7 Startup Branding Tips for SaaS-Based Businesses
Marketing never goes out of style and it is a simple numbers game for any business. We often see entrepreneurs looking for startup branding tips when they start a SaaS-based business.
In 2011, Marc Andreessen mentioned in a WSJ essay that ‘software is eating the world’. It might have sounded ridiculous to many at the time, but a decade later, we know that SaaS companies have disrupted almost every industry and now have a huge impact on the entire economy.
The reason entrepreneurs look for startup branding tips is that the value in developing software is no longer a USP. Today, developing a software product is much cheaper than selling it.
Barriers to entry are diminishing and with over 4 billion internet users, software solutions are taking precedence over traditional hardware products. The majority of SaaS businesses work on a subscription-based business model and deliver the solutions within the cloud.
This model helps the organizations to reach a profitability stage much quicker as their clients can make smaller, monthly payments to avail the services, and investors can predict a significant return on investment due to the recurring revenue.
Of all the startup branding tips out there, there is one that you must follow from day one, i.e. the number of customers you bring on board should be higher than the number of customers you eventually lose. If you get this part of the business right, then you will have a profitable business, or else, be prepared to lose your market share.
Growth is everything for a SaaS-based business and you cannot rely on the age-old start-up branding tips if you want to devour some market share and grow your business at a rapid pace.
Top Startup Branding Tips for SaaS-Based Businesses
So, are you looking for some inspiration to build a marketing strategy for your startup? Then remember to leverage multiple channels at the same time, calculate the ROI from them and determine which ones are best suited for your business.
Here are some of the most effective startup branding tips you can start with today to see results in a short span of time.
1. Trigger a Positive Word of Mouth
The best-selling author Jay Baer calls it a talk trigger and it is used to create positive buzz about your brand that yields natural growth. Your talking point or talk triggers can consist of the following traits:
- Be full of surprises or delightful experiences so that the customers tell their friends about it
- Allow them to make a reasonable impact on their scalability
- Give them a product or service that is relevant to their business needs
- Offer delightful customer experience every time they make a purchase
2. Let Customers Try Before They Buy
This concept isn’t completely new but it definitely works well. Nearly 75 million millennials have a spending capacity of over $600 billion and the number is expected to cross $1.4 trillion soon (Source: Accenture Report). Wouldn’t you want a piece of that sweet money?
Of course, you would. The freemium pricing model is a millennial-friendly business model and is preferred by them because of their love for self-serve options.
Talking to sales representatives to determine if you like a product is a thing of the past. Offer free trials to win more customers and also strengthen your email marketing campaigns that educate them about your product.
3. Tell a Story to Establish a Connection
Who doesn’t love a good story? Right? In fact, our brains are hardwired to be responsive towards interesting stories and that is where the most effective startup branding tip for a SaaS business resides.
According to a report by Demand Gen, 78% of B2B decision-makers base their purchase decisions on customer stories and case studies.
If you have the right case studies and customer stories that champion trust in your business, you are a step closer to solving one of the biggest challenges for your brand. Also, these stories are a great way to optimally utilize your content marketing strategy across different stages of the funnel.
4. Grab Their Attention With Awesome Infographics
Do you know what helps you to build links to your landing pages and blog posts? An amazing collection of informative infographics! These pieces of content are still a game-changer and work like a charm for SaaS-based businesses.
Since 90% of the information our brain receives is visual in nature, infographics can help you do just that. Create infographics that have a chance of going viral and watch them outperform other blog posts in no time.
5. Launch a Partner Program
How did a partner relationship with Allbound channel management solution help their business? It yielded a 48% increase in their revenue. Now that’s a big jump, isn’t it?
It is time you also took your business to the next level by adding a partner program into your marketing strategy. Here are a few tips to follow before launching your first partner program:
- Get a clear picture of your ideal partner persona and then find out if your potential partner has a similar target audience, sells similar products, or has the potential to build synergy with your brand.
- Determine your partner’s goals in the arrangement. Remember, a partnership is about to give and take, and you both must benefit from it for fair trade.
- Lay down the details clearly and leave no room for assumptions. Every little detail of the arrangement should be communicated in writing with the concerned teams to avoid any discrepancies in the future.
- Share high-quality content with your partners, answer all their questions proactively and give them any assistance they need to work efficiently.
Launch your partner program and watch it yield results patiently. It might take a couple of weeks before the numbers roll in, so keep testing your strategy and move forward at full speed.
6. Make Way for Budget Influencer Marketing
Not all influencer endorsements have to be expensive. All you need to do is find the right influencers, who can connect with your target audience easily. You can use several platforms to look for influencers in your industry.
Once you have the list, track them down and start engaging with them by sharing their content or sending a DM. Do not do any automated outreach blast emails as they get ignored.
Ask them to use your platform and share their views, offer them incentives for each sale completed from their reference and watch your SaaS business generate more revenue.
7. Create a Referral Program
Not more than one out of four B2B companies have a well-structured referral program (Source: Joint Report by Heinz Marketing and Influitive).
However, it is interesting to note that the ones that do have a referral program have higher sales, lower cost per acquisition, and a stronger relationship between their sales and marketing teams.
Creating a referral program is doable for SaaS organizations of any size and if you want to create more brand advocates and include more positive customer stories, then is the route to tread on.
There you have it. Some of the best startup branding tips you can follow to grow your SaaS-based business in 2021. While there are many more advanced strategies you can incorporate into your marketing plan, it is best to start with the ones that work well.
Don’t forget that even the smallest of efforts can have a major impact on churn rates and revenue. The main objective of incorporating marketing strategies is to optimize every part of the funnel and land every lead to success.
Looking for a way to grow your SaaS-based business but not able to find the right strategy? Let’s talk. Growth Natives offers you complete marketing solutions to grow your brand and turn your marketing efforts into a revenue-generating powerhouse.
To know more about our services, email us at firstname.lastname@example.org or visit our website.
Know of other proven strategies that you feel must be used by startups? Let us know about them in the comments below.
If you would like us to do another article on advanced startup branding tips, please feel free to share your thoughts.