Sometimes, we need to take a step back and look at where we’ve come from in order to determine how and why we are heading in a particular direction. Marketing has been around for hundreds of years, evolving and expanding its principles and functions, but many businesses still don’t recognise the need for an inbound approach, simply believing that their product or service will generate demand through old fashioned tactics and strategies.
It’s fair to say business in the UK has had a rather uncertain start to 2019. A lack of clarity over Brexit has had a chilling effect on the economy, and it is also unclear what impact it will have after 29th March.
In a competitive industry with high churn rates, sluggish lead generation is a big obstacle for many SaaS businesses. You know you have a great product that could help thousands of customers, but getting the engagement and commitment from the right audience can be tricky. After all, you have to translate the value of a multifaceted and technical service while justifying the cost – often subscription-based – to the customer.
It’s a sad fact of marketing life that your budget is often at risk, and when the company wants to make a saving, the marketing budget is usually the first thing that gets slashed. In 2018, most marketers increased their marketing budgets, but 8% of marketers still expected to see a decrease. While those 8% were suffering, 46% looked to be getting a budget increase, something that could push them, and their companies, even further ahead.
Marketers working in SaaS can find themselves in a unique position compared to other industries as they are usually surrounded by analytical, data-driven types, making it vital for them to accurately report on the ROI from their marketing efforts in order to get sign off from their CFO at the next budget meeting.
Inbound Marketing can be a powerful tool for many organisations, but in particular, SaaS companies can benefit from the inbound methodology. However, a stumbling block many marketers face is actually getting the budget they need to start their inbound marketing efforts. With so many different departments competing for spend at a SaaS company, it can be difficult to secure a budget over another department.
On-demand software solutions are utilised by most modern businesses. As a provider of these services, it’s crucial to present your offering in a way that distinguishes your brand from other competitors and increases the lifetime value of your customers. To achieve this, you need an inbound marketing strategy, and it’s important to get everyone in your business on board with the concept.