, more cars, more respect, more followers, more… NFTs? I don’t know, rich people are into weird stuff. More everything.
The point is, everyone wants more. And if you’re reading this, you’re probably a SaaS company owner or you work at one, or you want to start one. And you want more returns on your investment as well as comprehensive SaaS business growth. For that, you want more sales, more clicks, more leads and conversions and referrals. And a lot more.
So where do you start? You start with more knowledge. Today, we’re going to answer a few frequently asked questions from SaaS owners (or future SaaS owners) looking to boost their marketing ROI.
Q: Where do you start?
Answer: You start by showcasing the value of your service through the content you generate. The #1 step towards effective marketing that generates a positive ROI is delivering value to the right people, at the right time. Evaluating your ROI as a B2B SaaS company may be tricky, but it’s vital not to get too hung up on the figures right away. I encourage simply focusing on adding value to all the content that you put out and keeping it meaningful and reliable.
Quality content is no guarantee for higher numbers. But for higher numbers, quality content is a must.
Once you’re up and creating value for your target audience with your content, you can focus on the different SaaS digital marketing channels to make sure your content reaches the right people.
Q: Which SaaS marketing techniques should you deploy?
Answer: The bad news is that there’s no one right answer. The good news, however, is that there are many. Different marketing techniques cater to different demographics, bringing you different results. Hence, it is necessary to evaluate which techniques suit your specific needs.
For example, if your target audience consists primarily of people who spend most of their time online, your SaaS marketing strategies should lean towards social media marketing, organic as well as paid.
A lot of the new-age entrepreneurs get their daily briefings via newsletters, industry blogs, leadership articles, social media, etc. Divert more of your efforts towards fine-tuning these channels instead of, say, a newspaper listing.
For deeper knowledge and actionable insights about different marketing channels, get free access to our SaaS Growth Plan Ebook.
Q: How to ensure you are on the right track?
Answer: Well, how do you ensure your weight loss program is on the right track? By measuring your weight at regular intervals, of course! In our case, we measure the “metrics” at regular intervals.
There are a number of metrics to look out for, but these are the few that are key to your performance:
The number of people visiting your website/app/blog. These numbers provide insight into which channels are bringing the traffic, and keeping an eye on the fluctuations in numbers allows you to analyse trends and patterns.
MQLs and SQLs
MQLs and SQLs, or Marketing Qualified Leads and Sales Qualified Leads, respectively. The former refers to a potential lead who is likely to show interest in your product or service, and the latter is a candidate with tangible potential to turn into a customer.
These metrics are key because they inform you about the trends in conversion rates of MQLs to SQLs for particular channels and campaigns, and further gauge their effectiveness.
Customer Acquisition Costs (CAC)
CAC is a fairly straightforward metric, all things considered. As the name suggests, it is the overall cost of acquiring a new customer. The calculation is simple enough, with the ratio of total marketing costs endured to the total number of customers acquired.
Calculate the CAC for your overall marketing efforts as well as individual channels, to dig deeper into the efficiencies of each channel and campaign.
Lead Quality with BANT
It’s no good if you only convert one sale from a thousand leads. You need to define and regulate the quality of leads acquired, and a BANT rating is an effective way to do it.
Budget – The prospect’s willingness and ability to spend on your solution.
Authority – Are they the authority figure to make the ultimate decision on the sale?
Need – Does the prospect have a need for your solution?
Timeline – How long would the prospect need for a purchasing decision?
Rate each of these factors on a scale of 1 to 5, add all of them, and multiply the sum by 5. This will give you the score on a scale of 0 to 100, with 0 having no chance of being a customer and 100 being the best possible chance.
Q: How to recognize mistakes, rectify them, and make sustainable progress?
Answer: You measured your weight after 3 weeks and saw that you lost 6kgs! Good for you! But then you remember that you were down with food poisoning for a week and could barely keep any food down. So is the reason for your weight loss your exemplary dietary restrictions, or simply your weak constitution? The numbers alone (6 kgs lost in 3 weeks) aren’t enough in this case to derive any actionable insights.
The point is, the stack of spreadsheets on your desk, or the Google sheets on your computer (it’s 2022, after all), are merely a means to an end. The end being increased leads, sales, and profits, and probably a Forbes magazine feature.
A wealth of actionable insights and plans of action can be gleaned from all of the metrics we covered today. But it’s important to learn how to use this data to do that.
For example, your metrics may tell you that the email newsletter campaign was a huge success. Now you need to figure out why. To do that, compile the data on targeted keywords, audience demographics, content quality, and other parameters, and figure out how effective they were. Use them in another campaign to see if they generate similar results, do a bit of trial & error. Learning how to derive wisdom from knowledge is key.
For a SaaS company, whether it is Facebook or an idea-based startup in a basement, there must be a functional digital marketing strategy in place. Knowing about various marketing systems and how they operate, helps.
The idea is to be aware of the right performance indicators to track, and then implement accurate tracking systems for them. After you have the data, it is incumbent upon you and your marketing team to derive actionable insights to grow your SaaS business.
But all is not lost if you’re not quite tech-savvy enough to play with these numbers. Here at Alter Marketing, we employ a host of proficient marketers to come up with the best, personalized marketing strategies for your company. Drop us a message at [email protected], or call us at +91 99864 60086 to know how we’d do it for you.
Bonus! Want to learn more about creating the perfect growth plan for your SaaS product?
Get Free Access To Our SaaS Growth Plan EBook.
An experienced Marketer with a demonstrated history of working in the digital marketing and advertising industry. Aravind is skilled in building ROI driven marketing strategy, digital strategy planning, Search Engine Optimization (SEO), Social media marketing, Search engine marketing, Landing Page Optimization, Web development, Media planning Google certified analytics and PPC expert.