LinkedIn has published a new overview of emerging software-as-a-service (SaaS) market trends, which looks at how SaaS providers can maximize their marketing performance, despite the broader market downturn which could see reduced customer acquisition results.
Though as LinkedIn notes, despite the broader economic downturn, investments in SaaS services are still increasing, and are expected to grow from $176.2 billion in 2022, to $208 billion by the end of 2023.
But much of this spending will come from your existing client base, and LinkedIn’s new 15-page guide explores how businesses can tap into this potential, and maximize their performance via the app.
You can download the full report here, but in this post, we’ll take a look at some of the highlights.
The guide first looks at the more recent SaaS market downturn, and how that’s changed approaches for SaaS marketing teams.
Essentially, the guide explains how the focus has shifted from investing in customer acquisition, to also ensuring long-term viability and expansion for SaaS clients, with vendors benefiting from building out their approach, and not limiting their marketing focus to acquisition alone.
Which makes sense, but as the report notes, many SaaS providers have not integrated their approach in this way, which is where the key opportunity lies right now.
The report then looks at the opportunity of LinkedIn specifically, and the reach that LinkedIn provides to SaaS founders and decision makers.
There are also more specific notes on the role that LinkedIn can play in the connection and promotion process, with tips on the different LinkedIn ad types that you can use in your pipeline.
The main message, as noted, is that SaaS providers need to reallocate their marketing budget to building their brand, by working with existing customers (through content marketing), while also focusing on upsells and cross-sells to maximize opportunities.
With fewer direct buyers in the market, due to more limited budgets, the report suggests that there’s more opportunity in incorporating your marketing approach to cover prospective and existing customers, which could deliver greater results.
There are some interesting trend notes and LinkedIn data points to consider, and if you are a SaaS provider, it’s worth taking a look, and considering your current marketing plan.
You can download LinkedIn’s ‘Winning in the New Age of SaaS’ report here.