Sales & Marketing

What Is a SaaS Marketplace? Why Is It Important in Software Marketing?

What Is a SaaS Marketplace

Software solutions have been changing the way business works. They have been quantifying business growth and solving new challenges in a matter of clicks. IT companies have always shown growth rates when it comes to software product development companies. According to Statista, it is expected that the Global IT industry in software would grow by 50 percent when evaluated between 2018 to 2023.

With so many new ideas, innovation and development, it is bound to end up at one point—the sales for these innovations. Every product has the challenge to reach its customer, and when we talk about software, it is purely a digital product. No traditional marketing would fetch much ROI for them. The digital era is the best way to go ahead in the process of saas marketing. 

Let us understand a very important segment of marketing that is slowly taking the ladders towards the top floors. We shall be talking about Software Marketplaces that are going to be the future of SaaS Marketplace. 

What Is SaaS Marketplace?

Saas marketplaces are the platform where SaaS company can list their software in their respective category to get more leads from their customers. These platforms also help improve SaaS businesses’ visibility by promoting them to their audience using their network. 

How Does the SaaS Marketplace Work?

SaaS marketplaces are like a listing platform where you can get your SaaS listed based on your software category. Your categories get a niche audience that can be your potential buyers. Since these are marketplaces, your customer lead becomes high as they are visiting these platforms with an intent to know services like yours and purchase the subscriptions.

For example, you are a Free SMTP server provider. You can get your software listed in this category. So, every website visitor coming to this category can know about your service. Suppose you individually try to get your software ranked for your business keyword on search engines. In that case, it may take plenty of time to reach there but using such marketplaces, your chances of increasing visibility in the industry becomes rapid. 

These marketplaces offer solutions like;

  • Software listing.
  • Lead generation.
  • SaaS promotions. 
  • SaaS awards
  • Press release announcements 

And many more services depending upon the offer of these companies. You get to know all of that by getting listed. 

Why Are SaaS Marketplaces Important?

Try searching for software on search engines like google. For example, when you search for HR Software on google, it doesn’t allow a particular software company to rank in 1st position; rather, it will rank these saas marketplaces so that customers can have choices to choose from.

Google algorithm loves giving choices and best data to its users; hence it will never promote a particular business for such keywords.  Also, ranking your business software for these keywords in 1st position is close to impossible. Hence, it is always advisable to get your SaaS listed on these high-traffic marketplaces. How would this help?

  • Your SaaS marketplace will enjoy the power of organic traffic via these referral websites.
  • Your MVP will get tested in the market in the early phase of development. 
  • Getting early adopters would be easy.
  • Lean startup model execution is much easier, which is the best strategy in SaaS marketing. 

Innovations Happening in SaaS Marketplaces:

  • A few SaaS marketplace businesses develop their own SaaS payment cards, which can help saas buyers buy saas from a single platform and manage all subscriptions from one dashboard. 
  • There are also new innovative marketplaces in SaaS that are creating the next amazon of software. New, old, and established SaaS could manage their SaaS subscription sales from these marketplaces apart from their website. 
  • When you list your SaaS in these marketplaces, you also get a high-quality backlink essential for your SEO growth.

These innovations are going to change the ecosystem of software as a service. Even a new MVP would get sales. They could get a chance to improve and evolve at least budgets. Also, these marketplaces can evolve as the next search engine for software.

How to Improve Your SaaS Marketing with Marketplaces?

If you keep Marketplace listing in your strategy, you can easily increase your product visibility in early launch days. So how to execute this process?

Here is a checklist of the entire process

  • Create a list of all marketplaces where you can get your SaaS listed.
  • Sort your list according to their website traffic.
  • Check if they have suitable SaaS categories. 
  • List your SaaS in your software categories.
  • Get your software reviewed by your early customers on these platforms.
  • Use these reviews in your marketing copies.
  • If you have a marketing budget, allocate a percent of it in PPC over these marketplaces as these marketplaces rank on top searches of direct software keywords. 

Using this process, your software will get more visibility, it will attract more costumes, and you will also get reviewed, which can add trust about using your application. You can also use these reviews in your website testimonials. According to a survey by MyTestimonialEngine, 72% of consumers will wait until they read reviews.

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Conclusion

To all SaaS business beginners as well as market leaders. Even if you are the best or worst estate, we all start businesses with a vision to solve an industry problem and build a revenue model around it. In the end, what we want is sales. Whether this sale comes from your website or a referral website, you can choose the different opportunities this marketplace offers. You will see a good trajectory in your growth as well as your revenue curve. 

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