The world of ‘software as a service’ or ‘SaaS’ is perpetually evolving and growing. Rapid tech advancements, further expedited by COVID-19, has forced SaaS marketers to re-evaluate their marketing strategies. Earlier, the approach was to market SaaS as just another B2B (business-to-business) solution.
However, that approach is now redundant because of continual innovation in these services, aided by AI and big data. As a result, SaaS marketers now face multiple challenges, such as:
Identifying the target audience
One of the most significant hurdles for SaaS marketers is to zero in on their target audience. Generating revenue is a challenge if the company builds the product or service without granularly understanding the market.
Focus groups, interviews and surveys are traditional methods to recognise the target audience. Now we also have AI and data-driven tools, such as Google Analytics, demographics and interests reports. They can help analyse the target audiences’ composition, such as gender, age, interests and other factors.
Another way of identifying the target audience is to ascertain the customers that the competitors eye. It is possible to find a niche market by identifying buyers that your competition overlooks.
Marketing the right solution/brand messaging
SaaS offerings are constantly changing due to fast-evolving technologies, which, coupled with constant updates and versions, can render the product’s messaging obsolete. Therefore, creating a blanket narrative for the product becomes critical.
Any conversation with potential clients need to be centred on the problems your product solve or how its service makes their lives easier. As for creating a brand narrative, it should answer the following questions:
- Does your brand story connect with your target audience?
- Why ‘now’ is the right time for the product? What makes it relevant?
- How to differentiate the brand from the competition? How to position it?
- And, what problem does the product solve?
However, this isn’t enough. Once the narrative has been created, you must unambiguously communicate it through websites, marketing collaterals and, especially, blogs. Besides, the terminologies used should adhere to brand guidelines. Consistency and clarity are critical to marketing any product in the right manner.
Identifying suitable marketing channels
B2B marketing is a different ball game compared to B2C (business-to-consumer) marketing. Therefore, identifying the right marketing channels for any SaaS B2B product can be a challenge. In B2B, the potential buyer is another business. Hence, their psychology about content consumption or Google search is different compared to B2C.
This article was originally published on yourstory.