The Greatest Secret of high-growth SaaS companies: In-product Marketing

 

For a SaaS company to succeed, revenue is not everything. You need more than the numbers to make a mark- a killer product, a great team, awesome support, and a problem you are solving efficiently. With this, you can expect sustainable growth by retaining new customers and bringing in new ones. So, to make sure your customers do not go- the two things you can bank on our customer support and product success.

In-product marketing is the key here to making your product known to the audience and making sure it is sold. With in-product marketing, companies can create highly personalized campaigns that will improve the user aspects of customers who love them. In-product marketing also creates product-related content that caters directly to the customer. Customer interactions can be tracked to gain valuable insights and feedback.

In-product marketing is effective when the product or service has a large customer base and there is the significant ability or scope to up-sell, cross-sell, or increase the portfolio. This can help boost revenue and improve customer retention and conversion. A product marketer bases on marketing, sales, and product performance. Your product forms the base for a SaaS company’s sales program or marketing goals. This is why in-product marketing is essential for business growth. It is the base for the pricing and will be beneficial in maximising profits.

In-product Marketing: Taps the Power of Established Customers

Relying on the power of established customers is what in-product marketing does best. With in-product marketing, companies can-

·         Up-sell/cross-sell products and services: It is known that 80% of all revenue is generated by 20% of customers. Also, the expense of retaining these customers is approximately 10% of the cost to acquire a new one. This makes cross-selling a supremely viable option as a customer has a higher level of trust in the brand and is more open to trying new products and services. Cross-selling and upselling are regarded as great metrics to decipher customer interest in the product or company. If a customer is not happy, the chances of buying or signing up for an allied product or service is less.

       • Gain attention: Customers have short attention spans and so when they like a feature, it will keep them involved and engaged. With features, they can see the benefits of products, their uses, and look at them as good options. When customers feel involved, the chances of retention are more. Gaining the attention of a customer is possible when the customer experience is optimally created for the best benefits. To gain attention and keep them invested, it is necessary to make them like and understand the product. When they understand a product, it becomes easier to use it and derive value.

·         Improve targeting and placements: Companies can analyse and access different points and workflows that customers can use within the product. Assure maximum visibility and grab customer attention. The right targeting is essential to maintain a good framework for campaigns to work. Targeting will improve prospects for the growth of customers and the company. To get the right customers who will be benefited from the product, the right targeting is required. When the target customers are defined, it will become easier to create a marketing strategy for the best results.

5 Ways In-Product Marketing can generate High Growth in SaaS companies

To generate high revenue, customer companies can keep certain tactics in mind. These tactics will encourage high growth and give customers satisfaction to improve retention. These best practices will go a long way in enforcing customer loyalty and satisfaction. Some of them are as below-

Buyer Persona-based Marketing Strategy

The first step of any customer journey is making the buyer persona. In-product marketing makes you understand your customer challenges, pain points, and issues. Keeping these buyer personas in mind you can enhance how the customer feels about the product. Buyer personas will help companies understand the exact psyche of the buyer to best address his issues. This will create a resonance in product and marketing content.

Messaging Matters

Sometimes clients or customers may receive highly confusing information. Sending the right messaging is therefore important. Making sure that the right information is sent across to the client is important. What is the product about, what does it solve, what is the USP, etc. uniqueness of the product should be kept in mind while telling clients about the product? Segmentation here is especially important to make sure customers get the right tone of the message and are able to clarify and meet specific sets of people.

To Think like the customer

Many companies typically face the common dilemma of “how much and how often to campaign” to avoid overwhelming existing customers. It is important to focus on the customer experience and introduce relevant campaigns at the right product pages in the product lifecycle. It is also prudent to give customers the chance to opt-out when they want to. If they do not feel associating with the company, it would be wiser to know the reason why. Ask them their opinion and create customised plans to redress their problems.

Evaluate technology potential

The company’s technology must be evaluated to understand the various ways to bring the campaign to customers. Technology must be flexible enough to make the campaign work and mould based on customer feedback. The main motive of in-product marketing is to make sure customer profiles are taken into important consideration. Establishing a strong synergy between teams will make in-product marketing a success. The technology and tools used must be evaluated to make the product in line with the latest trends. AI, machine learning and other ways to harness big data can be used to understand the depth and potential of tech-savviness. If technology can tap into details on customer profiles, it becomes easier to segment them and retain them.

Feedback Counts

Feedback is not just complaints. It is a two-way communication channel that will support and help companies grow in multiple ways. Your product must be well received in the community and when customers face an issue, they must feel free to talk about it. Chat support or live support will be extremely helpful in understanding what customers want and why. Your feedback strategy should be supremely supportive of your customers and take their issues into account. It is important to take feedback objectively instead of like a troll or remark. Social media can be extremely powerful here to deliver the right feel about the product to customers and encourage growth.

Once the campaign for in-product marketing is done, companies need to derive metrics based on important factors like-

> Did the campaign achieve its objective?

> Were customers able to view, click-through and complete their purchase?

> How many customers dismissed the campaign?

> How did the conversion percentage measure up against a previous, similar campaign?

> Did customers provide feedback/voice complaints by calling the support team?

Bottom Line: Key to Customer Retention

In-product marketing offers companies a direct, highly effective way to gain and retain customers, drive up-sells and cross-sells, and realize the most value from their perspective and established customers. Your products may evolve over a period and so will the process. A good specific process will be helpful in reaching business goals and making sure that customers are happy and satisfied with whatever products or services the SaaS company has to offer.