“Software as a Service, ” abbreviated as SaaS, is quite popular in the field of business marketing right now.
According to a study, the average number of SaaS apps that are used by various constitutions has double-faced from 8 to 16 since 2015. Not merely that, statistics likewise show that the global workload of SaaS arrangements reached $206 million in 2018. It is projected to grow and contact $380 million by the year 2021.
This utters it clearly articulated that SaaS marketing is on the rise in 2021. Not really in 2021, but it has been on an uphill index especially in the last few years. That said today, SaaS product marketing has several new trends being adopted by top businesses and marketers all across the world.
In this article, we will discuss the top 10 SaaS product marketing veers that will be very useful for every establishment trying to implement and utilize the potential of SaaS marketing.
Before we move on to the top recent developments in SaaS product marketing that may be helpful this year, make us discuss a few cases more things that can be essential knowledge for all marketers and business associated with SaaS.
What is SaaS and how does it work?
SaaS or “Software as a Service” is basically a software licensing and delivery model. It involves software that is licensed on a due basis and is hosted centrally. SaaS is also referred to as ” on-demand software “. Microsoft formerly referred to SaaS as” software plus services”.
The model involves the method of software delivery that enables data access from any invention that has a working internet connection and a web browser. It is a web-based model, and the application dealers assigning such simulations host and maintain the servers as well as the databases. They too develop the code of an application that is used in the SaaS model.
The biggest advantage of SaaS is that it removes the hassle of installing and maintaining software. All you need to do is access the software with the help of an Internet connection and a web browser. This removes the intricacies and complications involving software and hardware management.
For instance, take the example of Netflix. Netflix is a very popular OTT platform that has millions of subscribers all across the world. Netflix is a SaaS-based company that gives software to watch licensed videos on its stage. Netflix exerts a subscription-based model through which the user opts for a certain subscription plan and compensates a deposited amount of money on a monthly or annual basis and they can watch any video on the pulpit as long as their due is valid.
The best part about SaaS models is the fact that SaaS customers do not have to buy or maintain any hardware or software. It offers easy access to applications and all you need to access the application is a toiling Internet connection.
Key characteristics of SaaS- the reason for its rising popularity
According to statistics, 73% of organizations reported that almost all their apps will be SaaS-based by 2021. Along with that, 93% of CIOs have either adopted, are adopting, or making plans to adopt cloud SaaS for their foundations.
Now there must be a few rationales that have led to the rising vogue of SaaS in today’s ages. The grounds are the few key characteristics and benefits offered by the model to its consumers. We can compare the SaaS model to the working of a bank and get a more comprehensive understanding in simple terms.
The platform protects the privacy of each customer while providing most protected and reliable business, on a large scale. All the customers of a bank use the same financial systems and technology. Yet they do not have to worry about the security of their personal data, details, and knowledge. There is no chance of anyone else accessing their personal information without relevant license. SaaS models run just like that.
Let us take a look at the key features and characteristics of SaaS. This will help us understand the above reasons behind its popularity and its worldwide application in recent years.
Just like a bank, in a multitenant architecture model, all users and employments share one single common infrastructure and codebase. This infrastructure is centrally maintained by the host/ vendors. As SaaS vendor patrons are all on a single programme and codebase, vendors can quickly and more efficiently innovate and implement changes. This can save a lot of development time that would otherwise be spent on the maintenance of several outdated code versions
Easy and Efficient Customization
SaaS models enable users to easily and effectively customize many lotions according to their business needs and processes. This is enabled without any influence on the common infrastructure. The architecture of the prototype enables customizations in a compartmentalized mode. They are common to every user and are preserved by the use of timely modernizes. This ensures lesser hazard for customers and lower support costs.
With the SaaS model, you can customize applications with a simple point and sounds. This establishes traditional business software appear perfectly outdated and takes away the huge time involved in updating conventional business software.
Improved Data Access
Improved data access from any networked maneuver performs the platform easier to administer privileges and monitor data practice as well.
Businesses have started to develop SaaS integration scaffolds( or SIPs) to build additional SaaS lotions. SaaS has moved beyond standalone software functionality and has become a platform for different mission-critical lotions. Statistics suggest that the total area of the public SaaS market was projected to reach $157 billion in 2020 with 80% of businesses previously using at least one SaaS application.
Because of the high-pitched opennes, scalability, and cost-effectiveness of SaaS models, more and more customs are incorporating them. SaaS has noted its applications in a range of areas and manufactures. Some of the most common areas of SaaS lotions are 😛 TAGEND
Collaboration/ Social Media/ Business CommunicationsCRMCustomer Work and SupportHuman Aid and Talent ManagementEcommerceProduct Procurement, Expenditure, and SourcingBusiness ManagementSoftware Development and QA/ QC TestingBusiness IntelligenceBusiness AnalyticsBudgeting, Reports, and Business PlanningGovernance, Risk& Compliance AssessmentsERP, Manufacturing and Supply ChainFinance and Accounting Structure
That being said, every business must be aware of the most recent SaaS product marketing trends to realize the best use of the modeling in 2021. Let us take a look at the top the tendency of SaaS product marketing.
Top 10 SaaS product marketing trends of 2021
With the SaaS industry expecting a compound annual growth rate( CAGR) of 9.22% between its first year 2019 to 2023, and the market size to grow by USD $ 60.36 billion during 2019 -2 023, cause us take a look at the top SaaS product marketing trends that will be at the annex of the market in 2021.
1. The notoriety of piece commerce
SaaS answers are constantly evolving and companies are consistently adding brand-new aspects, tools, and plug-ins to their applications and produces. Feature marketing is where SaaS business make parallel concoctions that present added value to the same useds. Although, these products are independent and secluded from the main make of the company.
SaaS occupations are continuously collecting feedback from their existing customers to improve their existing products. Along with that, the addition of brand-new aspects will open up opportunities to create additional beneficial material for the website. We all know that fresh material increases the SEO of an internet site and generates more traffic, helping in acquiring an increased number of customers.
The key benefits of feature marketing in 2021 are 😛 TAGEND
Attracting new customersDiversifying the business into different market segmentsConverting free experiment consumers into paying customers with brand-new upgradesRetaining existing customers with brand-new pieces
2. Native Advertising
Statistics have shown that around 26% of all Internet useds block ads on their devices. Reports also suggest that ad stymie will stimulate a loss of revenue that is expected to reach really over $12 billion in the U.S. in 2021.
These statistics clearly indicate that display ads are losing relevance and may not be as effective for SaaS produces. This is why native ads are gaining popularity and will be widely adopted during 2021.
Native ads open up great opportunities to reach your prospects during their time of decision making and also stand to be a key to converting such an public.
Native ads is more effective when the content is valuable to the readers so most firms are creating content that explanations the inquiries and the challenge of their gathering. Highlighting the role of the product in trouble resolve stands to be the key element of native ads in 2021.
Along with that, native ads can be posted on a business website or any other third-party website and can effectively bypass ad blockers. Studies have shown that native ads are goal 53% more eras than traditional display ads.
3. Use of AI and ML for hyper-personalized marketing expeditions
Statistics suggest that the Artificial Intelligence as a Service( AIaaS) sell will reach$ 6-7 billion following the adjournment of 2023. A heap of SaaS business are exploiting AI to enhance user experience. This has been particularly enabled by the use of chatbots. Studies show that 80% of B2B marketers have predicted that AI is likely to revolutionize the industry by the year 2020.
AI and ML in SaaS marketing can help in data-driven marketing expeditions and hyper-personalized campaigns that are highly user-centric. AI and ML make use of behavioral and real-time data. This is used to stir most contextual sends that are closely relevant to users. AI technologies can also process massive publications of data. When AI is combined with ML, they can optimize many sell expeditions to ensure the best ROI.
4. Product or programme unbundling policies
Platform unbundling strategies are likely to enhance and improve conversion for SaaS corporations in the near future.
This has been enhanced by the realization of SaaS firms that indicate that not all functionalities on a programme are suitable for every prospect and their individual needs. This is where product unbundling policies can be very useful.
Through product unbundling, companionships subdivide their concoctions into smaller and more specific parts. These specific parts help solve the specific problems of users. This helps companies to optimize and improve the user experience.
5. User-centric branding
In 2021, the motto of SaaS companionships is to create a brand that aims at relationship-building with expectations. This will be done through the creation of user-centric stories. This meant that brands will create content that users want to hear. Marketers have come to realize that branding in SaaS, especially in 2021, is very important.
Several SaaS fellowships are significantly emphasizing branding. This is to create a distinct label name that helps them stand out in the crowd. SaaS business are emphasizing present consistent items across all customer touchpoints.
6. Flexible pricing strategies
The price of SaaS products directly affects the purchase the actions of purchasers. Harmonizing to studies, 98% of SaaS companies have achieved positive results by changing their pricing programmes, as of 2018.
A majority of SaaS fellowships will therefore adopt adaptable and data-driven pricing policies in 2021.
While unbundling is going to affect the price of products, separate and resilient pricing will be adopted. This will ensure that users pay a small price for a service that can resolve a particular problem, instead of purchasing the entire package or all the services.
Some of the pricing strategies that are expected to get more popular in 2021 are 😛 TAGEND
The freemium modeling will remain a key part of the pricing policies in the SaaS business.The per-user pricing model is a user-based pricing model, and the expenditure is set by the number of users of the product.Pay as you go is another favourite pricing example. Common to massed service providers, this pricing simulation enables users to pay on the basis of their usage within a certain period.Market piercing pricing where companies enable users to use all the features of a product at a very minimal cost.Business size-based pricing gives different pricing plans for different business sizes. These include small-scale, medium, large and enterprise-level ventures.
7. Customer retention optimization
More and more useds are on social media channels. This has manufactured involving with patrons on social media one of the best ways to enhance the customer know. Customer acquisition is a tough task in the SaaS business and customer retention, a more difficult one. Improved customer experience will enhance customer retention, customer satisfaction and will encourage customers to pay more. This will subsequently increase receipt as well.
8. Video marketing
Online videos make up 85% of all the consumer Internet traffic in the U.S. Video marketing is something that can simply not be ignored in any market subject or campaign. Marketers and business owners, extremely SaaS business, are investing hefty summarizes in video sell. Text-only content is slowly losing relevance and video material is the new “hit” of the marketing field.
9. Creating a firebrand suffer
Customer needs are constantly evolving. Customers are seeking core value hypothesis, which drive carry-on and answers. Brand positioning and messaging has now become critical in the SaaS market, especially for customer acquisition and retention. The firebrand knowledge patrons are looking for must be distinctive and handsome and likewise build a genuine and natural psychological tie with users.
10. Interactive infographics
Studies show that infographics are liked and shared three times more than any other type of content. It is likewise suggested by reports that 40.2% of purveyors consider infographics to be the best visual format for gathering engagement. SaaS fellowships are already utilizing interactive infographics to engage with expectations and this year will be no different.
With the above list of top 10 trends of SaaS product marketing in 2021, you can formulate the ideal strategy for your commerce campaigns.
Make sure you implement them in the right way and watch out for any other rising trends in the market in the near future! The grocery is dynamic and ever-evolving. So keep your mind and attentions open to all possibilities.
Guest author: Harikrishna Kundariya, a marketer, make, IoT, ChatBot& Blockchain savvy, decorator, co-founder, Director of eSparkBiz Technologies. His 8+ know-how enables him to provide digital solutions to new start-ups based on IoT and ChatBot.
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