For SaaS startups looking to grow and expand quickly, launching a Lifetime Deal campaign offers many benefits.
It allows you to penetrate new markets and customer segments, among other things.
Given the incredible short-term benefits and the long-term growth potential that come with a Lifetime deal campaign, SaaS founders and marketers stumble upon one particular question.
Can you run multiple LTD campaigns for your SaaS product?
Can You Run Multiple Lifetime Deals for Your SaaS?
The short answer is, Yes and No.
In other words, it depends. But don’t fret.
Let’s understand why. When you can run multiple lifetime deal campaigns.
And when not to.
When Can You Run Multiple Lifetime Deals?
Yes, you can run multiple lifetime deals provided you have a clear goal.
You need to have a specific and clear goal you want to accomplish out of each of your lifetime deal campaigns. That is, all your lifetime deal campaigns should be purpose-driven.
It can be anything from rebranding to product revamping.
Let’s take a closer look at some of these scenarios where you can run a second or third iteration of a lifetime deal campaign.
Run a Lifetime Deal On Rebranding Your SaaS Brand
SaaS rebranding is the process of changing the look and feel of a software-as-a-service (SaaS) product.
This includes updating logos, colors, fonts, and other visual elements associated with the product.
However, rebranding can be a costly and time-consuming process. It requires significant care and effort to do it right. Otherwise, it can have an adverse effect on your SaaS startup growth.
When businesses take on rebranding, they tend to leave the brand value, and awareness they had built so far behind. It is because rebranding results in losing all the visual and verbal cues your customer and audience associate with your product and brand.
It is a tricky challenge for businesses to take on and accomplish successfully.
Planning and running a lifetime deal as part of your SaaS product rebranding can help you overcome this challenge and get the intended results.
A poorly executed SaaS rebranding can hinder growth by reducing your conversion rate. It may also increase your user churn rate thereby severely affecting your MRR. Moreover, you may also lose the interest of your potential customers who are yet to convert.
A lifetime deal campaign, with the advantage of giving short-term brand awareness and user sign-up boost, helps you sustain and even increase your product adoption rate.
It is an ideal scenario for SaaS companies to run their second or third-lifetime deal campaign.
Run a Lifetime Deal During a Major Product Update
Rolling out a major product update comes with its own set of drawbacks. And SaaS founders and product marketers need to be prepared for it.
Firstly, it can be difficult to keep track of the changes and ensure that all features are working correctly. Additionally, there is always the risk of introducing bugs or other issues with the new version.
Furthermore, customers may not be willing to upgrade if they feel like their current version is working fine for them. Finally, it can take time for customers to adapt become familiar with the new version, and start using it regularly.
These can affect your product adoption rate and eventually your MRR.
When you are planning to launch a major product update, running a lifetime deal can be an effective way to boost user adoption and engagement. It helps you get more users on board quickly and increase the visibility of your product.
Since you have already run a lifetime deal campaign, you must know that most lifetime deal users are also early adopters. LTD users are quick to explore and identify bugs in different scenarios.
You can also leverage your LTD users to discover new use cases, and get testimonials to use in your marketing activities.
Hence you may consider running your second or third-lifetime deal campaign after a major product update.
On Adding a New Module to Your Existing Product
Adding a new module to your SaaS product is much similar to rolling out a major feature update in its own way.
Even though new modules are an integral part of your product, they can change the overall user experience of your product. And you will need to carefully create feature onboarding steps for your existing users to get the best ROI from your product.
You will need to create a dedicated knowledge base, and create user educational content with examples and detailed use cases. It is all a requirement to ensure customer success. It is a critical factor you must cater to, to ensure a low customer churn rate.
Running a lifetime deal campaign, no matter which iteration, is an ideal solution in this scenario. Lifetime deal users help you discover more use-case scenarios. With the right strategy, you can also leverage your LTD users to generate content (UGC) to help other users adopt and increase their ROI.
Moreover, adding a new module can also potentially expand the customer horizon of your SaaS product. A lifetime deal campaign can help you validate the new changes, and also get the user feedback necessary to stabilize and improvise your product.
These are some of the unique scenarios where you may consider running your second or subsequent lifetime deal campaigns.
Let’s take a look at when you should not run multiple lifetime deal campaigns.
When Should You Not Run Multiple LTD Campaigns?
There are not many, but one scenario where you shouldn’t consider running a lifetime deal campaign.
It is the immediate and obvious reason many SaaS founders and SaaS marketers consider running a lifetime deal campaign. But if this is your only or the primary reason to run your second or subsequent lifetime deal campaigns, you are risking your product’s growth and its future.
It is because the revenue that you get from running a lifetime deal campaign is only a byproduct. And it should never be your sole reason for running a lifetime deal campaign.
You should also consider the long-term impact of running multiple lifetime deal campaigns for the sake of revenue.
Hence never run a lifetime deal campaign for the sake of quickly generating revenue.
Running multiple lifetime deal campaigns can be a great way to validate changes, discover new use cases, and get user feedback. However, it is important to consider the long-term impact of running multiple LTD campaigns for the sake of revenue.
It is essential to ensure that your product’s growth and future are not at risk. If you find a real value-driven purpose for running multiple lifetime deal campaigns go for it by all means.