Top 5 Trends In SaaS Marketing To Gain The Competitive Edge
SaaS marketing agencies can only meet the rising competition in the market by focusing on lifelong value creation rather than just the kickoff stage. The SaaS market’s boom fuelled by the pandemic requires innovative and practical solutions which can provide quantifiable results for enterprises.
As per Gartner, the SaaS market is estimated to touch $171.92 billion by the end of 2022, showcasing a significant 40% growth from 2020. Agencies developing and marketing SaaS need to be mindful of emerging industry trends not to get lost in the fiery competition and lose out on customer expectations in the times to come.
What trends give your SaaS product the competitive edge in 2022 and beyond? Let’s get started.
Rising Obsession For Video Marketing
Video marketing is nothing short of the mainstream in the Digital Marketing space. Consequently, the same trend is gaining more prominence now in SaaS marketing. A study conducted by Wyzowl states that as high as 82% of consumers take action after viewing a promotional business video.
The attention-grabbing hooks of content formats like Reels, along with the favourable conversion rates, implies video content is not to be ignored in any SaaS marketing strategy. The penetration of video content is at another dimension compared to the traditional text-based methods.
Native Advertisements For Easy Consumption
Most prospective clients feel the traditional ads spam and can use Adblockers to cut them off completely. Instead, native ads on social media platforms that are consistent with the look and feel of that application blend well.
Apart from the ability to bypass blocking apps and avoid ad fatigues, native ads have been found to improve the consumer’s purchase intent by 18%. (Source: sharethrough)
If your SaaS product’s marketing campaign needs some serious cost savings compared to the traditional ad campaigns, leverage these native options to reap maximum benefits.
Unavoidable Reliance on AI Using Chatbots
Your website visitors no longer have the patience to call/mail customer care for seeking resolutions or queries on the SaaS solution. SaaS marketers need to leverage Chatbots backed by Artificial Intelligence to counter this rampant issue. This will help you provide real-time resolutions to critical queries that can make or break your product sales.
Technology giant Oracle estimates that over 80% of businesses will bring in Chatbots on their website by 2022. This demand is fuelled by the trend that consumers are more comfortable interacting with a virtual entity rather than a human presence at all times.
In addition, SaaS businesses are also leveraging data analytics in tandem with AI to identify consumer buying behaviour, dynamic pricing and hyper-personalisation of communication.
Building Brand Experiences Rather Than Products
If you thought your company branding ends at creating a logo and a website, you’re mistaken! Sustained revenue generation and customer retention demand, creating a bespoke experience for them.
Along with keeping a close track of customer perceptions, SaaS firms need to define a brand voice. Your brand’s value proposition is characterised by a combination of the brand voice, product and the experience you offer. An impressive brand experience goes a long way in retaining existing customers and spreading the word of mouth to bring in new ones.
Establishing a solid content strategy from videos, blogs, social media handles, and community is the way ahead. This approach helps create an emotional connection with customers rather than a surface-level one based on product features alone.
Regular Feature Marketing Campaigns
Inc.com states that over 95% of new products fail every year. And what is the prime reason? Poor product marketing. What is the proven way to prevent this tricky situation? Yes, you guessed it right from the subheading — feature marketing or introduction of new features on a regular basis.
Customers feel the need to continue using an existing SaaS product when they are intrigued about the handy new feature you plan to add soon. Implementing SaaS content marketing is also equally important. SEO techniques allow more visibility of your marketing campaigns and more potential conversions.
In the coming years, adaptability will be the differentiator of your SaaS solution from the herd. In addition to providing cutting-edge feature upgrades, focussing on a cross-platform personalised experience for your customers will decide the retention rates.
Leveraging analytics and AI-based interactive solutions will enable a data-driven approach to knowing and serving your customers better. This, in turn, will also help attract new ones.
Keep a close eye on the developments in these trend areas and always maintain an edge over your competition!