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Welcome to Volume 110
Let’s get straight to the good stuff. Here’s what’s to come:
- The future looks bleak for SaaS, but you can still come out on top
- How to succeed at Reddit advertising
- And more…
Let’s jump right in.
BROUGHT TO YOU BY
Drive more content ROI, even in a recession
Many content teams pump resources into creating the perfect piece but invest little or nothing in distribution. As a result, the content performs poorly.
With a solid distribution and promotion strategy, you gain many relationship- and revenue-generating opportunities. You promote your content to new audiences daily so more people can see how your product solves their problems. That means adding another relevant channel to your marketing arsenal.
Converge is a marketing channel that lets you:
- Get more eyes on your content pieces
- Boost brand awareness
- Boost your organic reach at an affordable rate
- Build trust with more people as you show expertise and authority
This ultimately results in repeat sales, revenue growth, and overall business growth. With a recession looming, expanding your organic reach can attract prospects who fall in love with your solution and become repeat customers. That’s why you should leverage Converge to start building new audiences outside your regular channels. It never hurts to have a backup channel to move you closer to your goals.
You can sign up for free and use the code ‘FOUND15’ to get 15% off any tier for life when you upgrade to a paid account—after your 30-day free trial expires.
SAAS REPORT
The future looks bleak for SaaS, but you can still come out on top
2022 has been filled with lots of twists and turns for the SaaS industry.
Inflation, increased interest rates, high capital costs, investors becoming more risk-conscious, and limited opportunities to raise capital and get the needed funding.
While more companies became unicorns in 2021 than in previous years, 2022 has barely recorded new unicorns. What used to be over 40 unicorns/month is down to an average of 8 new unicorns/month.
OpenView surveyed 660 companies and found that many are losing their valuation, with the fastest growing companies recording a significant drop from 46x their last 12 months (LTM) to 11x. As a result, most companies are cutting back spending and looking for opportunities to save money, despite cash burn or growth rate.
It is clear profitability is the priority over growth and speculative R&D projects, at least for now. That’s because many SaaS companies are actively preparing for the worst while seeking ways to stay afloat and thrive through the recession.
OpenView found two metrics critical to any brand’s success, despite current market conditions:
- Customer Acquisition Cost (CAC) Payback and
- Net Dollar Retention (NDR).
This means brands can drive consistent growth regardless of the market conditions if they keep customer acquisition costs low and increase their product’s value. This will ultimately result in faster growth at a low cost, improved retention, increased product usage, and customer loyalty.
The report also breaks down what a good CAC payback and NDR look like, how to acquire customers at a low cost, how to cut back on spending, and more to help your company succeed regardless of the conditions. You can read the full report here.
SAAS ACQUISITION
How to succeed at Reddit advertising
Marketing on Reddit is tough, many marketers say.
That’s because the platform is marketing- and sales-averse. However, if you play by the rules and take calculated risks, you’ll reap the rewards. Besides, you can’t avoid Reddit forever, especially with advertising feeling like a gamble on Twitter these days.
Your best bet is to leverage distribution channels where your B2B audience hangs out and becomes the voice they trust and choose when they are ready to buy. Reddit is one such platform.
You can make Reddit a part of your channel mix, create ads that resonate with your target audience, and build strong connections that ultimately result in more sales. So how do you advertise on Reddit without coming off as sales-y?
Reddit recently shared a best practices document to help you create results-driven ads. Here are 3 key takeaways from the piece to get started:
- Use a benefit-driven headline that shows Redditors the value of your product.
- Share relevant insights in an authentic, conversational tone—as you would speak to a knowledgeable friend or close colleague.
- Add variety to your content—incorporate images and videos in your campaign. Reddit says campaigns that do these record 10x higher in memorability, 14x higher in messaging recall, and 3x higher in brand favorability.
If you want to explore using organic means to drive business growth via Reddit as a SaaS company, you should read this article from Ross, the King of Distribution himself.
B2B NEWS OF THE WEEK YOU SHOULD KNOW:
😱 Amazon joins Meta, Stripe, and others to lay off a fraction of its workforce. This week, the company has begun letting go of employees in several divisions, with plans to relieve up to 10,000 people of their jobs.
💸 Hotjar acquires PingPong, a user interview, and testing platform, to help its users gather customer insights to make better product decisions.
🎥 Spotify expands video podcasting capabilities to more than 180 markets worldwide, putting the app in direct competition with YouTube.
BRAIN FOOD OF THE WEEK:
When was the last time you commended a team member’s or direct report’s efforts?
Seconds ago? Minutes? Hours? Days? Weeks? Months? A year? Or never?
Making celebration a big part of your personal and corporate culture can go a long way in improving your team’s output and collaboration. Everyone loves a good ol’ pat on the back. It makes them feel they matter and that their contributions impact the company’s bottom line.
So take some time today to reach out to a team member. Let them know how their efforts have affected you or the company. Those words can turn a frown upside down and motivate them to give their best.
TWITTER THREAD OF THE WEEK:
3-step process pros use to polish drafts to (near) perfection by Erica Schneider
NICE FINDS YOU SHOULD BINGE
- The Nine Fs of Attention
- The Best Way to Improve Relationships at Work
- 6 Most Common SaaS User Onboarding Mistakes to Avoid That 1,000 SaaS Companies Made
- We’re All Paying the Price Now for Overhiring, Lowering the Bar, and General Startup Inflation
WHAT WE’RE WIRED INTO THIS WEEK 🎧:
This charcuterie board of insights is brought to you by me, Jessica Tee O. ✌🏾!
