Entrepreneurship is both exciting and incredibly scary, but this may actually be what motivates us to move past failure and try new ways to reach customers. Still, it helps to know what you’re getting into before time, in order to be properly prepared.
For instance, according to the analysis of 269 startup post-mortems performed by CB Insights, most failures are due to common mistakes such as a lack of market demand, powerful competition, team incompatibilities, cash flow problems, or pricing.
But SaaS startups are a bit different, so they come with their own challenges. As such, low-quality marketing or the lack of a full-grown marketing strategy is usually the number one reason why B2B SaaS startups fail.
So, if you are thinking about a B2B SaaS startup, you should first have a look at our tips on how to improve your marketing.
It may go against your entrepreneurial beliefs or it may stretch the budget a bit more than you’d like, but you may benefit from the help of a SaaS marketing agency.
Many startups would rather hire juniors to cover the job of a well-season marketer, but this is a huge mistake. Sure, they are hard-working, young, and enthusiastic (while also being cost-effective), but they lack experience.
Marketing is a tricky job, with lots of nuances and it takes actual practice in the field to understand how it works. So, if you want your business to succeed, get professional help!
Hey, we get it – it’s incredibly exciting to create a new software product! However, before anything, you need to ask tough questions, such as:
- Is there an audience for my product?
- Do I have powerful competitors?
- Does my product solve a real problem?
The answers to these questions will let you know if there’s a real chance at success. Ideally, a new SaaS product needs to fill in a gap in the market, where the competition hasn’t reached yet. If you’re just trying to put a new spin on an already saturated niche, there’s a high chance the results won’t be satisfying.
Have you ever listened to one of Elon Musk’s speeches? The guy is a genius, there’s no denying that, but some of his talks are highly technical. Now, this is not a problem if your audience is represented by tech-savvy people, but most software products go to regular people.
As such, your marketing should communicate the benefits of purchasing/using your product and how it can improve users’ lives. Also, it’s important to use the right channels to make sure your message reaches the target audience.
For instance, nowadays, social media is a fantastic medium for marketing campaigns as it brings most people together.
In summary, most startups need help from experts (if they want to be successful). Otherwise, the lack of experience in key domains like marketing and finances may be the stone that sinks the ship.