Generating new revenue doesn't necessarily require the construction of a new application. In many cases, SaaS businesses willing to utilize the techniques below will quickly realize additional revenue from their existing application. If your goal is to generate, reinvent, or magically improve your SaaS revenue, read on.
1. Implement a Feature Engagement Campaign
A feature engagement campaign focuses on promoting the benefits of your product or service to your existing customers. Consider sending them customized messages inside of your application that encourages them to try new features or ask for help when they need it.
Fortunately, you can completely automate your feature engagement campaign and allow customers to get the most out of your application and reduce their risk of cancelling.
2. Strengthen Your Dunning Process
A credit card may fail because it’s expired, has reached its maximum limit, or there is an issue with the authorization network and bank. What you do when a customer’s credit card does not charge successfully is known as your dunning process.
Since failed credit card transactions can lose you valuable customers, make an effort to improve your dunning process. You can send emails to your customers and encourage them to enter their credit card information again or let them know their credit card is about to expire.
3. Design a “Win Back” Campaign
The truth is that even if you have an exceptional marketing engagement campaign and strong dunning process, you’re going to lose some customers. That’s where a win back campaign comes in. This type of campaign involves reaching out to customers who've cancelled their subscription and trying to win them back. Exclusive discounts, additional features, and other incentives may be just what they need to come back to you. Even if they don't come back, executing a win back campaign can still be valuable as you'll have an opportunity to discover why they left, who they went with, and what prompted them to do so. This intelligence can directly contribute to feature and process updates and changes within your application or organization.
4. Promote More Usage
Promoting more usage is a great way to boost your SaaS revenue. For instance, if you have a photo editing app and charge based on the number of users or number of photos being edited, you can encourage the owner to invite more users or edit more photos. Build reminder and alert features that engage users to interact.
In addition, you can create training programs to help your customers take full advantage of your application and hopefully encourage them to pay for additional features down the road.
5. Improve Your Guarantee
Prospective customers are more likely to subscribe to your SaaS if they feel like it’s risk free. They want the peace of mind of knowing they can cancel their subscription or receive a refund if your application doesn’t align with their needs and expectations. By improving your guarantee, you can boost your conversion rate and make customers feel more confident about trying out your solution. If revenue is in a lull, announce an improvement to your guarantee so existing users are reminded of your value and see that you are working to reduce their risk.
There are countless ways to grow your SaaS revenue but these five are a few of our most common and trusted.. Let us know how they work for you.