11 Growth Hack Tips to Grow Your SaaS Company

My Post (14)The SaaS business model is one that has been gaining considerable momentum in recent years. The need for useful services and innovative marketing strategies has become the need of the hour. Knowing how to hack your SaaS business growth is key.

63% of businesses prefer SaaS because of more flexibility to changing marketing conditions and 58% due to business continuity.

80% of businesses use at least one SaaS application. Although these statistics look promising, you need to realize that a company needs to keep growing if it wants to survive.

So, how do you grow your SaaS company in a way that will not just help you stay afloat, but keep you way ahead of your competition?

In this article, we’ll talk about the main aspects you need to focus on to grow your SaaS business. We’ll also dive into some super useful growth hacks that will help you acquire an active audience, turn them into customers, and expand your business.

Are you excited? Let’s start!

Keys to Grow Your SaaS Company

There are three main contributing factors to SaaS business growth:

  • The size of your target audience
  • The average revenue per user (ARPU)
  • Your churn rate.

To scale your SaaS business, you need first to understand these factors on a deeper level.

1. Target Audience

You need to build a substantial audience before you plan to make any business from them. Gone are the days when a couple of generic ads about your business would convince your audience.

So what do you need to do to grow your audience? For starters, identify your target customer. There’s no use having a huge audience when not one of them is very likely to invest in you.

Figure out your customer’s challenges and create a niche tool that can help them tremendously in one or more aspects of their business. Remember, you can never be all things to all people.

Determine who you are going to help and how.

2. Average Revenue Per User (ARPU)

The untold truth about growing your business and significantly increasing your revenue is this:

Understand your customer’s value.”

Realizing the worth of each customer will help you:

  • Streamline your marketing efforts
  • Set realistic revenue goals
  • Determine what ways you can implement to increase your overall revenue

The simplest way of calculating how much a customer is worth to you? The average revenue per user.

ARPU tells you the average amount of revenue each user of your service generates for you. You calculate it by dividing the total amount of revenue generated during a specified period by the number of active users in that period.

3. Customer Churn Rate

Customer churn is when your existing customers stop doing business with you for whatever reason.

Although it may sound painful, the hard fact is that every company (no matter how big or small) has a customer churn rate. Once you’ve let that sink in, it’ll be a lot easier to handle.

The first step to addressing customer churn is by finding out what that means for your company. Are you going to measure it by the number of canceled subscriptions? Or by the number of closed/ inactive accounts?

Once you’ve found a way to calculate the churn rate for your business, you can move on to fixing the issue.

What are the Ways To Help Grow Your SaaS Company?

Now that you have understood the importance of identifying your target audience, realizing the value of each customer, and measuring your churn rate, let’s move on to the growth hack tips for your SaaS company.

Here is a list of things you can do to grow your target audience, increase your ARPU, and significantly lower your churn rate. – Read more

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Become PCI Compliant with Liquid Web

My Post - 2020-02-26T180548.993.pngWhen working with credit cards and payment information, one has to be sure that all customer data is safe and secure.

PCI Compliance enforces proper security rules for any business that handles sensitive credit card online.

According to a Pew Internet study, 79% of Internet users worry about how their personal information is being used online by companies, and a full 59% have little to no understanding about what may happen after their data is collected.”

One way to protect your customers’ sensitive data is through PCI Compliance.

What is PCI Compliance?

PCI Compliant web hosting helps protect you and your customers from the hazards of working with sensitive data online. PCI Compliance enforces strict guidelines to make sure all credit card data is protected securely and properly.

This limits the need to worry about a 3rd party intercepting data directly from your network, because you are following a well-thought-out compliance ruleset, and leaves you to work on other security implementations for your organization.

While PCI Compliance doesn’t protect you from all security woes, by having to legally abide by the rules set out by the PCI Standards Council, you are able to make sure the most vital items are checked off your list when handling sensitive credit card data.

What is PCI Compliant Web Hosting?

When hosting websites or servers that take or process credit card transactions, there are certain server-level requirements that must be adhered to. The PCI Data Security Standard (DSS) was created to set the requirements needed of a web-server and it’s network or hosting provider.

This standard requires that a secure network must be built and maintained, with proper firewalls and no default passwords. Anti-virus must be installed an up-to-date, payment transactions are encrypted, and network resources must be regularly tested and monitored for compliance and security issues.

While part of PCI Compliance will be your responsibility or the responsibility of your organization, if you are not actually serving web content and are using a service or hosting provider such as Liquid Web, there are certain security implementations that can only be implemented on the network end of the web server, such as hardening routers and updating web server operating systems. – Read more

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