I have an exclusive interview for you... No matter how far I looked, I haven’t been able to find ANY other interviews anywhere with my latest Escape Velocity guest, Justin Shimoon. He just… doesn’t do them.
Freemium? Free trial with a credit card? Or premium only? If you’re asking these questions about your pricing model, then - according to Wes Bush - you’d already be on the wrong path.
What if there was a single number you could measure… one number that you focus all of your attention on... And it would make your business rain revenue like never before?
I believe that great SaaS founders stay ahead of the curve. They’re the trendsetters, not the trend-followers, willing to try something new that makes waves in the market. The problem is that I’ve encountered many cutting edge SaaS businesses whose marketing efforts are too far behind the times.
“HELP! I’m losing customers in the pandemic!” As a SaaS Coach, I worked very closely with a lot of software founders who are nervous that their businesses won’t ever recover from coronavirus. Customers are cancelling, accounts are drying up, and prospects are turning into dust. We have never seen a global economic meltdown quite like this one… so the concern is 100% justified. But listen to me: You are not powerless. Today I’m going to give you a crystal ball.
When you first came up with a price for your SaaS product, I bet you did one of 3 things: Picked a low number because “you’re just starting out” Matched (or beat) a competitor’s price Chose a number based on what you would spend How would you feel if I told you to take that price… and double it?
How do you sell your SaaS? I mean… how does that process actually look, end to end, from meeting a buyer to pocketing a 7+ figure paycheck? Buying and selling a business isn’t like walking into a store, picking an item off the shelf and approaching the counter. There are valuations, due diligence, escrow accounts, handover processes, and more… before the massive paychecks can get cashed. It’s quite a process.
Being a venture funded SaaS founder is like walking into a casino to bet all of your employees’ salaries… every single day. Your decision to make one choice over another - bet on red or black - can cost your company millions. A few wrong bets can dry up your finances and run your company into the ground. But a few consecutive right bets can leave your competition for dead and give you the lion’s share of the market.
Investors WANT to spend their money. Yes, they actually want to write big, big cheques. For years, I believed that the stories of successful SaaS businesses that attracted massive investments were just myths. Unicorns. Until 3 things happened: