With the SaaS marketplace growing at around 18% per year, this is a sector that is becoming more and more competitive. For a SaaS company to stay one step ahead of the competition, there’s a real need to have a full understanding of just what that competition is doing. This is where B2B SaaS marketing intelligence comes in.
We’re going to explore just what B2B SaaS marketing intelligence is. We’re going to be sharing the benefits that this can bring as well as giving tips on how to get started. As you’ll see, with the marketplace becoming more and more crowded, an intelligence marketing strategy is a must for your SaaS company to prosper.
What Is B2B SaaS Marketing Intelligence?
Before we delve into all that SaaS marketing intelligence has to offer, and how it’s a vital part of a B2B SaaS marketing strategy, it’s worth taking a moment to consider exactly what it is that we’re referring to. On a basic level, marketing intelligence is all about data that are relevant to your market. It includes:
- The gathering of data on industry trends
- Gathering data relevant to customer trends
- Customer monitoring
- Monitoring of competitors
The data gained through these activities is hugely valuable. Once collected, it’s analysed and then used to guide the decision-making process that’s involved with marketing strategies. While such data is valuable to an array of sectors and industries, it is particularly important for B2B SaaS companies.
Where SaaS companies are concerned, marketing intelligence plays a vital role in allowing a company to take on a more developed persona-centric approach. It allows them to have an in-depth understanding of their most valuable prospects meaning that they know where these prospects are and exactly what they want.
It also allows a SaaS company to understand how it fits into the overall marketplace and the actions needed to expand its reach.
The Importance Of B2B SaaS Marketing Intelligence
Marketing intelligence provides data that allows for the production of a highly effective B2B SaaS marketing strategy. While there are numerous reasons for stating that B2B SaaS marketing intelligence is vital, here’s a look at the top 3:
1) Gaining a critical advantage over competitors
As of 2021, around 99% of companies were said to be using one or more SaaS products. This just goes to confirm what you’ll already know about this industry: it’s a highly competitive and extremely fast-moving. With the competition growing, and with many companies already with a provider, a SaaS company needs to be able to stand out.
What market intelligence offers is the opportunity to collect and analyse contextual data. This data is focused on both customer behaviour and industry trends. With this information, marketers are given a whole new insight into exactly what is and isn’t working with any given campaign. This gives a company a significant business advantage and a massive insight into its target audience.
2) A refined marketing approach
As we have seen, the number of SaaS companies has grown at pace and is only continuing to do so. As part of a SaaS company, you’ll already understand the challenges that are faced when it comes to talking to potential buyers. These potential buyers will have already waded through immense amounts of research and, by the time it comes to you talking to them, they are aware of several companies that have offerings very similar to your own.
By using marketing intelligence, you can ensure that your marketing efforts and approach are refined. This means that a company is able to act more efficiently than its competitors. The result of this is that the company is able to avoid wasted funds and time by marketing in the wrong places and to the wrong audiences.
3) Working towards future goals
SaaS marketing intelligence isn’t limited to the here and now. It can be used for, and applied to, further company goals. If you’re looking to boost the effectiveness, efficiency and scope of a future campaign, using marketing intelligence is the answer. That’s because it allows you to set goals that are clear and calculated before your next marketing campaign is launched.
How To Get Started With B2B Saas Marketing Intelligence
Hopefully, you can now see just what’s on offer and how an intelligence marketing strategy can drive your SaaS company forward. If that’s the case then you’re going to need to know just how to get started. Here’s a look at how:
a) Choose the right tools
For B2B SaaS marketing intelligence to be effective, you need to ensure that you have access to the right data. If data sources are limited then you’re left with less that can be analysed and this severely impacts the overall usefulness. If you want to achieve the very best that’s possible then you need to ensure that you opt to use the best tools that exist.
The right marketing intelligence tools will help you to support your marketing team by providing it with the best insights possible.
b) Start small but be prepared to scale
When you first open your eyes to the possibilities that exist with Saas marketing intelligence, the temptation is to jump in with both feet and accumulate every piece of data about every single factor possible. The problem here is that things can quickly become complex and even overwhelming.
You need to be sure of the metrics that you’re looking to track and that there is an adequate focus. Of course, in time, you can introduce data from other sources and create an even bigger picture.
c) Have a training plan in place
You may well appreciate the benefits of marketing intelligence, and you may well have an understanding of how the relevant tools work. That doesn’t, however, mean that your team shares this knowledge. To get the best out of the available tools, and to develop the best B2B SaaS marketing strategy, your team needs to be on board and that means adequate training.
Non-Negotiable B2B SaaS Marketing Intelligence Metrics
While we have just mentioned that there need to be limitations when it comes to what is tracked initially, SaaS marketing intelligence has metrics that simply must be monitored:
Market size – While this metric may not be specific to the SaaS industry, there is no getting away from the fact that it matters. A SaaS company needs to know how big the market is, the number of potential buyers and what this all means in terms of potential revenue
Lifetime customer value vs acquisition costs – SaaS companies are slightly unique in that the money isn’t necessarily made when signing up a new customer. Instead, there are monthly payments that continue over a period of time. It’s vital to know exactly how much is spent on acquiring a customer and the value that this represents
Churn rate – Many SaaS companies work on a freemium model. That means that the number of those that go on to pay and sign up fully needs to be monitored
Marketing intelligence FAQs
What are the benefits of marketing intelligence?
Marketing intelligence offers SaaS companies the chance to stand out from the crowd by having a fuller understanding of the marketplace. For a more in-depth understanding about the advantages and disadvantages of marketing intelligence, please click here.
What’s the difference between marketing intelligence and business intelligence?
Business intelligence has a focus on data that specifically relates to a company. Marketing intelligence involves looking at overall trends.