If your business offers software as service (SAAS) or cloud based services, then you know only too well that the growth of this business model has exploded in recent years. The technical advances associated with SAAS and the cloud has created many new business opportunities. But along with those opportunities come new competitors making it increasingly difficult for you to cut through the advertising and marketing clutter and get your product or service to stand out.
A common approach for marketing SAAS and cloud based services that has met with varying success is the limited time free trial offer. While this can be an extremely effective marketing strategy, your success is dependent on the effectiveness of your search marketing campaign. An optimized campaign must have the ability to get your message in front of your target audience and then to generate quality leads or signups that are the most likely to convert into paying customers.
While that may not sound too difficult, the data on success rates is a bit sobering. It tells us that no more than 30% of those who sign up for a free trial will actually convert to a paying customer. To improve your odds, you need to know not only which clicks will become a signup but just as important, which signups are most likely to convert.
So what are the keys to improving your odds and optimizing campaigns? You must determine which lead attributes are resulting in the highest sales conversion. Lead attributes can include;
- Lead type such as call, signup, email or offline leads
- Lead medium such as CPC, organic, referral or email
- Lead source such as Google, Bing or Facebook
- Finally, there are more specific attributes from leads of sponsored search advertising such as keyword, ad copy and landing page
Once lead performance is segmented by these attributes, you then need to apply this data to your search campaign optimization. While this process is not too difficult to comprehend, building this process and automating it is not so easy. It requires that all of your lead data be integrated with your search campaign and then using this lead data to optimize for conversion rate of a lead becoming a sale.
Optimizing your campaigns using lead data is a key to success. It is more efficient, fewer dollars are spent as targeting is more focused, higher conversion rates are achieved as you know where highest signup rates and highest conversions come from. While it is possible to implement this approach to campaign optimization manually, it can be time consuming. We recognized this challenge and went to work to develop a solution aimed specifically at SAAS and cloud based who rely heavily on the limited time free trial offer. For more info, visit this page.
- Product Updates