SaaS businesses have seen unprecedented growth in the past few years. In a recent survey, BetterCloud reported that 73% of companies say nearly all their apps will be SaaS by 2020. It’s interesting to note a large part of this growth is happening outside the US. Recently, Gartner paired up with Google and shared in a webinar that while US software search volume is up 4% year over year (YoY), international search volume is up 12% YoY. So how can you reach this growing pool of global buyers in emerging foreign markets?
Here are three easy tips that will help to prepare you to expand internationally and profit from the growing global market of businesses buying SaaS products online.
1. Make it easy to pay and get paid internationally
For businesses across the globe, the ability to purchase a SaaS product in their local currency makes that software much more accessible to them. Likewise, for developers, the ability to receive your disbursements from platforms like FastSpring in your local currency via your payment method of choice, quickly and cost-effectively, is essential to expanding your business globally. This eliminates the cost, hassle and time associated with collecting your funds from selling your SaaS product to buyers around the globe. FastSpring partners with Payoneer to enable their sellers to accept payments from buyers across the globe and still get paid out in a single currency of their choice.
Through Payoneer, FastSpring makes it possible for you to get paid via Direct Deposit (ACH) for US bank accounts, International Direct Deposit (IACH) for local direct deposit in most countries, a Payoneer Prepaid Mastercard anywhere in the world, or international wire transfers.
2. Think local
Localization is a significant factor when expanding your SaaS business internationally. If your product and support is in English, start by targeting other English-speaking countries outside the US. There are many countries where English is not the primary language, yet they have a very strong English proficiency (e.g., Netherlands, Sweden, Switzerland). If your business has foreign language speakers, utilize them and consider localizing your product and expanding support services to include additional languages. Localizing your marketing efforts will also be critical to attracting leads in new markets. Be aware of time zone differences and be sure to have sales staff on call to follow up with leads shortly after they download a demo or request more information.
If your business lacks the resources needed to follow up with leads in real time, consider using marketing automation tools to track and nurture leads, guiding the potential user through the trail and offer various targeted incentives for paid plans.
3. Network in person at live events
There is no better method to grow your network than through on-the-ground networking. Countless conferences and forums around the globe cater to the world of SaaS and digital sellers – and these are the ultimate opportunity to get your hands dirty and engage face-to-face with other businesses and potential buyers. This is an especially useful tool when considering entering a new foreign market. The best way to feel out the potential is to live and breathe the existing ecosystem and learn what the market is demanding and what other companies are offering. Conferences and in-person forums also provide an opportunity to network with other businesses that can serve as local suppliers or partners. Payoneer for example, hosts forums around the world that are designed to help their SMB clients network and grow their businesses globally. If you’re thinking about expanding globally, be sure to check out some of Payoneer’s recent and upcoming global events here.
Your business has a lot to gain by expanding internationally and with FastSpring and Payoneer, you’re already one step ahead of the pack!