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techsuch May 9, 2021 0 Comments

2019 Report: Marketing in Software, SaaS, & Technology Industry#1## Marketing Goals & Challenges in SAAS Today, the technology and SaaS industry has grown from a $5.5 billion industryin 2008, to the $116.4 billion industry that it is today in 2018. Butaccording to recent data from McKinsey, if a software company grows only 20percent, it faces a 92 percent chance that it will not even exist within 3years.Originally, the technology and SaaS industries evolved as purely productdevelopment and innovation but in today’s hyper-competitive landscape, havinga best-of-breed product or solution doesn’t necessarily guarantee the user orcustomer growth for a company to survive over the long run. Having a app,software, or product with tremendous value and a great experience is still anextremely important part of the equation but marketing is required to achievethe growth needed for sustainability..> “if a software company grows only 20 percent, it faces a 92 percent chance> that it will not even exist within 3 years”That’s why technology companies have become increasingly focused on marketingstrategy and investment. Marketing (when done properly and systematically)guarantees a steady stream of industry visibility, sales leads, and revenuegrowth. Technology companies both big and small have recognized this fact, andnow marketing has become a cornerstone of business strategy for SaaS and techcompanies.For example, in their first five years, SaaS companies have invested around 80percent of their revenue on average in sales and marketing efforts. Thisnumber may seem significant, but in the world of investor-driven growthrequirements it is necessary to meet objectives.But it’s not just the initial growth phase that tech companies use a ton ofmarketing muscle to overcome. After SaaS and tech companies get past thestart-up phase, those that rely mostly on internet sales devote 65 percent ofthe median customer acquisition cost (CAC) budget to marketing efforts andtactics.What specific challenges each organization is seeking to address, or goalsthat they’re looking to achieve depends upon their product, industry, andtarget market. But here are some the common, core issues that tech and SaaScompanies are spending marketing budgets to address in 2018:##### Lead GenerationTo grow at a predictable rate, technology companies need a consistent,sustainable way to generate sales leads that might eventually turn intocustomers.##### Thought LeadershipMany SaaS products are complex, expensive, and require lengthy sales cycles.Thought leadership marketing is key to helping prospects overcome barriers asearly as possible.##### Data AnalyticsHow prospects (and even current customers) interact with digital marketingefforts can yield insights that can be used in multiple areas of the business.Companies are recognizing the value of marketing data more than ever.##### Sales IntegrationEspecially in the technology industry, sales is the proverbial customer ofmarketing. SaaS organizations are investing in marketing tactics andtechnologies that will facilitate better collaboration between the two.##### Search RankingSimply Google the word “Circle,” and the first result brings you to a fintechcompany instead of the actual shape. It’s just one example of how SaaScompanies are pushing to get even higher search rankings than ever.##### Targeted VisibilityThe internet is a crowded place for technology buyers, and technologycompanies are becoming acutely aware that they need to dedicate marketingbudgets that will help them reach the target audience in the right places.##### Navigating TechnologyAccording to recent figures, there are currently over 5,000 various marketingsoftware and technologies on the market. Choosing which platforms are worththe investment has become more challenging than ever for tech marketers.##### Adjusting to B2CEven B2B SaaS buyers are consumers themselves, and they’re increasinglyinfluenced by those B2C marketing experiences. Marketers are now thinkingabout how they can connect with their audiences in similar ways.##### Customer ExperienceAs tech leaders continually place marketing, sales, and services under theumbrella of Customer Experience (CX), any investment that can link marketingstrategically with other CX areas is of potentially of great value.

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