Since its emergence at the end of the 20th century, the software-as-a-service (SaaS) industry has grown exponentially, becoming one of the three primary tiers of cloud computing. The HR SaaS market in particular has seen significant growth as organisations invest in technology to support recruitment, learning, employee experience, workforce planning and people analytics. In such a large and competitive market, cutting through the noise to earn your place in the spotlight can be a difficult task., becoming one of the three primary tiers of cloud computing. Today, there are approximately 30,000 SaaS companies in the world, with an estimated worth of $208 billion by 2023. In such a large and competitive market, cutting through the noise to earn your place in the spotlight can be a difficult task.
Here are four ways PR can help drive your SaaS business to the top of whatever summit you want to climb.
- To attract investment
Using PR to attract investment from funders is an important tactic at whatever stage your SaaS business is at. A tailored PR program can help to establish your credibility if you’re at the very early stages of your funding journey. Equally, for businesses further in the lifecycle, PR can help to retain existing investors, attract new ones and ultimately drive more leads for the business.
This is especially true for HR technology providers, where investors are looking beyond product functionality to understand market positioning, category expertise and long-term growth potential. This is where creating news – either through utilising proprietary data or commissioning research- is useful. Or through leaning on your business’s founder to tell their story and drive thought leadership opportunities, including at events or in the media.
- Ahead of a merger or acquisition
Despite the global economy still feeling the aftershocks of the pandemic, deal volumes and valuations in the SaaS market remain strong, largely due to the increased focus on digital transformation. For example, the second quarter of 2022 saw 580 mergers and acquisitions, the second-highest transaction count on record. And with the current market conditions within the tech space further opening up the M&A market. For HR SaaS businesses, strong market visibility and a credible reputation can be particularly important as buyers look for organisations with both commercial potential and established influence within the people profession.
The moment a merger or acquisition is on the cards, you should inform your PR agency as this will help to inform the strategy. Tactics will usually involve a focus on the business itself – leveraging growth stories, new hires or international expansion. It can also be a good opportunity to position founders, or other key spokespeople, as entrepreneurial voices with experience in M&As, as a way to sow the seed with potential buyers that a sale is on the cards.
- To retain customers
Your SaaS business might have a star-studded sales team who can ensure that an abundance of leads are captured and moved through the sales process, but what about retention of those customers? According to Woopra, the average annual churn rate for a SaaS company ranges from 32-50%. Investing in a solid PR strategy can help to reduce that. This can include reinforcing your position in the market with award entries, organising customer communities or events, sharing customer success stories, or developing case studies. HR professionals want to understand how technology is helping organisations solve real workplace challenges and success stories can provide valuable reassurance.
- To humanise your business
Today, customers expect meaningful connections with the companies and brands they associate with. This is particularly true in HR where relationships, trust and credibility play a significant role in purchasing decisions. As a business, embracing a human-centric approach can be worth its weight in gold and help you stand out amongst the crowd. PR can help bring a human element to your connection with your customers. Through expansive social media campaigns that go beyond recycling product press releases, to curated thought-leadership content, this helps put a face to the key players in your business.
PR can help bridge the gap between faceless tech company and a brand with values that customers can feel aligned to. This can ultimately enhance your reputation and build trust.
By utilising the skills and practises of PR, you can rest assured that your SaaS business can stand out from the crowd.
