Last editedMar 20232 min read
After a successful launch, many start-ups wonder how to scale a SaaS business quickly and efficiently. There’s no better time than now to grow. In fact, according to Gartner research, SaaS makes up over 50% of the software market and a large share of cloud-based services. Here are our top tips for how to grow a SaaS business while using your existing resources in the most optimal way.
1. Finetune your customer acquisition strategy.
It may cost more to acquire new customers than it does to retain existing ones, but new customers drive growth. While you should focus on customer retention, it’s also vital to put a customer acquisition strategy in place for generating and converting leads. This starts with figuring out who your target market is and creating detailed buyer personas. With this foundation in place, you can then create a targeted campaign using account-based marketing. This focuses on the decision makers in your target industries, for higher quality leads and improved conversion rates.
2. Invest in good content marketing.
Another way to grow your SaaS business model is with a sound content marketing and SEO strategy. Again, this starts with your audience. Think about buyer personas, pain points, and solutions when crafting content. Taking multimedia forms, content should provide value that keeps your leads intrigued and coming back for more. Use real-world examples to paint a picture for your customers. This allows buyers to identify with your brand and seek out your services. Implementing an SEO strategy attracts more site visitors, with content marketing serving to convert visitors into leads.
3. Try growth hacking techniques.
Growth hacking is a business trend focusing on creating marketing strategies that naturally stem from your products. The result is maximum growth at minimal cost. Examples of growth hacking techniques include listing your SaaS business in review directories, participating in online forums, and collaborating on social media with influencers. You should also scale your business by providing the best possible onboarding experience. A frictionless onboarding experience helps smoothly funnel customers into the next stage of product use, reducing churn.
4. Revisit your pricing model.
One of the main benefits of SaaS business models is built-in pricing flexibility. You can pick and choose from several different pricing strategies to find the most appropriate fit. Cost-based and value-based pricing are both popular options. However, for quick scalability, penetration pricing is often a good choice. This involves using a low or below-market price point to launch your SaaS business and quickly attract new customers. While it may not be feasible in the long run, it’s good for a short promotional period. Another option is to offer a free trial to attract new customers before they agree to an ongoing paid subscription.
5. Automate processes when possible.
Rather than wasting time and money with manual tasks, consider automating everyday business processes using software. Time is the most valuable resource for those learning how to scale SaaS businesses. You’ll find software to automate most business tasks, including marketing, customer relationship management, accounts payable, invoicing, and billing. Generate sales forecasts, manage projects, and trigger emails to customers all from a central dashboard.
How GoCardless can help you scale your SaaS business model
GoCardless offers a simple solution to help accelerate SaaS business model growth. We integrate with over 300 partners, including automated invoicing and billing solutions, to help you automate your workflows. Collect recurring subscription payments directly from customer bank accounts to save time and money. Our Success+ intelligent retries tool automatically retries any payments that fail the first time around, reducing churn and improving retention rates. And when you’re ready to expand internationally, GoCardless offers a localized international payment experience to customers in over 30 countries including Eurozone countries and Australia.
We can help
GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.