How to Launch a Lifetime SaaS Deal for a Successful Fundraising Campaign
For every new founder out there, the dream is to create their own successful company.
Is building a lifetime deal fund for your SaaS company a good idea?
Most entrepreneurs start their business without having enough funding to sustain them through the long haul.
If you want to build a profitable SaaS company, then starting a lifetime deal fund is probably one of the smartest decisions you will ever make.
The lifetime deal fund allows your company to raise funds at a discounted rate.
This means that investors get access to deals before they go public or become publicly traded companies. Once these investments reach maturity, the fund gets repaid.
When launching a lifetime deal fund, you should consider certain things.
- First, you need to ensure that you have a solid plan for scaling your business.
- Second, you need to create a strong brand identity for your company.
- Third, you need to choose a reputable.
What is a Lifetime Deal?
Most software companies offer their products either by subscription (monthly/annual) or through an upfront payment. With a lifetime deal, customers pay a fixed fee for lifetime access.
If anyone buys an LTD they see their savings increase exponentially, as the tool gets more popular and more expensive.
Some SaaS companies offer special features that are exclusive to people who get lifetime deals.
This makes lifetime deals a really good deal for SaaS enthusiasts.
Lifetime Deal Campaign- a real option for SaaS Startups
Every startup has to face the challenge of competing against established companies in their industries.
Startup struggles can be distilled down to two simple factors:
- Customer acquisition 2. Revenue generation
Lifetime Deal Campaign
A Lifetime Deal Campaign (LTDC) is a marketing tool designed to allow companies to offer their customers discounts and rewards over their lifetimes.
The goal is to encourage them to stay loyal to the brand or company, rather than switching to competitors.
This kind of campaign is quite effective in driving sales and profits and has become very popular in recent times.
Companies are starting to realize the benefits of offering deals to customers who continue using their services throughout their entire life.
Step-by-Step process of launching SaaS product
With the rising of product-led growth, where the focus is squarely on attracting the end user, SaaS product launches are larger and take more planning than ever before.
Step #1:
Decide on a pricing model
Before launching a SaaS product, it’s important to figure out a pricing model for it.
Your prospects will be comparing your pricing to that of your competitors.
Pricing models shouldn’t prevent potential customers from using your product, but they should reflect its value.
There are four common pricing models:
1. Timed free trial
2. Free tier offering
3. Tired pricing
4. Usage-based pricing
Step #2:
Do user testing and gather feedback
Testing your product and gathering user feedback will help you decide the next steps for your SaaS product.
Beta testing is when feedback is collected from a selected group of people who represent your target market for your product.
SaaS product testing helps ensure product quality. It often includes testing items like:
- Scalability
- Reliability
- Security
- Overall performance
Step #3
Start promoting your product
There are three ways to promote your SaaS product:
First, you can create a landing page where you sell directly.
Second, you can offer free trials to potential customers who sign up for email lists.
Third, you should always focus on your audience first, then take the time to create awesome content.
By using these methods, you’ll build trust and credibility with your prospects, allowing you to convert leads into clients faster.
Hence, these are proven strategies for generating leads and increasing sales.
Step #4
Setting KPIs and goals
KPIs(Key Performance Indicators) are metrics that track the success or failure of a company or project.
They serve as useful indicators of whether a goal has been achieved or not.
“You don’t measure your performance based on how much you did yesterday”, said Peter Drucker.
If your performance is poor today, you cannot expect good performance tomorrow. You need to constantly evaluate where you stand and take necessary actions accordingly.
Step #5
Create a Business Plan
Building a successful SaaS product requires thorough research before starting development.
This means identifying competitors, understanding customer behavior, or defining pain points.
You need to find solutions for all the steps to building a SaaS product.
These aspects in your business plan will help you realize how to build a SaaS product.
Here are some things to think about when building a SaaS product:
Monetization strategy(pricing model)
There are two main pricing models: fixed price or dynamic(or auction) price.
Each has its advantages and disadvantages. Knowing these differences will help you decide which approach to take.
Some of the wide-ranging SaaS strategies are:
- Freemium
- Pre-user model
- Pre-storage model
- Flat rate pricing
Step #6
Generate leads
Lead generation is important because it allows businesses to identify potential customers who might want their services or products.
There are many lead generation strategies for SaaS Business.
Tip for Launching a SaaS Lifetime Deal
For a successful lifetime deal, you must create a good offer that satisfies both buyer and seller.
The key thing is to provide the value proposition at the right price point.
This means that you must consider the buyer’s budget and the sellers’ expectations before creating a lifetime deal.
Once you’ve done that, you’ll want to follow these steps to launch a lifetime deal successfully.
Final Word
Try to implement the discussed 6 actual steps to build a SaaS product.
Launching a lifetime deal is not just about funding your business; it also gives you access to customers who have already paid for their product or service.
