2024 Growth Guide for B2B SaaS

As the air gets crisp and leaves turn into a colorful masterpiece, I'm gearing up for the 2024 planning session, and I bet you are, too. Despite the state of SaaS in 2023, most CMOs are worried about what influence the economic uncertainties of 2024 are going to have on their SaaS growth prospects.

Guess what? The NFIB just dropped the news that their Small Business Optimism Index has been in the dumps for 20 months. Over 23% of small biz owners are concerned about inflation.

But, as the adage goes- not planning is like planning to mess things up. So, let's flip the script. Even in the face of uncertainties, we can set the stage for growth.?

Keith Weed from Unilever says – "Faced with volatility, proactive leaders spot opportunities while others shrink back. By taking decisive action, they gain a competitive advantage coming out of downturns. "

So, let's put in some extra effort during your planning. It's about dealing with market changes, competitors, and keeping loyal customers happy. You can grow even when things are uncertain by being proactive and making smart moves.

Using growth marketing for SaaS: Is it still worth it in 2024?

The SaaS game is cutthroat right now. Regular marketing isn't cutting it anymore.?

My advice? It's time to get a bit fancy with growth marketing – it's like the cool kid in town for startups and the big dogs.

Here's the deal: growth marketing is all about getting clever with how you solve business problems. You mix experiments with data smarts, and boom, you're on the fast track to business growth.

Take Dropbox, for example. Instead of doing the same old paid ads routine, they kicked it up a notch with a referral program. Result? A mind-blowing 3900% growth in just 15 months. That's the power of thinking outside the box.

Quick heads up: SaaS growth marketing and growth hacking are related. Growth hacking is about a quick boost, while growth marketing is more like the tortoise – steady and consistent.

Three core elements of a SaaS growth strategy

Here's the lowdown on building a rock-solid foundation for your SaaS growth strategy. It all boils down to three key elements to ensure your expansion plans don't just stay on paper.

1.? Market Game Plan-?

Figure out who your people are and how to reach them. Dive into research mode to understand what makes your potential customers tick, what bugs them, and what SaaS magic they're hunting for. Develop a smart go-to-market strategy that spills the beans on reaching your crew and the channels that'll make your SaaS product the talk of the town.

2.? Product Power Play:?

Make sure your SaaS product is the superhero your customers need. Get fluent with customer research, map out your product journey, and fine-tune based on what your users say. Don't forget to pick a win-win price for your team.

3.? Launch Pad Action:?

Draft a killer SaaS marketing plan, cook up content that people can't resist, and hit the right channels to ensure your crew knows about your stellar product. Create buzz, build a sales pipeline, and turn those curious onlookers into die-hard fans.

How every B2B SaaS CMO should be planning for growth in 2024

1. Focus on customer acquisition

First off, get cozy with the idea of winning over new customers. It's all about having a game plan – know your target market, get friendly with buyer personas, and craft marketing campaigns that speak to the heart of what your audience needs. Think of it as curating a playlist tailored just for them.

Now, onto a secret weapon: account-based marketing (ABM). This gem is like having a focused chat with the VIPs – key accounts and decision-makers. It's personalizing your approach, making them feel like the main characters in your story.

Guess what? The Gartner 2021 Technology Marketing Benchmarks Survey spilled the beans – a whopping 76% of savvy marketers are already on the ABM bandwagon. It's like an exclusive club, mainly rocking the marketing teams.

Here's a nugget: blend in those personalized campaigns, understand your audience like a friend, and sprinkle in some ABM magic. Watch how those leads transform into ride-or-die customers faster than you can say "growth strategy."

How to improve customer acquisition and ABM-

1. ? Invest in Paid Ads: ? Set aside a budget for paid advertising to bring more people to your website or SaaS product pages.

2. ? Focus on Lead Generation: ? Have a solid plan to attract and convert leads. It's like having a clear map to find what you're looking for.

3. ? Prioritize Customer Retention: ? Give extra attention to existing customers to keep them around. It's about building lasting relationships.

4. ? Utilize Content Marketing: ? Share useful content to show you know your stuff. It's like sharing tips with friends – establish yourself as the go-to source in your industry.

2. Expand Into New ICPs and Buyer Groups:???

Many SaaS companies have long focused on their core Ideal Customer Profile (ICP). However, recent research indicates a shift, with 74% of B2B buyers now identifying as hybrid buyers, spanning both IT and business roles. To capitalize on this trend in 2024, consider broadening your ICPs to include newer groups like business analysts, department managers, and operational roles. Expand your outreach and messaging beyond traditional tech buyers, emphasizing use cases and outcomes that resonate across diverse roles within an organization.

3. ? Double Down on Retention and Expansion??

With rising acquisition costs, doubling down on customer success and retention is crucial. Create a dedicated customer marketing team focused on driving expansion revenue through upsells, cross-sells, and renewals. Develop playbooks to re-engage dormant accounts and at-risk customers. Launch targeted campaigns aimed at expanding usage in current accounts before the risk of churn. Remember, retaining and expanding an account costs significantly less than acquiring a new one.

4. Elevate Your Brand Positioning???

In an increasingly competitive market, brand credibility and awareness are paramount. Surprisingly, 54% of SaaS marketing leaders admit their brand positioning needs an overhaul. Consider refreshing your brand positioning and messaging in 2024 to better stand out and own your category. Evaluate whether your brand assets, website content, and campaigns fully reflect your desired positioning. Shift the focus from merely selling features to selling unique outcomes and forging emotional connections with your audience.

5.? Go Vertical With Industry Expertise???

Meeting customer expectations requires speaking their language and understanding their specific needs. Delve deep into a few priority verticals or niches to enhance domain expertise and deal sizes. Consider going vertical in 2024 with dedicated assets tailored to top industries such as healthcare, retail, or financial services. Develop co-branded content, industry events, and executive briefings to showcase genuine expertise in each vertical.

6. Develop a comprehensive pricing strategy

Crafting a smart pricing strategy is key for SaaS growth—it's like setting the tone for a successful venture. Striking the right balance is crucial; you want to pull in revenue while also drawing in customers.

My suggestion?? Provide a free trial. It will not only let customers test your product but also open the door to upselling premium features.

7. Invest In Martech Optimization???

While there's no shortage of impressive martech tools, tech sprawl introduces complexity. A notable 42% of SaaS marketers highlight that too many disjointed systems can lead to delays and data errors. Instead of chasing the newest shiny martech toy, focus on integrating core systems in 2024. Consolidate vendors where possible and connect ecosystems to streamline workflows spanning CRM, marketing automation, and BI tools. This integration will amplify overall performance and minimize friction in your operations.

End notes

To grow a B2B SaaS business, staying the same is a no-go. It's like staying on top of a constantly changing game. And the customers? They're always after more value.

Here's my take on keeping your SaaS product on the right track:

• Know What's Trending: Keep an eye on what's happening in the industry. Stay updated on trends and what's working for other SaaS companies.
• Try Out New Things: It's not just about following trends; it's about trying out new ideas. Be bold and experiment. Maybe you'll set the trend instead of following it.
• Listen to Feedback: Think of it as having a direct line to your customers. Use their feedback to make your SaaS product better.

So, in this journey that's always moving, the key is simple: look ahead, be adventurous, and let your customers point the way. That's how you not only keep up but also succeed in the world of B2B SaaS.