Powerful Strategies To Boost Your SaaS Business Revenue

The SaaS industry is proliferating, most likely due to the intensified use of technology by companies and individuals. SaaS stands for ‘software as a service.’ Your business retains the license or ownership rights to the software, and your customers pay a regular fee to use it.

According to Gartner, cloud applications will continue growing in the following years, with SaaS applications being most notable and contributing about 50% of the total revenue increase.

So, if you’re a SaaS business owner, this is an excellent time for growth. However, change doesn’t come easy. Many SaaS companies have great products but still don’t grow at the pace they should. Why? Because they aren’t able to develop a clear strategy and focus their efforts on it.

If you’re one of them, keep on reading. We’re offering 5 tips that will help you boost your revenue and grow your SaaS business.

Reduce Your Churn Rate

What better way to boost your revenue than by no longer losing it? Regarding SaaS, attracting customers is usually the most complicated part. Many companies struggle with high abandonment rates, so your goal is to ensure that they don’t go away quickly once customers arrive. Here are a few tips to help you do this:

Errors

Minimize errors and make sure to offer users the best possible experience;

Expectations

Avoid creating too high expectations, i.e., selling something you can’t really deliver, as your customers will get disappointed and leave;

Service

Excellent customer service is crucial for SaaS companies. Showing interest and providing support is the best way to build a trustworthy relationship with your customers;

Survey

If customers decide to leave, don’t be insistent. Instead, invite them to come back whenever they want. However, try to find out why they chose to go, as this will help you make the necessary improvements.

Leverage the Power of Social Media

Any company that wants to grow needs a solid social media marketing strategy. If you don’t have one, you’re probably missing out on many recruitment opportunities, as many people go to social platforms to get info about companies. If you create a solid and appealing social media presence, your customers can share information about your brand and increase your visibility for free! You need to:

• Talk about your company, team, culture, product, etc.
• Produce engaging content regularly
• Adapt your content to your target customers
• Create a community to integrate users by making them part of your company

Focus on Content Marketing

Content marketing is great for SaaS businesses as it helps inform and persuade customers that the company’s product is worth their time and money. That being said, several written formats work well, but here’s one that’s simple and effective enough to get you started.

Begin by stating your intention.

What do you want to achieve with your blog post? This will immediately let the readers know what to expect and guide you through the writing process.

Define your target audience.

This will help you find the right words, quotes, images, and emotions and identify the best distribution channels for your content.

Title

Making sure you get the title right can make a huge difference. Ideally, it should be optimized for clarity, FOMO, and testability. Some examples of catchy formulas include “How to …”, “7 Proven …” and “Did you know …”

Format

Split your article into clear paragraphs, with each section containing one thought. This will make it easier for readers to discuss your article, comment on it, and share it.

Styling

Choose great images and descriptions. Check out how content is displayed on Facebook, Twitter, LinkedIn, and all other platforms you plan to include in your content marketing strategy.

Get the image and description right; depending on the platform, this could be even more important than getting the title right.

Call to action

Finally, once you’ve grabbed your audience’s attention and they’ve reached the end of your article, make sure to give them clear directions of what you want them to do next (call-to-action): sign up for your email list, follow you on Twitter, check out your product, etc.

Add Testimonials

A good testimonial can greatly impact your conversion rate. Although this isn’t a cutting-edge technique, many companies tend to incorporate testimonials that sound unrealistic, emotionless, or not specific enough. Sometimes, testimonials can sound good but seem too generic (and are probably fake).

So, what does a powerful testimonial look like? Here are a few ideas you should focus on:

• Choose testimonials that touch on a significant pain point people want to solve
• Include details and be specific
• Display legitimacy with a photo, name, title, and industry
• Make sure that your testimonials are made by a relevant customer type and that they’re legitimate

Offer Annual Payments

Give discounts to customers who want to pay for one year upfront. This discount can be either 10% or 1-2 months of free service, and it will help you increase your cash flow immediately.

This is a good strategy for 2 reasons:

• You can use your increased cash to invest in further growth
• You make sure you keep your customers for at least one year

Final Thoughts

Frequently, SaaS companies are so focused on creating and improving their product that they neglect enhancing and marketing the sales funnel. But thinking that great products will sell themselves couldn’t be farther from the truth. That’s why allocating resources to optimize your acquisition and onboarding strategies and processes is essential.

Implement these five strategies correctly, and you will manage to boost customers’ trust, help them purchase a paid plan, improve customer retention, and increase your cash flow.