Pulling in Your Piece of the Pie
There is no denying that every Software as a Service (SaaS) company has something unique to offer. The large audience already interested in SaaS products is also a huge bonus. However, as useful and groundbreaking as your software may be, its existence is not enough to ensure your SaaS business becomes profitable.
With Software as a Service companies spending close to 92% of their initial revenue on customer acquisition, the marketplace is more crowded than ever before. It is becoming more and more difficult for businesses to stand out among all the clutter. What a successful SaaS business needs is what any product or service needs: a helpful, timely, and compelling boost to break through the sea of similar companies all looking for a big slice of the same pie. That’s where the power of branding comes into play.
Although it is not an easy feat to achieve, branding – when done right – can help your SaaS business achieve long-lasting value. For starters, it makes it easy for current and potential clients to quickly and positively identify with your business. Read on to learn how branding can make or break a SaaS company.
Why Branding is Essential for SaaS Companies
For a good example of how branding can hugely benefit SaaS businesses, take a look at the video conferencing spectrum. Customers have numerous options – from Skype and Zoom to Facebook Messenger and Slack. Several of these companies experienced a major boom in usage and profit during the COVID-19 pandemic. When video conferencing tools were widely needed, companies pored over their options and pondered who to choose. These are the times when clear messaging and effective branding can mean the difference between being an industry leader and an also-ran fighting over the crumbs that are left.
Luckily, 88% of businesses are reportedly planning on investing more in SaaS applications. The models offer more adaptability to new technology that seems to change without a moment’s notice. Therefore, your business can still make a killing in the SaaS marketplace. Branding helps you stand out from the other SaaS companies who are offering similar solutions. Being easily recognizable and different can win the trust of your target audience and safeguard your bottom line.
The Impact of SaaS Company Branding
By now we have established that there are rows and rows of SaaS companies offering similar products, all guaranteeing the best prices and features. How can a single company in this sea of competitors manage to stand out in the crowd? It is not enough for your SaaS company to turn audience pain points into viable solutions. Everyone promises solutions. Instead, customers are looking for value, reliability, and quality that can only be derived from confident, clear, and memorable branding. Here are four major ways that proper branding impacts your SaaS company:
Boosts Customer Awareness
When done correctly, branding can create an emotional connection between the consumer and your business. Your company will resonate with the audience, thus boosting awareness. Customers will start seeking out your SaaS products because they remember your business. Equally, you will gain more business via word of mouth when satisfied customers tell their friends and family about your memorable service. If clever and/or timely enough, your branding campaign might go viral before customers have even started on their journey with you!
Builds Credibility and Trust
Today’s customers demand a more remarkable experience from SaaS companies. Establishing a brand based on convincing consumers that they will have exceptional service is critical. All you need to do is keep your promise of providing the best experiences, and your SaaS company will gain credibility and trust.
SaaS companies with strong branding definitively benefit from higher conversion rates, both with their offline and online marketing campaigns. The more people that resonate with your brand, the more sales you will drive and vice versa.
Improves Customer Retention
Did you know that 72% of adults have signed up for at least one loyalty scheme? There is well-established statistical proof that consumers are more likely to keep doing business with you once you have a well-known brand. Assuming that the capabilities are in place for you to deliver on your brand’s promise, this can radically improve your customer retention, thus safeguarding your bottom line.
Go Beyond Basic Marketing
Are you looking to build a compelling brand for your SaaS company? Hot Dog Marketing’s team of brand experts are eager to work with you to create a memorable brand that can help fuel your growth. Be sure to contact us today to start your journey towards building a strong identity for your SaaS company.
Gabe Ruzin is a content creator and digital marketer who enjoys writing blogs, solving the mystery of SEO, and working towards creating the perfect social media post someday. He lives in Colorado with his wife, teenage son, four cats, and lots of cat hair. A former movie theater programming director, Gabe loves watching movies, writing film reviews, and wondering why Michael Keaton has never won an Oscar.