Increasing Monthly Recurring Revenue for SaaS Businesses: 6 Things You Can Do Today

Increasing Monthly Recurring Revenue for SaaS Businesses: 6 Things You Can Do Today

Can we talk about your MRR for a sec?

If you’re like most founders I coach inside SaaS Academy, chances are you:

  1. Obsess about growing it
  2. Overcomplicate how to do it

Truth is, if you’re experiencing a plateau in your MRR, it probably has much less to do with your company’s growth potential, and everything to do with how you’re over-complicating the process of tapping into it.

In this week’s episode, I cover the 6 things you can do TODAY to increase your MRR and set yourself up to toast to a record-breaking ARR in 2019.

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At a high level, here are the 6 things I absolutely want you to start considering:

  1. Raise your prices
  2. Ditch the free plan
  3. Unbundle features
  4. Remove unlimited features
  5. Move up market
  6. Maximize upselling

Now before you start eye-rolling at me through the screen, I really want you to consider the potential impact of raising your prices.

I recently had a client who was charging a cringe-worthy $6/mo for a software that his clients were literally running their business off of.

Meaning, the price to value match was severely skewed against him.

If he bumped that up to a VERY reasonable $25/mo, sure there’s a chance that he’d lose about 10-15% of his clients…

But the net effect would literally be game-changing for him and his company.

If you do nothing else, I’d love for you to take a look at your lowest price tier and just imagine what it would look like if you 2x, or even 5x’d it?

What % of customers could you afford to lose while STILL doubling your MRR?

The quick table-napkin math could literally be the tipping point for your software company this year.

Once you’re done, watch the full episode here, and then drop me a comment letting me know ONE thing you plan to implement this year to increase your MRR.

 


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