13 May 2022 By: Brett Farmiloe
What is one strategy for a SaaS company to drive more leads and increase MRR?
To help you increase MRRs on your SaaS offerings, we asked CEOs and marketing professionals this question for their best strategies. From using paid marketing to setting up email drip campaigns, there are several ideas that may help you generate more leads and increase your MRR as a SaaS company.
Here are 11 SaaS lead gen strategies for increasing MRRs:
- Use Paid Marketing
- Evaluate Customer Satisfaction in Depth
- Separate Your Outstanding Features Into Ad-ons
- Run a Referral Program
- Build a Social Media Community
- Add a Guest Posting Feature To Your Blog
- Go Deeper Rather Than Broader
- Put Quality First
- Offer a Comprehensive Free Trial
- Create SEO Alternative Pages
- Set Up an Email Drip Campaign
Use Paid Marketing
If you are a SaaS company, you should know that the sales funnel is different from that of regular companies. The conversion rates in each stage will be minimal compared to a regular company. Hence, the focus is on driving more leads and increasing MRR (Monthly Recurring Revenue).
One strategy that can drive more leads is paid marketing. Here, we can use Facebook Ads, Twitter Ads and LinkedIn Ads etc., to target specific audiences related to our product or service. It helps reach out to people looking for a solution similar to ours.
While it will rarely directly increase your bottom line, paid advertising on Google or Facebook can help raise awareness of your brand among potential customers and lead them to become return visitors over time. Many SaaS companies have used this effectively in conjunction with content marketing.
Muskan Rai, Web Hosting Advices
Evaluate Customer Satisfaction in Depth
It is never a smart idea to misjudge your clients’ feelings. What they think and feel about you is critical to the success of your business. This allows you to regularly maintain and increase your MRR. Make certain that your customers are well taken care of and that they receive consistent individualized attention. When you keep your consumers satisfied, they become fiercely loyal to you and promote your business.
Edward Mellett, Wikijob
Separate Your Outstanding Features Into Ad-ons
As a SaaS product, you will almost certainly introduce new features to your product at some point. Even if you don’t, your product will include functionality that can be divided to make an add-on. Instead of lumping everything together under a single pricing umbrella, you should think about a more creative approach to offer these things. I believe this will work fine if you have a core service with no additional features. This will benefit your product in two ways. You can charge a premium for the add-ons (raise your MRR), and you’ll have more features to sell upgrades to those that want them.
Jay Bats, ContentBASE
Run a Referral Program
A great strategy for a SaaS company to drive more leads and increase MRR is to run a referral program. Referrals are the highest converting marketing channel, with closing rates that can go as high as 16%. From my experience, referrals can also help reduce customer acquisition costs by up to 50%, and they can help companies grow 2x faster.
Lisa Richards, The Candida Diet
Build a Social Media Community
Create an amazing social media community, such as a Facebook group, with the help of a dedicated community manager. These Facebook groups can be an excellent way to discuss your product, provide updates on new features, answer consumer questions, and provide members-only discounts. Additionally, it is an excellent method of establishing trust and credibility with prospective consumers. Above all, social media community members can become passionate advocates for your business.
Hector Ruiz, BBQ Grill Academy
Add a Guest Posting Feature To Your Blog
Add a guest posting feature to your business blog. Guest posting allows you to bring in new and experienced perspectives to your blog while simultaneously opening up your business to new potential leads. GuestPosters are often likely to share their posts among their own social networks, gaining your blog and your product new exposure. It also allows for a great networking opportunity, as an invitation to guest post is a great excuse to reach out to experts and business leaders you respect and would love to make business connections with, laying the groundwork for other productive and profitable collaborations.
John Jacob, Hoist
Go Deeper Rather Than Broader
Go deeper rather than broader. Ask the hard, foundational questions. Whom can you serve better than anyone else? Why should your prospect choose you instead of one of your competitors? When you begin to ponder these questions and when the proverbial lightbulb goes off in your head and the big idea reveals itself. Then you can tailor your messaging to exactly suit your ideal prospect and then your conversion rate will increase. In order to keep MRR (monthly recurring revenue) high, you need to survey your customers and ask HOW you can help them further and WHAT they need from you. The needs and wants of a prospect and an experienced user might be quite different. You may need to craft a new value proposition for existing customers.
Ross Kernez, Health Plan One
Put Quality First
Quality is your unique selling point! In my opinion, putting quality first will never risk your monthly recurring revenue. The product’s quality should speak for itself. Especially in the case of SaaS models, it is essentially the factor of quality that determines the outcome. You must guarantee that the aforementioned quality and value are properly communicated to your clientele. This is a great way to keep your subscriptions active and increase your MRR.
Dr. Frederik Lipfert, VPNCheck.org
Offer a Comprehensive Free Trial
One way that a SaaS company can drive more leads and increase their monthly recurring revenue (MRR) is by offering a free trial period for their customers. This has two major benefits. First, free trials allow prospective customers who are on the fence about buying into your business to experience first-hand what your product has to offer. With many products, this is enough to get the customer hooked and encourage them to sign up for the paid product.
Second, a free trial can also be used as a marketing tactic. The customer who signs up for your free trial will be given access to all of the features of your product, which means they will be able to explore all of your product’s best features. If they choose not to buy the product at the end of the trial, they will still leave with a great impression of what your product can do, which opens up future sales opportunities.
Sam Speller, Kenko Matcha
Create SEO Alternative Pages
If you are working in a SaaS category with a decent amount of brand organic searches for multiple providers, it’s always a good idea to create a comparison page. These tend to cover keywords “NAME alternative” pretty well. However, what really helped me when I was leading several SaaS businesses is to create “Best NAME competitors” type of posts. These posts are more like blog posts, where it’s recommended to summarize what a provider offers and list 5 to 10 best competitors, where pros and cons are listed. It’s purely informational and can include several other competitors alongside some complementary solutions.
Matej Kukucka, Marketing Player
Set Up an Email Drip Campaign
One strategy is setting up an email drip campaign that sends targeted emails to your leads can help with this. Email drip campaigns help you stay in touch with your leads and keep your brand top of mind with them. They also collect data about your leads as they interact with your emails. This data can then be used to further target your next set of emails, increasing the likelihood of receiving a conversion.
Adil Advani, MyPrep