Growth hacking has become an increasingly trendy term over the past couple of years, as a multitude of startups began to build their success on it. What is growth hacking? It’s an umbrella term for creative marketing tactics used to grow your business. Historically, with B2B SaaS companies, growth hacking has been a small priority since revenue can take time to grow.
How can you make your SaaS product stand out in a saturated market? To increase their product’s growth, several businesses use growth hacking techniques such as giving specific promotions, side services, and so on! Using clever growth tactics, companies like Dropbox, Mailchimp, and PayPal have been able to increase their user base and revenue.
Growth hacking is a word we’ve heard a lot. But, in reality, what does it imply? Instead of using traditional slow-paced marketing strategies, growth hacking is when you set up marketing tactics that focus on growing and amplifying your product.
Here are 7 growht hacking tips you can use to take your SaaS business to the next level:
1) Make A Contribution To The Greater Community
Communities are formed to help one another. You may join prominent groups in your industry and engage as someone who has a lot of expertise in that area. You may improve your authority in the business by contributing to the discourse and assisting members. Members will see you as an expert and place greater faith in your word. When you do share your product, they’ll be more open to listening and participating with you, giving favorable feedback, and even trying it.
Brand exposure, awareness, and trust are considerably improved by contributing to an online community.
Even if you aren’t marketing your product in these groups, the time and effort you have spent on them will pay off. Your prospective audience will come to you willing to test your product because of the relationships you’ve created in the community, and other members will promote your product to others in the community.
Many companies create their communities. You can join and engage in their communities if you’re still growing and aren’t sure if you’ll be able to attract members. It isn’t difficult to market to your local community. You can get started right away by following these four simple steps:
- Use relevant terms to find groups and communities on Facebook, LinkedIn, and Reddit.
- Join and begin commenting on posts to establish a relationship with other people. Every day, set aside an hour to remark and offer advise.
- Unless someone is seeking for a solution that is exactly like yours, don’t mention any of your solutions at this time.
- Share useful information without expecting anything in return. At all times, provide value.
2) Use Referrals
Someone who uses your product is likely to know another 25 to 30 people in the same industry who are looking for something similar to yours. By incentivizing a share, referral marketing helps you tap into this potential audience.
It makes sense; we’re more inclined to believe a recommendation from a friend or a peer than a commercial or a sales presentation. Referrals are 4x more likely to make a purchase, and their lifetime value is 16% higher.
So, for every new person a user brings to your business, you may give them free credits— a one-month plan upgrade, a free month, feature unlocking, and so on.
Dropbox grew 3900 % in 15 months thanks to referral marketing. Dropbox’s referral scheme is simple but effective: for each person you bring to Dropbox, you both receive 500MB of free storage.
3) Provide Helpful Resources
What is one resource you can provide to your audience that will help them understand your product/service without needing to install it? Your reputation will skyrocket as a result of this resource, and your target audience will place greater faith and value in your knowledge.
Take Hubspot, for example. They provide a collection of tools for their audience, ranging from guidelines to kits to idea generators, all intended to assist them in the smallest aspects of their sales and marketing. After using all of these tools and seeing the results, their audience will be more confident in investing in Hubspot’s solutions.
Make sure your audience can access the resource/tool on their own without needing to upgrade or pay for the complete tool.
4) Integrate Your Product With Other Platforms That Are Compatible
Assume you’ve created a review management solution. Your user would want to link this to email marketing software so that they may gather reviews more quickly. Integrating your app with email marketing software is the most effective strategy to improve your app’s user experience.
B2B integrations have shown to be quite effective in streamlining user experiences and improving the products with which they often interact. You may make it easier for your audience to enable certain needs by connecting your product with other applications that they already use.
But how can this help you grow your company? You may get your integrated partner’s audience to install or enable your SaaS product without having to go through the complete user funnel with such integrations.
5) Content is King
“Content is King.” And while that’s still true today, I have to say that Content Marketing is the King of Content. In other words, if you want to find success in your business, you need great content and not just good content–you need content that illustrates a problem and how you can solve it for your audience. You don’t want this to sound like an advertisement though; that is why the term Growth Hacking (a specific form of marketing) works best for content marketing today.
By aggressively sharing content, you can boost your visibility across different platforms.
- Create a tutorial on how to utilize your product to achieve a certain objective.
- Educate new audiences on the problem that your solution addresses.
- Educate your audience on best practices for certain requirements.
- Inspire others with examples of other brands that are succeeding with a certain plan.
- Use a customer experience to demonstrate the success of your product.
- Demonstrate how your solution integrates with commonly used tools.
6) Use LinkedIn’s resources
If you’re only going to invest time in one platform, it has to be LinkedIn. LinkedIn is an excellent platform for B2B marketers wanting to gain new users and create relationships with their audience, with 675 million monthly members. LinkedIn accounts for more than half of all social traffic to B2B websites and blogs, guaranteeing that your LinkedIn efforts are not in vain.
Here are 4 effective methods to use this professional networking site to improve growth:
- After you’ve identified your potential customer accounts, use LinkedIn’s tools to create your prospect list.
- To generate traction, comment on hot topics via your company page. LinkedIn frequently proposes subjects under hashtags you’re interested in, making it simple to participate in the conversation.
- Experiment with different formats, such as images, papers, long-form content, and videos to see which one works best for you.
- Share content on your business page and encourage your employees to do the same. To attract the correct audience, don’t forget to include relevant hashtags.
7) Track & Analyze your Revenue Data
The importance of data tracking has increased for most businesses over the last few years. Data has become king. The more that we can learn about our customers and how they use our products or services, the better we will be able to make informed decisions. Growth Hacking is a relatively new term in the business lexicon, but it can be one of your best tools when it comes to analyzing and deciding what course of action to take for your business.
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Growth hacking is a new way of marketing that is being used by many companies to increase their customer base and company worth. By using these 7 strategies you can use the growth hacking methods to help your SaaS business get noticed, get more customers, and scale up your company to greater heights.