Guest Contribution by Sherryn de Vos
Do you have a budding SaaS business that you’re working to build? Are you trying to add as much value as possible before trying to sell it? This can be a difficult task – especially when you’re already busy with your daily operations.
We’re here to give you 5 tips that are easy to implement to help you maximize the value of your SaaS business. Keep reading to find out more!
Rebrand When Necessary
In the beginning stages of your business, you may have chosen a name that reflects exactly what your business represents or does. As you’ve grown, your business model may have evolved or changed completely.
What you should know is that it is possible to change the name of your business (either completely or just small tweaks.) A change in your business name can help you show the growth of your company, appeal to new customers, and possibly help rank your website better.
Obviously, a name change and rebranding isn’t to be taken lightly and must be done with much consideration. However, if your product has changed or evolved since the time you began your business, this might be a wise choice.
Your current customers can be notified of the change while new customers may be intrigued about your ‘new’ business. A business name generator can be a helpful tool in identifying possibilities for a new or slightly different business name.
When you choose to rebrand, you may also choose to restructure how your company handles things like payment processing, customer service, and billing options. You may also consider changing your business’ logo, colors, or even a completely reimagined website.
The key to a successful rebrand is to keep current customers happy while attracting new ones and getting rid of any negativity from customers that may not have understood your SaaS model.
Make Your Company Easy to Contact
Chances are, your SaaS business has an option for live chat, emails, and possibly a contact phone number. While live chat and email are great options, sometimes a customer simply wants to speak to a human being.
You don’t really have an office, your employees are remote, or maybe it’s just you running your business. You also aren’t exactly fond of listing your cell phone number for the world to call. This is where a VoIP phone service can come in.
VoIP phone service is simply Voice over Internet Protocol. It can be used from anywhere in the world with an internet connection and allows you to make calls cheaply, regardless of which country you are calling to. This is helpful as your business is or can be worldwide and needs to maintain contact with customers when needed.
It is also helpful in the fact that you can choose to forward calls to whichever phone you’d like – so if your customer service team is taking shifts, they can simply forward the business line to the next person and no one will know the difference.
Because there are so many options when it comes to these services, it is ideal to check out a VoIP phone service buyer’s guide – that what you can see what features you need and not pay for those you won’t!
One other huge benefit of a VoIP service? You don’t need several lines – just one internet connection! This will cut costs while offering a steady way for customers to contact you easily!
Low-Cost Trial Option
Yes, you need to generate interest in your product, but free doesn’t pay the bills. Instead of offering a completely free trial, consider offering a low-cost trial with the potential for a refund if the customer isn’t happy.
You may offer to scale the trial (and the cost) based on the customers’ needs to ensure they are receiving the product that most fits their needs and will be more likely to commit to a purchase. This will also help build a relationship with the customer and make then feel as though you are doing everything to meet their desires.
SEO is Worth a Mention
You already know that SEO is a huge factor in helping people discover you. Be sure that your blog is SEO-friendly and ranks for the keywords that are closely related to your business!
If your content is old, consider doing an SEO audit, finding and removing links that no longer work as well as keywords that are no longer prevalent. If possible, ask for backlinks from reputable sites to help increase your visibility, drive traffic, and increase your domain authority.
Consistently add blog content – a blog isn’t a ‘one and done’ type of project. Update with company happenings, industry-related news, how your product compares to others, and other helpful content that people will want to read.
Getting Ready to Sell
If you’ve noticed that your SaaS business is doing well and you are thinking that it might be time to pass it on to someone else, you absolutely must receive a 409A valuation. This valuation will help you in your exit strategy and ensure you receive a fair price for all the work you’ve put into the business.
When you’re ready, the easiest way is to go about this valuation is to use a 409A valuation calculator. You’ll get a non-biased answer as to what your business is worth, and if the number doesn’t match what you’d like, you’ll be able to see where you might be able to improve.
Sometimes these changes are as simple as cutting your budget in certain areas while other ways to improve may take a bit longer – such as the rebranding process mentioned above.
( Also Read: The Top Key Tools You Need to Kickstart Your SaaS Business )
Wrapping Up: Maximizing Value Can Mean Maximum Effort
Maximizing the value of your SaaS business may take a ton of effort to see results quickly. If you choose to take a slower plan of action, the value will likely increase accordingly.
If you’re ready to work hard and make the changes needed to see the value you want, there shouldn’t be too much stopping you!
Sherryn de Vos is living in the beautiful city of Cape Town. She worked with a startup brand that launched in South Africa called GoBeauty where she was assisted with content generation, as well as conceptualized events focused on women’s health, entrepreneurship, careers, and tech to run alongside the brand. She has extensive experience in writing and uses a lot of her practical experience to create useful content in the business, finance, and marketing world.