Over the past 5 years, FE International has been privileged enough to work with a wide range of successful software as a service (SaaS) entrepreneurs who have built up and sold profitable businesses online. With an ever-growing list of success stories like those you are about to read, it’s no surprise that we are seeing a steady increase in buyers looking at SaaS businesses for sale.
We have asked some of the most successful SaaS business owners and industry experts to share with us their knowledge on one very interesting question:
“What Is Your Top Tip for Growing a SaaS Business?”
The responses that we received were varied but here are some brief highlights of our expert’s tips:
- Truly understand your customer’s needs – Taking the time from the outset to talk to your customers directly (on the phone or in person) to gain an intimate understanding of their needs is essential before trying to scale. You’ll also be amazed at what useful information that you uncover.
- Charge more, but still provide outstanding value – Experimenting with pricing plans can have a huge impact on how fast your business grows. Price your software in a way that enables you to provide insanely over the top customer support and service. Your early customers will love you for it and will tell other people in their industry.
- Put yourself in your customer’s shoes – Take into account true user experiences and their journey with your service before making important decisions. Having empathy and a deep understanding of your target market will ensure that happy customers become evangelists of your service – this is essential free marketing during the start-up stages.
- Outstanding service even before they are paying customers – By giving everyone (even your free trials) amazing support, you can really build trust in your brand and in turn convince more people to begin paying for your service.
- Start your list-building as early as possible – Most people aren’t ready to commit to your product the first time they hit your home page, so if someone’s only option is to sign up, or even to start a free trial, you might be missing out on a lot of potential users. Plus, should you ever branch out and try launching another SaaS product – whether or not this one is a success – that list is a solid head start for your marketing efforts.
Read on for more detailed responses on how to grow a SaaS business from our panel of experts.
You can vote for your favorite tip at the bottom of the page!