The wait for shopping season is finally right around the corner- Black Friday and Cyber Monday (BFCM), after Thanksgiving. This is the most awaited day for every business to vent their products at a discount rate in the market and anticipate maximum profits.
Before the introduction of SaaS, people found it difficult to update or download on their devices, whereas SaaS aids in maintaining servers and databases that are easily accessible through the internet and eliminates convoluted software & hardware management.
The big day for retail shopping, software companies & digital commences forthwith after Thanksgiving. To account for that, SaaS faces an epic return for their investment in the business, where their stakes are quite intense but the buyer of it is low. Therefore, SaaS businesses see Black Friday as their advantage in selling the SaaS at a discount rate and a positive impact on sales as well as revenues.
Still, marketing SaaS during that shopping season requires a lot of effort such as engaging and hosting campaigns, fixing the price according to the demand & supply, especially analyzing competitors at the time of Black Friday in the market, and so on.
So, here are the tips you may take into account to promote your SaaS on Black Friday.
- Start a Little Early
- Retain Old Customers
- Build a Strategy
- Make Things Exclusive for Loyal Customers
- Categorize Your Audience
- Price Your SaaS Products Logically
- Optimize Your Website
- Create Compelling Emails
- Create a Sense of Urgency
- Promote Your SaaS Products on Different Social Media Platforms
- Create Creative and Dedicated Landing Pages for the Day(CTA)
- Present and Check if Your Site Is Mobile-Friendly and Keep Your Presentation Lucid
Top Strategies to Boost Your SaaS Product Sales on Black Friday
Start a Little Early
It would be best for SaaS businesses to start up their sales a little early, say from August or September 2021. Like, it is said that ‘Hustle in silence and let the success make noise’ so prepare things early instead of rushing on the big day. Schedule your social media about the offers, deals, and rates beforehand rather than surging on Black Friday and grab the opportunity before your competitors.
Retain Old Customers
Keeping an existing customer is quite easier than acquiring a new one. Customer retention rate directly impacts your SaaS business profit. According to the research, a 5% increment in the retention rate can boost your business up to 25%-90%. Furthermore, you have a 60%-70% chance of selling to an existing customer in comparison to selling a product to a new customer. Take a look at some strategies that will help you to increase your CRR.
- The first and foremost step is to find inactive customers and re-engage with them. Under this re-engagement campaign, you can send personalized emails, special deals, and distinctive recommendations to motivate them to purchase.
- Centralize the customer’s data from various sources into a single location. It will increase your workflow productivity and also reduce the chance of data duplication.
- You can build a long-term CRR by personalizing your customer interactions. Track the customer behavior which includes information regarding their purchase history, preferences, and browsing behavior as it will help you to tailor the interaction that is specific for a customer. This strategy can enhance the overall user experience.
Build a Strategy
SaaS businesses usually operate through subscriptions, but on BFCM, most people expect to purchase SaaS products and not subscribe to them, as the company is offering at an extreme discount rate.
While some look for the subscription model, build and establish your strategies according to it. For example, analyze your target audience in terms of what they’re searching for, what deals they’re expecting, and what channels are best to advertise SaaS so that will capture your targeted customers.
Make Things Exclusive for Loyal Customers
Creating Customer Loyalty programs is one the easiest ways to maintain a good client retention rate as it compels the customers with strong incentives to make a purchase. Here are some pointers that will help you to create a good loyalty program
- Among multiple types of loyalty programs, select the one that aligns with your business aim
- You can offer various types of incentives to your repeat customers that can include freebies, discounts, cashback, premium membership, and referral gifts
- Keep your goal in mind while making a loyalty program. What do you want from this campaign like revenue or engagement?
- Analyze the insights of your customer behavior and create personalized loyalty programs for them
Categorize Your Audience
As we know people purchase SaaS or any other software on Black Friday because that is the day when many companies offer at various rates from high to affordable to very low prices. Categorize your audiences according to the discount rates, because not everyone is looking for the same product at the same price. So, group up your audiences into segments and set different levels of discount rates like:
- Some customers trailed your SaaS product but never made purchases
- Customers who want to buy the product, but never made the step to purchase it
- Existing Customers
- New customers
- Customers who are planning to buy SaaS products a long time ago and waiting for the right time to purchase
For instance, if the customer is conventional to your shop, and makes an appearance on Black Friday. Whereby, the customers foresee an affordable price, so you would give the product at a maximum discount rate for the sake of existing clients to the business.
Once you have done with the segment of your audiences according to discount rates, the subsequent process is to promote your SaaS products separately to them.
Price Your SaaS Products Logically
The most crucial step to promote your SaaS on Black Friday is to set the right offers, where setting the discount at really high rates could cause a decline in the profit margins. On the other perspective, Pricing the SaaS products too low may leave customers disinterested in your product.
For instance, if you have set a 70% discount rate on your SaaS products, this would entice people to make purchases but, you may not even get a 60% profit from the money you have invested in the business. So, think sagacious in deciding the discount rate.
Optimize Your Website
If you have a website but it is not optimized then consider it of no use. Without SEO or search engine optimization, your website will not rank on the search engine page of Google. For instance, if a customer searches about the services you offer and your website is not listed on SERP then the chances of getting a customer will become highly unlikely. By optimizing your site with SEO tools, you can prevent such a situation from occurring.
SEO is a set of techniques that are designed to align with Google’s algorithm so that they can improve the positioning and ranking of a website in organic search results. SEO experts analyze your website content and refine it accordingly to maximize the organic traffic on the website. This traffic can be leveraged to convert prospects into customers. Keyword research, on-page optimization, technical optimization, and link building are some major tactics that are generally used for SEO to increase the visibility and credibility of a site. When your website ranks higher, your business grows and makes more money.
Create Compelling Emails
Email marketing is one of the oldest marketing methods but it is still relevant as before. That's why it is very important to prepare an email marketing strategy for your business. Emails help you to connect with your customers in a very personalised way. It keeps your customers updated about your offers and products. Email marketing can give you a higher conversion rate if you implement it strategically. You should collect the email addresses of your customers, potential customers, and people who are interested in your venture and send them well-structured emails. By sending emails while considering buyer personas related to different stages of the buying cycle, you will be able to increase conversions.
Create a Sense of Urgency
Creating urgency in sales is a method that encourages customers to buy the product as soon as possible. Professionals use this technique to create a sense that appeals to the consumer’s "Fear of missing out" on something important and makes them take action right away. You can make this strategy more appealing by combining two elements. First, make an advertisement that displays the product in a very desirable way. Second, limit the number of products available, offer discount prices for a short period of time, or combine both of these criteria.
Promote Your SaaS Products on Different Social Media Platforms
With 60% of the global population present on social media, it is the best way to make your digital presence known. Social media is the most influential virtual space, which is used not only for social networking but also for advertising brands digitally. Social media marketing is very cost-effective as you can do it by yourself, but to channel the power of social media in the right direction, the expertise and assistance of professionals would be very accommodating. Social media marketing involves posting engaging and interesting content consistently on your social media account. It helps to target the right audience and also ensures to build a connection with your customer on a personal level.
Create Creative and Dedicated Landing Pages for the Day(CTA)
If you yearn to take the yield of your arduous endeavor then create a dedicated landing page with a custom design and mention Black Friday. Make some attractive offers and remark that it's a one-time offer.
Present and Check if Your Site Is Mobile-Friendly and Keep Your Presentation Lucid
Shopping on mobile is the new normal, as per reports 46% to 54% of people buy products using smartphones and it covers about 30 to 37% of sales. So make sure that your site is mobile-friendly. To make your site mobile-ready do a Google Speed Test And don't skip to specify the “mobile” feature.
Make your site accessible on all smart devices like iPhones, iPads, and Android. Add mobile-friendly payment choices for your customers, as people may prefer several payment options, so make sure you have alternatives like Apple Pay, Alipay, Android Pay, etc. People always prefer sites that are friendly and easy to access, so make your presentation and sites lucid.
Benefits of Promoting your SaaS Product on Black Friday
People have profited from peddling their products on Black Friday. Here we have quoted a few advantages you obtain by retailing your SaaS product on Black Friday.
- Black Friday is a presumed exhibition, so you don't need to spend much on publicity for your software. People know the objectives of buying products on Black Friday and you can also captivate better consumers by delivering them promising deals or proposals. You may be promoted on sales listings and articles of Black Friday.
- Correlated to further days, on Black Friday numerous customers will be glancing for adequate products. So there will be a Huge Audience, all you have to do is execute a satisfactory campaign and propose to them a healthy rebate.
- On Black Friday products amass better prices, mainly on Cyber Monday software products exchanges prevail at maximum.
Black Friday is recognized by everyone and you don't need to publicize it. In this era, the extreme public infers about Black Friday and its usefulness. It captivates a massive audience and also profits you double the value.
Campaigning on Black Friday as a SaaS company is not an easy thing but neglecting it may cause you a huge loss. To make the procedure less tiring, put your deal on the list and join hands with an e-commerce service to help you with the logistics, billing questions, and shoppers.
What is Black Friday?
Black Friday is an annual shopping event known for its massive discounts and sales, occurring the day after Thanksgiving. It marks the start of the holiday shopping season, attracting shoppers to both physical and online stores for great deals.
What is SaaS?
SaaS is a software over service where the providers deliver their applications over the internet.
What are the strategies to promote SaaS on Black Friday?
Starting early, Promoting your products on social media before the big day, and making sure the website is mobile-friendly are some of the strategies to promote SaaS on Black Friday.