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Hopefully the below ramble makes sense, trying to be productive with minimal sleep 2 days into a new baby's arrival.
So for the past 12 years or so I've successfully operated a consulting firm in the construction industry, but for the past year have been developing a SAAS product with a difference that really addresses our client's needs. It will bring huge growth, beyond what I can hope for with the traditional consulting and has had great feedback so far. A few major clients letting me down lately has been the catalyst for fully pivoting how I do business, gravitating away from the traditional consulting model.
The two main challenges are reach/exposure and pricing.
Knowing there are a few successful SAAS entrepreneurs here, it seemed a good place to ask for some qualified opinions - and document what works for me and doesn't as I go.
Would love to hear from any seasoned vets that might have a few insights?
1 - Price of service I've chosen value based pricing and am fairly confident in that decision. But I'm always one to be proven wrong, so will throw it out here in case someone with a track record disagrees.
The initial target would be $1m revenue over 20 clients. $3-50k up front or similar is fairly common in the industry.
Not sure I like the idea of free trials or monthly subscriptions but open to at least evaluating all options if someone else has had success.
The alternative is a more affordable package in the hundreds per month. too easily cancellable, clients could very quickly become more work in upkeep than their value. But the cost per acquisition drops massively and it's arguably easier to get 200 companies to take a punt and spend $400 for something that might solve a problem that it is to gain 20 companies spending $50k. But it doesn't give them buy in, drops the level of service and the list goes on.
2. Reach: Cold outreach via email/linkedin has given a relatively low uptake (1% or so so far). It's been low cost too so that isn't a huge problem. More active in LinkedIn will bring a bit of engagement but there is probably an more effective route.
The challenge is that the service is quite niche so I'm looking for as close to a golden bullet I can find between impact and cost - initially. Working the existing client base is proving slow but effective.
I've a fairly captive audience/network on linkedin of around 1500 people. Probably 300 are in a position to be considered targets. The platform has become very bloated with everyone selling something and people are tired of it. The cost per acquisition is forecast at approx $2500 for paid ads. No evidence to suggest it would be that price or effective, Something for the toolbox but maybe from a supplemental point of view.
Utilising the existing network is an option if I approach it with some finesse, posting and taking an engagement approach is a little too passive and a slow burn which I don't think is the answer - more something I should practice long term.
Linkedin direct messaging / again has yielded some results but is probably not the most efficient spend of time and money.
So road hump one, any advice on cost effective leadgen for a niche SAAS?
Profile of the right client are my existing clients. A campaign will be set up but the nature of the people in the industry probably means results will be limited.
Google - 4/10, The right people aren't likely to be googling for a solution
Social Media - 2/10, the majority aren't likely to be on facebook or insta
Linkedin - 7/10, the audience are there, but they're also ad fatigued. Posts are probably less effective, cold outreach a bit higher of a hit rate.
Old school direct email
So for the past 12 years or so I've successfully operated a consulting firm in the construction industry, but for the past year have been developing a SAAS product with a difference that really addresses our client's needs. It will bring huge growth, beyond what I can hope for with the traditional consulting and has had great feedback so far. A few major clients letting me down lately has been the catalyst for fully pivoting how I do business, gravitating away from the traditional consulting model.
The two main challenges are reach/exposure and pricing.
Knowing there are a few successful SAAS entrepreneurs here, it seemed a good place to ask for some qualified opinions - and document what works for me and doesn't as I go.
Would love to hear from any seasoned vets that might have a few insights?
1 - Price of service I've chosen value based pricing and am fairly confident in that decision. But I'm always one to be proven wrong, so will throw it out here in case someone with a track record disagrees.
The initial target would be $1m revenue over 20 clients. $3-50k up front or similar is fairly common in the industry.
Not sure I like the idea of free trials or monthly subscriptions but open to at least evaluating all options if someone else has had success.
The alternative is a more affordable package in the hundreds per month. too easily cancellable, clients could very quickly become more work in upkeep than their value. But the cost per acquisition drops massively and it's arguably easier to get 200 companies to take a punt and spend $400 for something that might solve a problem that it is to gain 20 companies spending $50k. But it doesn't give them buy in, drops the level of service and the list goes on.
2. Reach: Cold outreach via email/linkedin has given a relatively low uptake (1% or so so far). It's been low cost too so that isn't a huge problem. More active in LinkedIn will bring a bit of engagement but there is probably an more effective route.
The challenge is that the service is quite niche so I'm looking for as close to a golden bullet I can find between impact and cost - initially. Working the existing client base is proving slow but effective.
I've a fairly captive audience/network on linkedin of around 1500 people. Probably 300 are in a position to be considered targets. The platform has become very bloated with everyone selling something and people are tired of it. The cost per acquisition is forecast at approx $2500 for paid ads. No evidence to suggest it would be that price or effective, Something for the toolbox but maybe from a supplemental point of view.
Utilising the existing network is an option if I approach it with some finesse, posting and taking an engagement approach is a little too passive and a slow burn which I don't think is the answer - more something I should practice long term.
Linkedin direct messaging / again has yielded some results but is probably not the most efficient spend of time and money.
So road hump one, any advice on cost effective leadgen for a niche SAAS?
Profile of the right client are my existing clients. A campaign will be set up but the nature of the people in the industry probably means results will be limited.
Google - 4/10, The right people aren't likely to be googling for a solution
Social Media - 2/10, the majority aren't likely to be on facebook or insta
Linkedin - 7/10, the audience are there, but they're also ad fatigued. Posts are probably less effective, cold outreach a bit higher of a hit rate.
Old school direct email
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