The global Software as a Service (SaaS) market is booming. Since 2017, the industry has experienced a compound annual growth rate of 16.4%. And now, BCC research projects a total market share of $94.9Bn by 2022.1 But with increased revenue comes greater competition. To claim their share of the marketplace, SaaS companies must pursue bold strategies to reach more high-quality leads that are likely to convert.
3 Reasons Why SaaS Companies Face Marketing Challenges
An Undefined Product and Market
SaaS sales cycles are ongoing. Retaining existing users and swaying competitors’ customers to your side requires a clearly defined product, coupled with continuous optimization and customer outreach.
A Short Sales Cycle
SaaS sales cycles are more unpredictable than with a physical product. Price, customer base, and product complexity can all shorten or extend the process. Here, annual contract value (ACV) plays a significant role.
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