Most startups, yours included, can find it challenging to compete with similar businesses. As an example, you might be bringing a product already in supply or offering a new service that’s not well-known in your industry. Such circumstances often lead to low revenue within the first few months or years of operation.
However, all hope isn’t lost. You can adopt various strategies in your operations to increase your software as a service (SaaS) startup’s revenue. These ways are discussed herein; follow on with the read to get more insight.
When trying to boost your SaaS startup’s earnings, consider doing the following:
1. Make Use Of Marketing.
Marketing is essential to any business, whether a product or a service provider. It’s what will make your SaaS recognized in your niche.
Why is recognition vital? It’ll make your brand known for a given service by the public, including your target audience. Marketing will increase the chances of more leads. With the many marketing options available, it’s best to choose wisely to ensure your chosen option brings about the revenue you seek.
Consider adopting social media marketing since it’s said that most of the population spends its time scrolling through social media platforms. But you don’t want to create an account and end up wasting your resources blindly. Your target audience should guide you in choosing the platforms to create an online presence.
Once you create the accounts, engage by posting the right content at the right time, with your posts focused on your target audience. Social media will give your brand visibility, drawing potential clients to your website to find out more about you. In the process, you might convert these guests into clients, increasing your income and returns.
In addition, consider Search Engine Optimization (SEO.) As an overview of SaaS SEO, it gives you visibility on search engines by choosing the right keywords on your website. It’d help to adopt keywords common in your niche. Also, SaaS SEO increases the chances of search engines referring guests to your website. These visitors will likely convert to paying customers, increasing sales and returns.
2. Revamp Your Services.
As previously stated, you might be providing a SaaS solution even with others already in existence. This means competition is stiff and you must stand out as a brand to generate revenues. One way of being distinct is by changing how you offer your services.
Start by analyzing how your competitors offer their services. You want to find something they don’t offer that you can offer. For instance, you may increase your warranty period, offer longer free trials for your services for a given period, provide 24/7 customer support, and the like. You’ll likely attract many customers with such convenient services, increasing your sales and returns.
3. Improve On Quality.
Quality is essential when serving a given need in the market. It’s the only way to stand out amongst your competitors and increase revenue. How? Most customers aim to fulfil their needs using quality products and services. None of them wants half-baked solutions or solutions that lead to the recurrence of their existing problems.
By focusing on quality, your SaaS business will be the most sought after in your niche, increasing your sales. Increased sales directly contribute to more returns, which is your end goal. Also, you’ll remain in the business for the long haul by supplying quality services, making the returns consistent.
4. Focus On Existing Customers.
Customers form a major part of your business. Without them, to whom would you provide your services? Most businesses tend to make mistakes with their customers by focusing on gaining more instead of putting the focus on retaining their existing ones. As a SaaS startup, don’t fall victim to this; focus most of your resources on your existing customers, even as you look for new ones. How’ll you do this?
It’d help to improve your service provision by listening to your clients’ pain points and addressing them promptly. Clients could complain of rude staff members, frustrations when trying to reach you, and others. Change these aspects, and you’ll retain your clients. As you improve your services, don’t let it be a one-time thing. Rather, constantly seek feedback from your clients and adjust your service provision accordingly.
It’s said that improving your customer services will also allow you to gain new customers. Satisfied customers refer these businesses to their business partners, family, and friends. Should these people need SaaS services, they’ll come to you since they heard a good word about you. Your customer base will increase, increasing your returns as a result.
5. Adopt Incentives.
Incentives play a major role in keeping your existing customers happy and attracting new ones. As a startup, incentives help you increase sales if you approach them correctly.
Some incentives you could adopt are offering discounts, extending trial periods for the software, giving merchandise, and offering a bundle of products once in a while. Such incentives are going to attract many customers during this period. You expect your sales to double or triple, boosting your revenue.
But as you offer these incentives, it’s important to factor in the losses too. You don’t want to have too many offers that you make losses; do your math right before offering incentives. Consider involving your finance team in the process.
The discussion above has shown how easy it is to boost your revenue as a SaaS startup. Adopting the tips given herein will also increase your returns within no time. One point to note is that as you implement these tips, study your business and adopt those you can easily implement without financially straining your business.