Top 9 Growth Strategies for SaaS in 2023

#1 Focus on customer acquisition Generating leads and turning them into customers is key to driving SaaS growth. To do that, you must first understand who your target audience is and how best to sell to them. There are several ways to do that: Find your target audience Create buyer personas Find the channels on which your buyers are most active Develop targeted marketing campaigns for these channels #2 Expand your sales and marketing efforts Many SaaS companies like Slack have made it big without a full-fledged marketing and sales team. But you will need a team of professionals to support your product after a certain stage. For example, you will need people to work on demand generation, lead nurturing, product marketing, and sales enablement to close deals faster and more efficiently. #3. Develop a comprehensive pricing strategy Imagine a visitor came onto your pricing page, motivated to purchase the tool. But because the pricing page was so complicated, they decided to put off their purchasing decision. #4 Invest in SEO and content marketing SEO is how you attract visitors, and content marketing is how you convert them into leads and eventually paying customers. In fact, Leo Widrich, the co-founder of Buffer, says that content marketing has been their go-to strategy for growing the company. #5 Adopt a SaaS product-led growth model Product-led growth is one of the most popular terms in the SaaS industry today, and for a good reason. It makes use of your product to help you attract, engage, and retain existing customers for a long period of time. Here are some product-led strategies you can capitalize on: - Make use of free trials and freemiums to turn MQLs (Marketing Qualified Leads) into PQLs (Product Qualified Leads) #6 Innovate through rapid test and learn cycles If there’s one thing all SaaS customers expect, it’s innovation and the addition of new features and functionalities. How do you figure out which things need to be modified? Or which feature requests are popular? One way to do that is by working closely with customers. Deploy customer surveys often or ask your teams to get in touch with customers now and then to understand their pain points and requirements. #7 Improve activation with in-app onboarding What if you subscribe to a free trial for a tool, but you don’t know how to use it? A few of us would try to go through the guides and tutorials. But most of us would move to a simpler tool or one that provides a good onboarding experience. In-app onboarding is a great strategy to ensure your users aren’t left to themselves and that they know what to do next. #8 Improve retention with exceptional customer care We have all read or heard somewhere that retaining a customer is less expensive and harder than getting new customers. But that becomes even more important in SaaS as it makes your growth and revenue more sustainable. It also increases your CLTV (Customer Lifetime Value), and your happy customers draw more referrals for your business. #9 Protect the funding and focus on leading growth metrics How can you assure your investors to keep backing your business with funding? One way is by proving that your business is growing. This means tracking essential business metrics and reporting them from time to time. The list should cover indicators like SaaS revenue growth rate and margin but also focus on growth indicators such as retention rate, the monthly volume of leads interested in the product, activation rate, number of active users, customer acquisition cost, customer lifetime value, and so on.