Most startups run a SaaS lifetime deal campaign where they offer free trials or discounts to early adopters. This gives them insight into customer behavior and allows them to offer better services to their customers.
Importance of LTD Campaign
If you are looking at starting a new business or marketing strategy, then you should consider using a lifetime deal program.
What exactly does a lifetime deal mean? A SaaS lifetime deal is a special offer that allows customers to pay only once for a subscription plan in order to get access to a full version of a service.
A lifetime deal campaign can increase brand loyalty and build trust between consumers and businesses.
Strategies for running a Lifetime Deal Campaign:
You’re aware now of the potential downsides and upsides of running LTD campaigns. If you decide that an LTD campaign will benefit you, then the next step is to come up with a strategy.
You cannot just create a campaign without a plan. Here are some of the strategies that you need to consider ⬇
Pick the right pricing
Write down specific details for the deal coverage
Create a plan for upselling
Determining the Pricing
A. Pick the right pricing
A lifetime deal campaign is a long-term marketing strategy where a customer pays a fixed price for their service or product over a period of time.
The customer agrees to pay whatever amount they want at any point during the contract. Customers who sign up for a lifetime deal usually expect discounts from the standard rates.
Lifetime deals can provide significant savings to businesses who offer them. There are three main types of lifetime deals:
• Monthly payment plans
• Annual payments
• Fixed price
An effective lifetime deal campaign requires careful consideration of key components, such as pricing, frequency, duration, and timing.
B. Write down specific details for the deal coverage
One of the most common mistakes that SaaS startups make when offering LTD is not being clear about exactly what is included in the service.
This mistake can lead to unhappy customers, negative feedback, and refunds.
To avoid this issue, you need to be very clear about the coverage when discussing it with potential customers.
Before you start, here are some things you need to know:
- Can clients buy multiple perpetual licenses
- What metrics will be included in the deal?
- If I want a feature that isn’t available in the free version, should I pay for a subscription?
Make sure you know the answers to these questions and more because your potential customers will be asking them.
C. Create a plan for upselling
Creating a plan for upselling a lifetime deal is essential to ensure success. This type of offer is perfect for businesses looking to increase their customer base.
A lifetime deal is a one-time payment that enables customers to subscribe indefinitely. On the other hand, a recurring subscription offers customers the chance to pay regularly for ongoing services or products.
Lifetime deals can also include discounts, free trials, and upgrades.
The key to success is to offer upsell deals that are relevant to the customer, especially those who purchase multiple items from you.
Take a look at these three ways to create a plan for upselling.
1) Offer a free trial
2) Educate them on your company culture
3) Create a loyalty program
To start creating an upsell page, you need to answer two questions: What would I sell next? And how much am I willing to charge for it?
D. Determining the Pricing
Pricing models vary widely across insurers. The most common method involves determining the value of your offering through market research.
There are two main types: i) fixed rate and ii) variable rate.
When determining the price point of your SaaS lifetime deal, there are several things that go into consideration. These include:
1) The value of the service itself
2) The cost of operating the company
3) The risk of the company
4) The size of the client base
There are several benefits associated with running a SaaS lifetime deal campaign:
- First of all, it helps you retain customers longer and also makes them loyal to your brand.
- Second, it allows you to attract new customers at a lower cost.
- Third, it gives you the flexibility to scale up or down depending on your demand.
A lifetime deal campaign is a great way to generate new leads and increase sales.
The idea behind a lifetime deal is pretty simple. You offer a discount or freebie to someone who signs up for a service you provide.
Once they sign up, you give them something valuable (like access to premium features). This gives you two benefits:
1) They get a reward for signing up for your services.
2) They now become part of your email list. This means you can follow up with them regularly over time.
You should always ask customers to pay upfront for their subscription. If they don’t want to, then you should not expect anything from them after they have signed up.
- Build brand awareness by reaching customers when they are looking for your product.
- Create customer loyalty through a recurring purchase.
- Increase revenue per user (RPU)
- Lower churn rate
- Reduce marketing costs
- Generate leads, signups, and sales at reduced cost
Lifetime deal campaign allows you to reach customers at the earliest stage of their buying journey by giving them a chance to try the product before they buy.
It is not only cost effective but also increases conversion rates which means more revenue per customer.
A lifetime deal campaign gives you a platform to learn more about your users and build trust through personalization.