The Greatest Secret Of High-Growth SaaS Companies

SaaS company are also known as application service providers or cloud services companies. Some SaaS companies like Dropbox are embracing simple and actionable ideas to grow their numbers. Hiring offshore developers speeds up productivity and is also cost effective. We work with a number of SaaS companies and have seen huge operational improvements in terms of workforce efficiency.

High-growth SaaS companies

Software development outsourcing

Outsourcing means allowing an external team of developers to handle some of your software development operations. For many SaaS companies, outsourcing to an cost-effective move, especially if the goal is to achieve more in a short period of time.

Adopt a customer centric operation

Being customer centric is one strategy that will consistently give you the edge you need in the SaaS business world. Maintaining a great relationship with your customers will save you a lot of trouble and keep them in touch. Running a customer centric business provides huge benefits, including retaining your customers and growing your customer base, which is the driver of SaaS growth.

Right goals and measure your performance

Once they manage to secure funding, spending and taking action depends on when the need arises, rather than following established plans and goals.

  • Goals must be specific.
  • It must be measurable and traceable.
  • Your goals must be relevant to your business, that is, they must add value to the company.

Set performance indicators

If you want to set up a SaaS growth model, the right performance measurement method must be in place to ensure you achieve your goals. Here are some KPIs that drive your SaaS business.

Bounce rate

Bounce rate is a classic performance indicator in SaaS business operations. This is the portion of your monthly income lost due to canceled subscriptions. Tracking this metric will help you improve your game and let you know when to post promotional offers.

Annual growth rate and annual recurring revenue

Your annual growth rate, which is also related to your annual recurring revenue, must be calculated monthly as your business progresses.

Offer free trials or freemium

You can call it whetting your appetite or testing the waters, freemiums are one of the open secrets used to increase the customer base. Since they are always online, free ads can bring them into your income stream. Free trials also help you maintain continuous communication with your customers through email marketing. You can reach out to them for exclusive offers even after the free trial ends.

Implement a referral program

The referral offered half a gigabyte worth of space for each user who referred a friend. Evernote also adopted a referral program that grew its user base. Then demonstrate the value of your software service by showing the growth metrics it has achieved through your product. In this way, you will not only boost the confidence of potential customers, but also show the functionality of your product.

Create an affiliate network

One of the biggest strategies for high growth is partnership. Note that you are not actually partnering with your competitors, but running a different business operation in the same SaaS niche.

Conclusion

After designing a flawless and useful product, one of the most basic and fundamental SaaS growth strategies is to adopt a customer centric operation with your SaaS marketing strategies.