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Covering a very wide market can be an exasperating experience! After solving thousands of pains for all kinds of companies in every different market, Aaron Krall finally got fed up and decided to niche down. So he started a group called SaaS Growth Hacks five or six years ago, and it now has 27,000 members.
Aaron Krall is the former Brand Manager at L’Oréal and the former VP of Marketing at Lead Generation Specialists. He also founded a SaaS growth accelerator to help companies with their SaaS growth, and he developed a new SaaS software.
When Aaron started SaaS Growth Hacks, he did not know much about SaaS. He did not have a SaaS product either. He simply emailed SaaS founders and asked them to share any problems that they were having.
When he first started contacting SaaS founders, he felt out of his league and inadequate. Over the past five years, Aaron has spoken to at least 1,000 SaaS companies and worked with hundreds of them. So now he feels that he has a pretty good grip on the market.
Aaron looked at all the data he collected over the last five years. He came up with the top 20 percent of everything that can be done with a SaaS company to make the most impact and get massive growth quickly.
When Aaron finds SaaS companies he can help, he implements that 20 percent to give those companies a guaranteed revenue increase.
The companies Aaron can help the most usually meet three criteria:
- They are the best-kept secret in their market.
- They are succeeding despite themselves.
- They have excellent use cases, customer stories, or customer loyalty.
When companies meet those criteria, the founders usually:
- Do not yet have a product-market fit. So they do not know who they can serve the most.
- Tend to undervalue their service and do not realize how valuable it is to their customers.
- They do not leverage partnerships.
Identify your current customers who have paid you the most money and have been around the longest. Talk to them and find out what pain you could be solving for them. (Go to Aaron’s Facebook page and ask him to send you the interview questions he uses. He will be happy to share them with you!)
Aaron asks his customers what the highest amount would be that they would be willing to pay for his SaaS product.
Aaron prefers to work with those clients who have partners out there who would love to work with them and are willing to increase their price and increase the perceived value of their product.
Generally, most SaaS companies are undercharging because creative people tend to undervalue what they create.
Aaron does not usually recommend raising your price for current customers.
If you can solve something no one else is solving, you will automatically have a mini-monopoly.
It is easier to find customers when you know who you’re going after.
An equation I used to grow from zero to $30,000,000 in ARR in less than six years:
- Have the big promise for a big outcome at the top
- Add the certainty of the solution you are offering
- Add how fast you can deliver the result and how little hassle will be incorporated in that result
Ideally, you want to 10x the outcome of the solution you are providing.
Partnerships can be broken down into three categories:
- Channel partners: Those are people who have built an audience similar to yours, who will promote you to their audience.
- Content partners: Find all the articles, listicles, and blogs that talk about the top 10 products in the market in the same category as yours, and try to get your product into those.
- Deep integration partners: Integrate your product with someone else’s product in some way.
As a founder, ask yourself what real estate is unused currently in your market that you could leverage while also benefiting someone else.
You can find a lot of unused real estate in expired trials.
If you have a retargeting list, that is real estate that you could rent to another company.
You can also create partnerships by sharing Facebook audiences with other people on Facebook.
Look at where your traffic spends its time and be aware of what they are looking at. Those are called traffic streams, and within them are transaction points. Come up with creative ways to get integrated into those traffic streams and transaction points.
You can also get to know who your target audience is and do some outreach towards them.
SaaS companies should not do free trials anymore because SaaS products are no longer something new or different. So instead of focusing on the offer of getting a free trial, focus on getting the outcome for free.
Links and resources:
Apply here for a Revenue Growth Consulting Session with me, Ryan Staley.
Aaron Krall’s website
Aaron Krall on LinkedIn
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