5 SaaS Product Positioning Strategies to Grow Faster
How to position your SaaS product in a way that grows your customer base faster? Read on this article to get in touch with 5 such tips that seal the deal.
Now that we are venturing into 2022, offering a cloud solution to your customers with a subscription model is no longer innovative and neither an out-of-the-box idea. You will have to come up with ways to position your SaaS product in a way that grows faster and reaches out to more customer base. That is when positioning is extremely crucial for the success of a company. It is all about finding the right angle and the right marketing strategy to go along with it. In this post, we will talk about some of the best SaaS product positioning strategies that will help you grow faster in no time. Without any further ado, let us get started right away.
There is no calculated guesswork that works in the sphere of product positioning in your market. Make it a point that you commit to all of your positioning strategies based on pure data and not guesses. In simpler words, let your data guide your strategies instead of your common perceptions. Also, note that there is no ‘one size fits all’ policy that works here a well. What works for your competitors might not successfully work out for you. Each of the SaaS companies has a unique product that meets the unique needs of the customers. Therefore, there is always room for everyone in the marketplace, provided you stage your decisions by data and not guesswork.
Know where you stand and what your competitors do in your space. In order to create a unique product positioning, you will need to have a clear understanding of what your competitors are providing to your customers in your pace. Plat out what are their advantages and disadvantages are. This can only be achieved when you conduct a competitive analysis of your services against your competitors. What does a customer like about their services? Is there anything that they dislike in particular? Do you render an additional service that might lure them towards you instead? Answering these questions will ensure that your product positioning is now clearer.
Now, with the insights gathered by you in your analysis reports, form a map that shows where you stand in the overall market positioning. This is basically a visual representation of how your competitors are positioned in regards to your brand. Not just that, when you map the reports out, you stand a better chance to apprehend the thought process of your customers better. Additionally, you can also spot the industry trends and know what is it that you are not delivering to your customers and your competitors are.
You must have thorough knowledge about the product or service that you are delivering to your customers. If you are not able to properly understand your product and explain it to your customers in a simple manner, none of your customers, employees, partners, or vendors will benefit from it and the whole point of creating a product ceases. Although it is always recommended that you take a note of what makes your product better than your competitors but then again accepting your flaws and taking the extra steps to revamp them is what makes you better as a brand. It is therefore advised that you think from the perspective of a customer, put yourself in their shoes and prepare your product positioning to address each of their needs and desires.
There is still no use to put in all of your efforts, time, and resources into product positioning if you are not going to measure whether or not your decisions have successfully moved the needle. First and foremost, make it a point that you use social media monitoring and the right measurement tricks to see if the strategies you are targeting and the techniques you are deploying are actually resonating or not. Next, study your social media handles. How well are you performing there? Are you responding to your brand mentions as fast as possible? Are you applauding a customer who lauded your customer experience? Are you taking the extra steps to amend when a customer is dissatisfied with your services? This is specially needed if you want to measure whether you’ve successfully changed the type of target audience you’re marketing to.
You are never too late to position your SaaS products in a way that reaches to your target customers effectively. To fuel the process, make it a point that you add these five pointers discussed to move the needle in the right direction. To begin with, have a data-driven mindset at all times, strategize and opt for competitive analysis, map out the reports of this analysis, study your product and services in and out, and last but not the least, measure your product market’s influence. At the end of the day, it is the satisfaction and the happiness of your customers that matter the most to you, isn’t it?
Originally Published October 28th, 2021, Updated October 27th, 2021
Simran hails from the content marketing backdrop with extensive knowledge in blogs, articles, and technical whitepapers in the non-fictional domain. She uses her 'gift of the gab' to explore new possibilities on her way and to make an exquisite impact on her readers. In her spare time, she likes to read journals on artificial intelligence or play with her cute kittens.