If there is one industry where growth marketing truly shines, that is the SaaS industry.
Today, Software as a Service is a $150 bn industry with an expected 23% in growth the following year. From enterprise software to SaaS software, SaaS is currently the default kind of software businesses and customers use.
While those numbers describe the SaaS reality perfectly, there is also one more important statistic: 9 out of SaaS companies fail. So why is that?
SaaS companies need to do a lot of things right and they have to do all of these things right – consistently – and for a long time.
The growth of a SaaS company involves 4 stages.
Everything begins with the search for a problem/solution fit.
Next, you need to create your Minimum Viable Product (MVP). Minimum is about incorporating only the most rudimentary functions of your program, Viable means that that it’s sufficient enough and Product stands for a tangible end-to-end solution that you are going to give to your customers.
After creating your MVP comes the product/market fit, which is the degree to which the product you offer satisfies the market’s demand.
After you optimize your product, you need to examine your channel/product fit. This stage becomes crucial if your product is based on a freemium business model.
Then, you need to build your growth funnel.