November 20, 2020 8 Min Read by Kanika Gupta

The SaaS industry is gaining momentum these days. Isn’t it?

According to research, 73% of the companies are going to turn almost all their apps into SaaS by 2021. Hence, building a SaaS company is currently a skyrocketing business idea.


But, creating a SaaS growth strategy isn’t an easy task to be done.

Transforming your tiny SaaS startup idea into a brand name with millions of users cannot be turned into reality unless you spend a ton of money and a few years. This is where ‘growth-hacking’ comes - ideas and ways you can use to reach your SaaS startup goals faster than you ever imagined.

Here’s our list of data-centric growth hacking ideas and tips that your SaaS business needs today!

Growth Hacking - What Every SaaS Company Needs

As the digital landscape is evolving at a staggering pace, modern marketers are confronted with an expanding spectrum of terminology.

Growth ‘hacking’ is a business marketing term for unique and customer-centric marketing strategies focused solely on growth. Early startups who need massive growth in a short period of time on minimal budgets can implement growth hacking ideas.

The main objective of growth hacking strategies is to bring as many users possible while investing little funds and effort. Sean Ellis who defined “growth hacking” is the CEO of Growth Hackers.

You must have heard success stories of 'disruptive growth hackers' transforming small scale SaaS start-ups into million-dollar businesses.

The SaaS growth hacking ideas allowed young emerging entrepreneurs, skilled developers and creative marketers to achieve incredible growth in a short span of time.

To help you achieve the same stellar growth, we have come up with the best and effective growth hacking ideas.

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Pro Tip: Software As A Service (SAAS) market size is projected to reach USD 307.3 billion by 2026

 

Top 7 Game Changing Growth Hacking Ideas For SaaS Companies

Before going further in the article, let’s have a look at 5+ growth hacking ideas that bring SaaS companies massive success in a limited time.

1. Create A Big Massive Email List Of Subscribers

Email marketing is a powerful product marketing strategy used to nurture leads. According to b2b marketing research from the content marketing institute, 87% of marketers use email to educate customers with their content.

Businesses can use email marketing to:

  • Educate customers about different ways to add value. It provides you cross sell and upsell opportunities
  • Keep your customers involved in your company affairs,
  • Update customers of product modification

According to a New York Times,

Email matters. People don’t change their email addresses. Facebook, Twitter, Google+, people join and drop that pretty often. But changing your email address is a hassle.”—Jon Acuff

A successful SaaS startup AppSumo, used advanced marketing techniques and built an email list of over 700,000 addresses. By enlarging your email list will help you get more subscribers and more reach to your customers.

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2. Setting Up Referral Program can Save You

So, in today's fierce competition, what do you trust more when buying a product or a service, an ad, or a recommendation from a friend? Implementing a referral program for your SaaS business is one of the most effective growth hacks.

Today, Customers trust other customers rather than anyone else.

You must have used Dropbox or may be referred to a friend. Because Dropbox gave you bulk of extra storage space for every person onboard Dropbox.

According to the co-founder and CEO of Dropbox, Drew Houston, referrals increased Dropbox signups by 60%.

The growth hacking technique Dropbox executes is to get your customers market your product. It places a “Refer a Friend” message everywhere. The strategy worked for them, and now Dropbox is a million dollar company with cloud-based storage.

Referral programs not only increase your signups, but also engage your current customers to come back to your website again.

So, if you’ve built an exceptional SaaS product, why not spread it to the most of the customers in the market.

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3. Free Marketing Platforms is the answer to all your queries

Why build a user base from scratch when you can leverage the product?

The Airbnb team implemented growth hacking ideas and turned their business into a million dollar business.

So, what growth hacking technique did they apply?

Was it SEO, email marketing, PPC, or social media?

Their growth hacking technique was very simple. They leverage an already established free platform, Craigslist. They use Craigslist‘s platform to grow their user base.

Airbnb created a bot that would repost their listings on Craigslist. When users see their listing having better user experience, they return back to Airbnb rather than going to Craigslist. The Airbnb team didn’t stop there and continues to grow further.

4. Be exclusive in your offerings

One of the most powerful growth hacking techniques that SaaS companies often ignore is to be exclusive in this fast running digital pace. So, do you want to attract more customers to your SaaS startup? Be first to be exclusive.

LinkedIn is one of the best examples that have implemented this growth hack. It is the “World’s Largest Professional Network” that only caters to professionals.

Instead of investing your time and money, it’s better to make your SaaS company exclusive.

5. Giveaway some funds to your customers

If you’re a financially good SaaS company, you can definitely assist your customers with some funds just like PayPal.

PayPal was having 7 – 10% daily growth in the early 2000s.

In a question posted on Quora, David O. Sacks, the then COO and product leader of PayPal talked about how the company was able to achieve massive growth in the early 2000s.

“At first, users need to sign up, confirm their email address and add a (unique, authorized) credit card. With this, the money was simply added to their accounts.

This was the real money. Users can easily send it to someone if they want else withdraw it for their own usage.

“The bonuses were gradually phased out, first by reducing them to $5, then by adding more verification hoops (like bank account verification), so they became more difficult to get. Then they were eliminated altogether.”David O. Sacks

6. Content Marketing will work smartly

Content marketing is considered essential for driving organic traffic. Creating informative and engaging content for your targeted audience builds brand trust and quickly converts readers into ready to buy customers.

One of the best examples of this growth hack is Buffer App.

They created high-quality content to boost their online presence in a short period of time.

Buffer made killer and classic content. Long posts, charts, graphs, studies, data, etc. At present, Buffer is a million dollar SaaS company.

Content marketing spreads your content across the globe, maximizes your reach, and performs all SEO techniques. Growth hacking strategy worked for them and Buffer did it so well.


7. Try first before buy

As so many creative SaaS products ideas snatching the attention of consumers in the market, you need to offer more value to the product to attract people. Consumers want to know what they’re going to receive before they reach out for their wallets.

Rafflecopter software allows users to test drive on its website. For this, you don’t even need to sign up to use what they offer.

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Pro Tip: The global SaaS industry is expected to be worth $60.36 billion by 2023, an increase of 9% in the next four years.

 

Quick Reminders About ‘Growth Hacking’

Here are a few best tips right here for the creative marketers to keep in mind always when executing growth hacking ideas:

1. One size does not fit all

Growth hacking will work differently for every business type. As your growth hacking strategy depends on your particular product offering, target market, target audience and industry.

The key to get the right solution for your business is just to be creative all the time, analyze the customer behavior, do market research and figure out the possible solutions based on your findings.

2. Focus on the targeted audience

The main objective of growth hacking is to expand your business on a limited budget in a short span of time. Don’t try to target a large group of people initially. Consider focusing on 1-2 buyer personas at prior. It helps you guide you in implementing growth hacking strategies.

3. Always listen to your customers first

Listening to your customer’s demands is key for a successful business. It will provide you with real market insights. It also shows you areas of improvement, potential modifications to your business. Accept the feedback whether positive or negative and look at it as an opportunity to grow.

4. Focus on the customer experience

By making the customer experience unique and incredible, you can turn your local customers into brand names. Always remember, providing referrals contains more value to your business than any other type. The more you excite your customers, the more they will be sharing your product to others. And it will definitely increase your count.

Putting it all Together

There are a myriad of other ways to growth hacking. Integrating your product development and marketing with an effective growth-hacking strategy will provide your SaaS startup big achievements and also boost your ROI.

Growth hacking is all about innovating, reinventing, hustling, and innovating again.

It took Facebook eight years to reach a $50 billion valuation. The kind of growth was unprecedented at that time. But, Uber reached the same valuation in 5 years. How?

Maybe they follow one of the above growth hacks in while marketing.

All you just need to have that surprise element in your product marketing strategy that can attract your customers fast. Always keep things updated in business from time to time and be innovative in how you reach out to customers to increase your conversions.

Topics : Product Development, Startup Solutions



Kanika Gupta

Written by Kanika Gupta

Kanika Gupta, a professional tech writer works as a content writer in Classic Informatics, a leading web development company . She loves to write master tech pieces and let readers connect with it fluently.

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