If you’re looking for ways to make money from your software as a service (SaaS) business, here are ten ideas that I’ve found extremely profitable. While these aren’t the only SaaS ideas out there, they do offer several different methods of making money and they range from the basic to the advanced.
Upselling is one of the best ways to generate revenue in your SaaS business. It works because it’s so easy to add on additional services or features without a lot of extra work. The great thing about up-sales is that they can be done with minimal effort. You don’t need to create a new product line or launch a whole new version of your product; all you have to do is add some text to your existing landing page. This way, you can still provide value to your customers while keeping them engaged.
Freemium is another great way to increase your income by offering products at no cost but charging a price after you get hooked on their service. This method has been around since the beginning of the Internet age, but it still holds true today as people continue to move away from paying monthly fees for websites and mobile apps.
3. Affiliate marketing
Affiliate marketing isn’t something that most SaaS businesses consider, but it should be given the popularity of the internet and how many entrepreneurs are turning into online marketers. As an affiliate marketer, you’ll often find yourself promoting someone else’s service or website instead of your own. However, this is actually a good thing because you won’t have to spend hours creating content and creating ads for every single campaign.
Bundling your products together makes sense if you want to promote more than just one service or product on your site. By combining two or more items into one package, you create a larger incentive for potential customers to purchase both of the products.
5. Membership sites
Membership sites are similar to paid subscriptions in that they require users to pay a fee in order to access certain information or services. This allows you to charge a recurring monthly fee and keep your customer happy. If you’re not familiar with membership sites, check out our article on how to build a membership site.
6. Subscription plans
Subscriptions are a popular model among SaaS companies. A subscription plan usually involves different levels of service depending on the plan. Some examples include a free trial period, a limited-time offer, or the ability to use a specific feature.
7. Pay per download / video
This idea is similar to free trials, but instead of using downloads and videos to get customers interested, you’ll ask them to pay to download the files and watch the videos. This approach helps you get rid of a lot of the friction associated with trying to sell your product.
8. Lead generation
Lead generation is a strategy where you attempt to convert visitors into leads. Once you’ve done this, you can then send those leads to your sales team to close the sale. One of the best ways to accomplish this goal is to write articles and blog posts that help readers learn something new about your niche.
9. Paid advertising
Paid advertising isn’t always an option for SaaS companies, but if you have the budget, it can be beneficial when targeting highly valuable keywords. Using Google AdWords or Facebook Ads for example will allow you to target a very specific audience and reach your ideal customers.
10. Referral programs
Referral programs can be a great way to earn money even if you’re not selling directly to other customers. For instance, you could give a small percentage of each referral’s bill to the referral, thereby increasing the amount of money that you make.
In addition, if a user signs up through a link provided by a friend, you can also refer him or her to your product. Just make sure that you clearly explain what referral means and why it’s important to do so.
The final way to increase your income is to make sure that your customers love your product. If they have positive experiences with your product, they’ll feel compelled to tell others about it. When word gets out, you’ll likely see a surge in traffic and sales.
Profitable saas ideas summary
Remember that although these 10 SaaS ideas may seem like a bit much at first, they don’t take a huge amount of time to implement. Plus, if you put enough effort into your business, you’ll soon discover that these strategies increase your income. So, go ahead and try some of these ideas and see which ones work best for you!