Passion alone will not help you get your SaaS business going. Fortunately, there are numerous ways to help you increase your revenue and expand your company’s reach. Most of these methods are geared toward the improvement of sales and marketing. However, don’t expect these to work overnight. You have to put in the hours needed to perfect the art and make your business more competitive in the process.
How to Increase the Revenue of Your SaaS Business
Follow these 10 tips to skyrocket the revenue of your SaaS business:
1. Improve your website’s SEO ranking.
Aside from keyword research, check for the technical aspects. Is the site running as smoothly as you’d expect? Ask your team to test the website before you launch it. If you have already launched it, make sure to provide regular maintenance to keep the performance at peak levels. These are important because if your potential customers can’t access your website due to multiple errors, they will be discouraged to visit it again in the future.
2. Use content to address what your target market wants to know.
Along with your website use your social media pages to your advantage. A lot of your subscribers have access to it. Expect them to be more open about their feedback there. Don’t forget to take down notes when you browse their comments. From there, formulate a list of scheduled content that your team can create. Spread it out on a weekly basis to ensure a regular stream of content for your SaaS site.
3. Personalize your company’s process.
There are tips and tricks to improve your corporate processes that are available on the web. You may freely follow them if they can be readily applied to your company. Otherwise, there’s no point forcing those if they don’t match your team’s culture and practices. Take these tips and tricks with a grain of salt and handpick those you think will provide the most benefit for your business. If there’s nothing that applies to your company, consider formulating your own unique process.
4. Make your software as versatile as possible.
Many people depend on their smartphones to get most of their online correspondences done. However, there are still those who use tablets, computers, and laptops for their daily web-related needs. Make sure to target these groups by optimizing your software to be compatible with all of them. This will not only broaden your reach but will also ensure that your subscribers stay with you.
5. Gradually scale based on your past revenues.
While a business can be a type of risk, it doesn’t mean that you have to risk all your funds in one go. Treat your SaaS business more of a calculated risk that can bring you a lot of benefits if you play your cards right. You may scale your business based on these parameters to get started:
- specific services with the highest demand during the past year
- required slots based on the number of new subscribers within the past month
- revenue obtained versus churn rate
6. Constantly improve on your craft.
This is crucial because if you eventually turn complacent, there will come a time that a competitor will do better than you. This will mean decreased revenues and a smaller number of subscribers. The worst-case scenario is you would be out of business before you know it. Therefore, always make it a point to check for trends and innovations in your field. If you have a unique idea that may work, ask for feedback from your team, and conduct a feasibility study if it’s warranted.
If possible, let your subscribers in on a little bit of your progress. Aside from letting them experience that feeling of belongingness, this will help engage them because there’s something that they can look forward to. This may also help keep them on their toes so they’ll always be checking out the software for the latest updates.
7. Don’t assume that every trend is worth jumping into.
Just because the competitors do it doesn’t mean that it’s automatically helpful for your SaaS business. Examine the new trend and meet up with your team to have their opinions regarding the trend in question. If possible, do a test run with them to see if the trend can bring benefits for your business.
8. Create weekly events.
It may be a webinar, a game, or just an open forum for your subscribers. Whatever it is, make sure that it’s relevant to your software. Make it free for everyone to access. Who knows, these events may also help get new subscribers on board.
9. Contact your new subscribers as soon as you can.
Contact them within the first five minutes from the time they signed up for your service. While this is a chance to upsell them right away, this is an even better opportunity to show them how awesome you are in terms of customer service. Ask if they have questions, hear their concerns, and know what they expect from your business in the long run.
10. Follow-up with customers who signed up for a free trial.
Some people are just there for the freebies. Even if this is the case, still make it a point to bridge the gap by contacting those whose free trials have already expired. There’s a chance that they forgot about your software or just don’t know how to sign up for a paid subscription.
Beyond the Revenue Increase
At this point, you know for a fact that your subscribers are the main driving force that brings revenue to your SaaS business. However, the story doesn’t end right after you get their payment for their subscription plan. More than collecting funds, staying power is another factor that you have to consider if you plan to expand your company further and increase SaaS revenue.