Software as a Service (SaaS) has changed the way that businesses navigate their daily lives. Rather than relying on the 90s and early-00s method of downloaded, in-server software, businesses are now able to put their trust into cloud-based software. Your business has made life easier for many different companies. Maybe you’ve been able to reach your intended audience, but you could still be missing a core part of your niche. How do you reach this part of the market?
A simple way you can improve your outreach and conversion is through the implementation of an affiliate marketing strategy. Affiliate tracking software makes it easy for your business to track the effectiveness of your affiliate campaigns, allowing you to implement adjustments to bring your intended audience into the fold. Let’s explore the finer ways in which affiliate marketing can help your SaaS business.
What Is SaaS?
First off, let’s discuss: What is SaaS? SaaS is an operating model through which a software provider allows consumers to subscribe to and use their service. Instead of buying hardware or licensing software, consumers are able to pay a monthly fee for cloud service, where the software is accessible directly through the internet.
Where companies would have to host their own software in the past, with their IT department performing updates and securing their servers, all of this is handled by the SaaS company. Instead, every time a subscriber signs in to their service provider’s website, they are using up-to-date software — saving their business precious time.
This is an incredible offering, and it’s no surprise that SaaS companies are receiving serious attention nowadays. Your business should be on the top of its game, as SaaS is expected to reform the world of enterprise work. So, how is it that affiliate marketing can help your business? And what is it that the Refersion marketplace has to offer your business? Here are just a few of the benefits to consider:
Supporting Word of Mouth with Affiliate Marketing
Referral marketing relies on word of mouth marketing: A customer refers a product to a friend, family member, or acquaintance, hoping they’ll sign up, as a reward will be given by the brand whenever a referral is made. Affiliate marketing is similar to referral marketing but in different ways.
Products and affiliate marketing need each other for success, as consumers’ attention is grabbed by the promotion of a brand’s product — thanks to an affiliate spokesperson. This affiliate partnership works, all thanks to the validity and authenticity of the affiliates you hire, whether they are a brand or an influencer. Their referrals work on the basis of believability: consumers believe their word, taking it at face value, and they look at your brand based on their recommendation.
SaaS companies already rely on word of mouth, as it’s a surefire way to bring potential customers into your network. The direct traffic brings people directly to your website, allowing them to interact with your brand, making it that much easier to receive conversions. And, even if a conversion isn’t made, it increases brand awareness, which could lead to an eventual conversion with that consumer or to someone else who is told about your business through word of mouth.
Make the Most of Your Marketing Budget
One of the best things about affiliate marketing is the return on investment (ROI) you’re provided. You only pay when an action is completed, e.g., a conversion, meaning you only pay when the model works for you. Furthermore, your affiliate is targeting your niche audience. So every single conversion that is completed is with a customer you were targeting. Not only are you increasing your ROI, but you’re lowering your customer acquisition cost (CAC).
Building a Reputation
SaaS companies are designed for commission payments — their tiered subscription modeling makes it an identifiable action which affiliates can be paid for. Best of all, the recurring subscriptions/commissions will motivate affiliates to expend more effort into your affiliate campaign, promoting your company to their audience to improve:
- Their status as an affiliate
- The number of generated leads
- Their commission payouts
All the while, you continue to be given consumers who can potentially become loyal, long-time customers.
Get Started Quick
Managing your affiliate program can be a difficult process, especially if you don’t know where to start. Rather than rolling out your own internal network, consider joining an affiliate network. You can rely on the services of an established affiliate network, similar to how businesses rely on your SaaS business: having someone else take care of maintenance, updates, upkeep, and more, saving you time in the long run.
At Refersion, we’re here to help you get your affiliate program off the ground. Before you know it, you’ll have launched your first affiliate campaign in no time.