The 2024 Growth Strategy Every B2B SaaS CMO Should Be Exploring
It's Q4, and marketing leaders across SaaS companies are heads-down driving campaigns and promotions to close out the year strong. But behind the scenes, you're also deep in planning mode for 2024 targets and strategy.
As you evaluate options for next year, here are 5 growth strategies our research shows could have an outsized impact on SaaS marketing results in 2024.
Expand Into New ICPs and Buyer Groups
Many SaaS companies have focused on their core Ideal Customer Profile (ICP) for years. But our research shows that 74% of B2B buyers now identify as hybrid buyers encompassing both IT and business roles.
To capitalize on this trend in 2024, explore expanding your ICPs to include newer groups like business analysts, department managers, and operational roles. Widen your outreach and messaging beyond just tech buyers. Lean into use cases and outcomes that resonate across hybrid roles in an organization.
Double Down on Retention and Expansion
With acquisition costs rising, it's crucial to double down on customer success and retention. Consider creating a dedicated customer marketing team focused solely on driving expansion revenue through upsells, cross-sells, and renewals.
Set up playbooks to re-engage dormant accounts and at-risk customers. Build targeted campaigns aimed at expanding usage in current accounts before they churn. The cost to retain and expand an account is 6-7x less than acquiring a new one.
Elevate Your Brand Positioning
In an increasingly competitive market, brand credibility and awareness are more critical than ever. But 54% of SaaS marketing leaders say their brand positioning needs an overhaul.
Explore refreshing your brand positioning and messaging in 2024 to better stand out and own your category. Assess whether your brand assets, website content, and campaigns fully reflect your desired positioning. Don't just sell features - sell unique outcomes and emotional connections.
Go Vertical With Industry Expertise
Customers expect you to speak their language and truly understand their specific needs. Diving deep into a few priority verticals or niches can really boost domain expertise and deal sizes.
Consider going vertical in 2024 with dedicated assets tailored to your top industries like healthcare, retail, or financial services. Develop co-branded content, industry events, and executive briefings showcasing genuine expertise in each vertical.
Invest In Martech Optimization
There's no shortage of impressive martech tools today. But with tech sprawl comes complexity. 42% of SaaS marketers say that too many disjointed systems can lead to campaign delays and data errors.
Rather than adopt the newest shiny martech toy, double down on integrating your core systems in 2024. Consolidate vendors where possible and connect ecosystems to remove friction. Workflows that span CRM, marketing automation, and BI tools will amplify performance.
The Road Ahead
As you build 2024 plans, there’s no doubt you're carefully weighing up a mix of proven tactics and new strategies. The team at T.A. Monroe lives and breathes B2B SaaS marketing, and we're eager to share the trends and insights we've uncovered to help peers succeed.
If any of the growth strategies above resonate for the road ahead, we'd love to connect. Let's set up a discussion to review your program and identify areas where we could provide an outside perspective to maximize your impact next year. The future looks bright, and we look forward to helping you achieve your goals.
