How I Decreased My Customer Acquisition Cost by 80%

Posted in Stacks on June 4th, 2023

There are a HUGE amount of people who think that gathering up the courage and resources to finally launch their own start-up was the worst part of the journey

They say “ I have an idea then it will work”

If only it were that simple….

In fact, Acquiring customers at the beginning of your business is the hardest part of all , as long as it’s the base “ Revenue” of your business and the only thing that will make you continue in the game. Well, today I’m going to demonstrate to you a technique that covers every single detail you need to know; which ensures that you get high customer acquisition . In other words, high revenue from a meaningful product You will be at the beginning of the success road, by Following these six phases subsequently in this technique Keep reading to know how….

If you’re serious about implementing your startup idea that might change the world and connecting with your customers, you need to be very systematic in each and every step.

Otherwise, you’re taking the “Bleeding-Edge approach” to your business.

You will be at the beginning of the success road, by Following these six phases subsequently in this technique

Keep reading to know how….

Baby boosters Technique

baby Steps

Simply, You can’t teach the baby how to run before you teach them how to walk Put Some Graphs to show our improvement and graphs about customer acquisition improvements Put Some Graphs to show our improvement and graphs about organic traffic improvements

Phase 1: Identifying your Product “Creeping Phase”

Starting a start-up could begin with an idea which should be followed by a constructive strategy but the in this phase your main focus is on the idea “product”

Thus, you are still a new baby born dreaming to walk, so you will start in the very first phase by moving your arms and legs in a coordinated manner with your belly on the ground.

So let’s highlight the main points you should take care of

Value of the product

Your product has to be a meaningful one, solving a serious problem that your prospective customers face.

Most entrepreneurs think that “ You only follow your gut; you don’t listen to your customers, Which is totally wrong you made a product/service with the least priority therefore you won’t gain any revenue which leads to business failure

Competition

Competition is an inevitable part of the business world. It is not a necessary evil, rather, it is a crucial component of the business ecosystem.

You might not know the next step in improving your services until you see a competitor do it, or until they do something that inspires a unique idea for your business.

Studying your competitors and knowing their competitive advantage, weak points, missing parts, and how they attract their customers, which will help you improve your brand and serve your customers better.

In other words, The secret sauce of your company is highlighted by your competitors

MVP: Is to do the minimum features in your product and start doing surveys requesting for opinions or information

Therefore, you have to take a few steps to make an effective survey in order to get it done:

  • Using Facebook groups, Communities, and Product hunts

Thus, you’ve to do plenty of meetings to give prospective customers an opportunity to test the product making sure that our product is actually solving a problem

  • The purpose of these meetings is to get their feedback concerning your product, like what features they would like to be added ?, Does the product serve their needs? …etc
  • All of these questions will help you to enhance your product and fix any pain points you had

In some cases, the marketing or customer acquisition trend might need to be clarified for your business or could end up costing you more in the long run.

At the beginning of structuring your new baby bloom business, one of the hardest things you will face is getting your first 10 customers into the final phase, “subscription”

In this stage, things begin to get serious, You have two main roads and you must work on them parallel and don’t drop down any of them because you have two sources of Revenue “Outside sales, Organic Traffic “

first Road

The First Road Phase two Outside Sales “The Crawling Phase”

Your main focus isn’t totally on the revenue, in fact, it’s validating your product, does it really solve an issue for your prospective customers, and if it does, are they willing to pay money for it?

As for you as a new baby born in the business, you will start moving by crawling in different directions

What Are Outside Sales?

about presenting products and services in person. where they are responsible for creating positive customer experiences and buying journeys.

They also must not rely only on effective verbal communication but also on efficient nonverbal signals, They have to do a lot of networking. They are all about developing and maintaining lasting relationships with customers and clients.

For example:

Would you rather get a phone call or an in-person visit from your best friend?

But think back to your best friend’s case, sometimes you can’t beat conventional face-to-face communication. This is exactly the same concept of why outside sales are very much alive and effective today

The Importance of Sales In an Organization

No matter how good your operation is, how cutting-edge your technology is, how tight your financial goals are, or how progressive and forward-thinking your management techniques are, you must still have a great sales mechanism in place, or everything else is useless.

As Henry Ford said, “ Nothing happens until someone sells something ”

So sales still play the most essential role in every business, and that’s why:

1. Cash flow is the ‘life-blood’ of every business.

Cash-flow management has always been critical to business sustainability, as we all know sales are the main revenue source for a company. Without that, a company will suffer a steep loss. It also plays an important role in the company’s ability to withstand the market. There is no other department or business function that has a greater impact on the development of critical cash flows than sales (and marketing).

2. Relationship Building

Nowadays , modern sales focus on relationship-building between the buyer and the seller.An effective salesperson can understand the buyer’s needs and develop a rapport by delivering a persuasive (not too pushy) message differentiating the company’s product from its competitors.

Seven Skills Every Sales Representative Should Have?

  • They have to make sure that their communication and Presentation skills are up to scratch,So they rely on everything from basic sales tactics to more complex sales cycles to develop lasting relationships.

  • CommunicationEffective communication skills across platforms (email, cold calling, LinkedIn messaging, etc.) are one of the most important skills a salesperson can have.

  • Not only do salespeople need to have excellent interpersonal skills, but they also need to be able to translate them into all kinds of communication.

  • Mindset, where they can take rejection after rejection and instead of getting discouraged, focus on how to get the next customer to say yes

  • Product Knowledge knowing everything about their product or service and how it compares to the competition

  • Asking Questions Sales representatives have to know what kind of questions should be asked because you’ll never get to the bottom of what your customer needs if you don’t learn to ask effective open-ended sales questions.

  • Storytelling Sales representatives have to be a good storyteller in order to make connections. One surefire way to do that is through storytelling. Where It engages logic and emotion, both of which are necessary for a buyer to feel comfortable moving forward with a purchase.

  • Problem-solving skills To help customers find the best product or service, outside sales representatives need strong problem-solving skills. These skills allow them to analyze a client’s needs and easily come up with a product or service that meets them.

Fundamentals Of Responsibilities In Outside Sales “Tips and Tricks”

The better you know what you want to achieve with your marketing tactics, the easier it will be to create a fully-fledged customer acquisition plan that actually converts

Therefore, You should follow the following steps to get the perfect results you need:

following Steps

Find Target Audience

It’s important to start spending some time understanding who you are trying to sell or in other words know your targeted audience. Basically, you want to target people who will buy your stuff.

Look at the market research for your industry to determine where there are holes in service that your product can fill. Keep an eye on market trends for similar products to see where they are focusing efforts, then hone in further on your product’s unique value.

Approach the customers

Most importantly, you want to understand what challenges and pain points your ideal customer faces that your product or service can fix, and position your product or service accordingly.

Most people are more inclined to purchase from you if they feel their experience is personalized to their needs. That’s why you should start by surveying people who represent your ideal customer segment.

Arrange Meeting

Try to contact your targeted customers and arrange an onsite meeting with them. You may meet a client before or after business hours to connect with them.

Outside sales representatives must travel to meet their clients in a location that’s convenient for them, such as their home or office, a coffee shop, or a conference room.

Meet the customers

Give your prospective customers everything they need to know about this product in order to help them make a purchasing decision. You should prepare some things before you go to the meeting:

  • You have to prepare a clear, logical, and practical presentation describing your product and justifying all your powerful or advantages points you have rather than your competitors

  • The best way to attract new customers is to put yourself in their shoes. Once you understand how they think and what they value, it becomes much easier to position your product in a way that’s attractive to your prospects.

  • Focus on the problem they have by which your product will solve their issue, Make the whole conversation path on how your product will benefit your prospective customers and how it will have an extensive impact on their revenue

  • Provide a product demonstration and answer any questions about their services.

Enter into Transaction and Follow up

Now we have two scenarios:

a) Best Case Scenario

If they are convinced of your product, they’ll make a purchase, and you’ve acquired a new paying customer. where the last step is to finalize the terms and conditions and most importantly you have got to keep following up with the customer to make sure that the deal is done

b) Worst case scenario

Give them an attractive offer (If the client is a brand don’t give it to them, or you may give them a 2-month free trial) If the prospective customer still refuses to pay you may offer them a free usage of your product within a specific period of time

where he can have a full experience with your product, having access to all its features, which is a win-win situation your goal is to acquire an early customer despite the revenue you will have

Privileges of Acquiring Early Customers:

  • 1. Will give a full review and honest feedback about your product

  • 2. Putting a brand name using your product is an efficient way to build trust with your prospective customers

  • 3. It can help you expand your brand awareness

Pros and Cons of Outside Sales

Pros

Let’s take a look at some of the main perks of an outside sales model.

  • Develop stronger client relationshipsAs I have explained earlier, Outside sales enables your team to build relationships with each customer and tailor the sales process to their exact needs.

  • Higher close ratio: Outside salespeople spend much more time tailoring pitches to warm leads, making them more likely to complete a sale. However, if you’re selling to large clients, then face-to-face meetings can be more influential than an email or a video call. It’s also easier to manage complex sales processes that involve many decision-makers.

  • Leads are motivated to spend more money: Face-to-face meetings typically last longer than a phone call, so they can motivate leads to spend more money on your company.

Cons

  • It’s difficult to coordinate everyone’s schedules: If your outside salespeople are frequently expected to manage many leads simultaneously, it will be time-consuming.

  • Excessive paperwork is a long-term process it takes time especially if it is a brand because they want to ensure their rights

  • Sometimes it’s not as smooth as it should be because you’re dealing with a multinational mindset, not a Saas mindset

SEO

The Second Road Third Phase SEO “The Stepping Phase”

I totally recommend working on SEO at this early stage because it’s the leading way to get traffic in the long term, which will lead them automatically to the subscription phase. All you need to do is to start searching for keywords to write blogs and Studying the SEO tools and Google Analytics

Just like the baby when he starts to put his feet on the ground

What is SEO?

(SEO) is a technique for increasing website traffic by raising your search engine ranking, which is an excellent approach for people to learn about your brand. As a result, these efforts will increase the chance for more conversions, which leads to more customers and more revenue.

Why are search engine optimizations (SEO) essential?

SEO can help your business generate authority, traffic, and leads from your target audience without spending a dime on paid ads and this will happen eventually by ranking high in search engines

How to rank on the Google Search engine

Ranking high gets you free, passive, and consistent traffic monthly, Search engines have a single goal. They aim to provide users with the most relevant answers or information.

Therefore, this topic consists of two types:

  • OnSite SEO “On-page SEO”

  • OffSite SEO

Now let’s break things down and explain each one of them:

Onsite SEO

On-page SEO is among the quickest methods to enhance your Google rankings.

This consists of fixing everything related to your website and making the website ready for search engines to crawl its content and understand what’s written

In this way, your website is optimized for both humans and search engine bots.

Offsite SEO

This is different from off-page SEO, which is optimizing for signals that happen off of your website (for example, backlinks).

refers to actions taken outside of your own website to impact your rankings within search engine results pages (SERPs). Along with on-page SEO, these include several of the factors of basic SEO that help you rank your site.

  • There are multiple techniques and factors, both on-site and off-site, that can help grow your website’s ranking on social media and ultimately lead to more traffic and conversions to your site

We will start with the Onsite SEO, here are the most essential parts that we will cover

8 Onsite SEO Essential Optimizing factors:

  • Title Tags

  • Internal Links

  • Eye-Catching Headers

  • Image Alt-text

  • Site speed

  • Mobile responsiveness

  • High-Quality Page Content

  • Core Web Vitals Google bots accessibility Content duplication & keyword cannibalization”

  • Title Tag
    In the results page of a search engine, the title tag is displayed above the meta description, but beneath the URL, if it’s possible to incorporate important keywords into your titles. Also, they should be straight to the point, and consistent with the brand.

  • To be more effective avoid using CAPS, or too many keywords, and Try to limit it to 60 characters.

2) Internal Links

The act of hyperlinking to other useful pages on your website is known as internal linking. Internal links are essential for on-page SEO since they direct users to other pages of your website, keeping them around longer and thus notifying Google that your website is beneficial and worthwhile.

Also, the longer visitors are on your website, the more time Google has to crawl and index your site pages. This ultimately helps Google absorb more information about your website and potentially rank it higher on the search engine results pages.

3) Image Alt-text

Image alt-text is like SEO for your images. It tells Google and other search engines what your images are about, which is very important because Google currently provides almost as many results based on images as they do on text.

It’s possible that customers may be finding your websites through your images. In order for them to do this, though, you have to add alt-text to your images.

    So, there are some points you should take care of:

  • Make it descriptive and specific,
  • Make it relevant to the rest of the page’s content.
  • Keep it short not longer than 125 characters.
  • Use keywords sparingly, and avoid keyword stuffing

4) Site Speed

One of the most important factors was site speed; the site should be quick whether the consumer views it on a mobile device or a desktop computer. If your site takes too long to load that’s not a good indicator as your visitors aren’t going to stick around, for that reason google care the most about the UX

  • Also, site speed can affect conversions and ROI.

5) Mobile Responsiveness

It’s vital to pick a web host design and theme, and content layout that’s readable and useable on mobile devices. If you’re not sure about your own site’s mobile readiness, Use Stacks tools to build Mobile – Friendly application

6) High-Quality Page Content

There is a classical tactic to use the Target keywords in the first 100-150 words of your article

First of all, choosing your article topic

Writing the article topic should be followed by specific strategies and those two are the most famous and I personally followed

  • Go to Guidebook

  • Surveys Strategy

Meanwhile, you have to extract the keywords of that topic, which has thousands of volumes and medium difficulty. I also recommend adding free tools to start with

For Example: How to choose the best WordPress mobile App Builder

Therefore there are things to avoid while choosing the keywords for the topic

Blackhat SEO

Black Hat SEO tactics can get your website banned from Google and other search engines. Though there may be some short-term success through increased traffic to your site, Google penalties are getting more and more sophisticated and can have devastating effects on your rankings and traffic. With hundreds of millions of users searching on Google per day, can you really afford to be de-indexed?

Avoid useless content

Linkreators will never share any boring or duplicated content, What you write needs to be unique enough for people to get interested and care to share it with their audience, which will lead at the end of the day you will get high-quality Backlinks.

As for the Off-site SEO, one of the most critical elements is :

Linkreators

These people have the power to share and link to your content. Moreover, you will not share the article with your target audience, You’re targeting the people who like your content and can share it with your audience, Those are called the linkreators

  • In other words, their content appeals to the latter group that can’t possibly share or link to your content

First, you need to know you don’t need the people to visit your article because these people will NEVER link to your website. Why? because they don’t run a website in your niche. You currently need the people who run websites in your industry, as simple as that.

Whereas, If you create content for the masses, you might get a few social shares, but you won’t get any links, and that is not what we are looking for

Linkrettors will not share lits posts with little bite-sized tips, they will share posts that cover universal detailed topics

How to get linkreators

Step 1 Find link creators in google

Step 2 ‘ Best of…’ Lists

Step 3 Who Links to Linkreators

What I mean by these steps:

1- Search google for the keyword of your website or Product “For Example Mobile App Builder”

2- Get the best articles talking about the topic, you can search for “8 best blogs talking about the topic Web development Agencies”

3- The blogs are linkreators

4- The blogs linking to those blogs are linkreators as well

  • Top Agencies you can contact to give you a consultancy through the process and guide you in the right direction ( Manta, Delante, Titan Growth)

Reporting Tools

1. Google Analytics

2. Google Search Console

1- What is Google Analytics tool?

Google Analytics is a free web analytics service that offers basic analytical tools. The performance of a website and information about its visitors are monitored and analyzed using Google Analytics Also, which is available for free to anyone with a Google account

  • In addition to, it’s used to track website performance and collect visitor insights. It can help organizations determine top sources of user traffic, gauge the success of their marketing activities and campaigns, track goal completions (such as purchases, and adding products to carts), discover patterns and trends in user engagement, and obtain other visitor information such as demographics

Why is Google Analytics useful?

It helps you to track the flow of your customers and fix any obstacles the customers may face while using your product or service

Also, it tracks a wide range of data about your website and site visitors. This data includes

  • Access to real-time data
  • Insights into your audience
  • Enhanced ad management
  • Improved understanding of interactions and user behavior
  • Better tracking of goals and conversions

2- Google Search Console

Google Search Console (formerly Google Webmaster Tools) is a free platform for anyone with a website to monitor how Google views its site and optimize its organic presence. That includes viewing your referring domains, mobile site performance, rich search results, and highest-traffic queries and pages.

ltd Builder

4th Phase Lifetime Deal“ Pulling up”

Definitely, not everyone will accept your invitation either by calls or personal interviews, Even though you will get exhausted eventually from going to loads of places trying to sell your product besides SEO takes time to see results

Also, you need to scale and start searching for known platforms to do Lifetime deals. In the meantime, you should search for Partnerships, Affiliate groups, Facebook communities

It’s just close to the baby concept where he starts gaining his strength, and begins to pull up on large objects or people and uses these objects/people to stand

Huge amount of information isn’t it? I will make it simple for you

What is the Lifetime Deal (LTD)?

Is the finest method to generate revenue & collect feedback at the same time which helps you to enhance your product

Also, It’s a special offer for customers. It allows them to have full access to your product as long as it is still functioning and available.

Naturally, like anything else, the lifetime deal has Pros & Cons

Pros

If you are looking to build a strong customer base, lifetime deals could be the best way to do it. It offers customers an opportunity for long-term savings on the software they would have to use every day. It’s a win-win situation because both the customer and the business benefit from these types of deals.

  • Getting Feedback: A lifetime deal is an excellent way to ask for product feedback from your users to improve, and validate your product and generate a good amount of revenue to cover your expense in a short period of time
  • Get Initial Traction: A lifetime deal is a great way to get traction when you don’t have an audience. It can help you make early sales.
  • Grow a community around your product and build a strong customer base

Cons

  • No Subscribers: A lifetime deal is a one-time payment that doesn’t help you with your long-term growth.
  • Lifetime Support: You’ll have to provide service to those lifetime users, with only a one-time payment.
  • High cost of maintenance In case you are recurring costs for servers then the cost of customers who purchased a lifetime deal over time might be higher than their lifetime value.
  • The platform that you have a partnership with takes a huge percentage of your Sale

Those are the pros and cons of running an LTD offer. So, I know you are wondering if your company should offer Lifetime Deals now.

But, unfortunately, there is no straightforward answer to this question, which depends on the stage of your business and the reason you want to run the offer for. Afterward, compare the pros and cons from your own business perspective and make up your mind

  • But if you are in the early stage I totally recommend running a lifetime deal

Three Tips for Lifetime Deals to work perfectly

  • if you are an early-stage startup offering a lifetime deal on your website isn’t a great choice due to you need an audience to buy the product while the cost of getting customers ”Traffic” to know your product through the running ads will be high for this reason you should search to a known platform where people start to recognize your product and subscribe
  • But you must take into consideration any platform will review your product which they might accept or refuse your deal so, take into consideration that the process might take weeks
  • Also, you should set a timeline to know when you’re going to close the LTD offer if you used it for a long period of time it will harm your reputation in the long run especially when you are connecting with investors later on

Three Tips for Lifetime Deals to work perfectly

DealMirror

We launched our product on Dealmirror which is a good place to start. After a bit, we generated 300 sale licenses, and clients started to give us feedback. Also, They began to request some new features

DealMirror is an LTD platform, This platform is the best choice for website designers and developers.

To list your deal you should submit the form with your info and they will review your product if you are accepted they will send you an email to schedule a meeting to discuss all details

  • It has only two types of listing Market place & Exclusive each one is different from another whether in marketing effort or the percentage in the marketplace
  • It depends on the organic traffic of the site, Posts on the group, mail list, and the platform takes 30%
  • However, In Exclusive you can have all of these privileges plus running ads and the percentage is 50%

Appsumo

Afterward, we listened to our client’s feedback and customized all the requested features, Consequently, we launched our product on Appsumo, we reached 1000 sale licenses where they accepted to upgrade us to the Select list, and then the Exclusive list was approved by Appsumo Team

Appsumo is the leading software marketplace that receives monthly organic traffic of 401K

You can list your digital product for free, and reach our customers. it has 4 types of listings, Market place, Exclusive, Select lite, and Select

  • In the Marketplace, you will create a self-listing for your product by adding images, copying, and even pricing your product once Appsumo’s team review and accept your product where your product will go live within a few days, Appsumo doesn’t make any marketing effort in this stage it depends only the organic traffic that will be received and it will take 30% percent from the sale
  • In Exclusive, Select lite & Select listing Appsumo puts marketing effort into the ads, email lists, and webinars. Moreover, the marketing effort depends on the type of your list, and the percentage they take differ from one list to another
  • The percentage that Appsumo takes from the listing
  • Exclusive (40%)

    Select lite (55%)

    Select (80%)

  • But to move from one self-listing to another Appsumo put milestones you should achieve which are:
  • 1. Number of Sales (at least 1000$ per day for 5 days )

    2. The number of reviews ( at least 20 reviews)

There are a lot of other LTD websites but I personally chose these two and actually worked so well for me and helped me a lot through the process

Other LTD platforms: Pitch ground, Dealfuel, Stack social, Dealify

After choosing the right platform for you, here comes the most important question, Will you have to create a promotional campaign to support your deal?

(Yes & No) the answer depends on the type of your listing if your deal is Exclusive or Selected the platform will make a promotion plan for your deal and the only thing you need to do is to list tasks on your marketing team to answer questions and handle customers.

But if your deal is listed in the Marketplace, you will have to create a marketing plan and start promoting your deal as soon as possible to support your deal

A handy Strategy you can follow to support your deal

Facebook groups

There are a lot of groups related to Lifetime deals that have many audiences all you need is to put a discussion post about your product in the group to make people aware of it, also you can give a giveaway to encourage loads of people to check your deal

Here are some groups that will help you that I personally used

Affiliate site

  • There are lots of sites that affiliate with the LTD platform, you should choose the site that supports your platform and message them to list your deal on it.

    What’s the meaning of “affiliate”?

    Simply, Affiliate marketing is a process where publishers earn a commission by promoting something made by another

    best affiliate sites will help you

accelerator

5th Phase Accelerator Phase “The Cruising Phase ”

After testing your product, getting feedback from prospective customers, and working on your SEO, At this moment in time you are ready to call on some investors to support you through your journey and start introducing them to your product

Exactly like a baby Cruising occurs when the infants start moving around the entire room while pulling up on objects and begin using them to support their weight as they walk

Before we start let me tell you the stages of investment:

Self investments, Friends, and Family:

Apparently, it’s a good start to start looking for small investors in your inner circle and it’s a good stage for implementing your idea and it is the easiest one

What makes it that easy?

Pros
  • easy to get the capital you need to start your idea from your family or friends it is more like borrowing money
  • you can invest with your capital
  • you don’t have to jump through the same financial hurdles to be approved because it is more like helping
  • easy to get the capital you need to start your idea from your family or friends it is more like borrowing money
  • you can invest with your capital
  • you don’t have to jump through the same financial hurdles to be approved because it is more like helping
Cons

Your friend or family may assume their financial investment gives them a voice in the company.

Mixing friendship with business will cause some problems later on.

Incubators

Incubators are the best stage for people who want to validate their ideas and vision; they empower small businesses with promising ideas.

They are usually non-profit, give you good networking chances & marketing plans, help you with presentation skills, and give you access to angels and accelerator investors. Thus, incubators make you ready for the next step.

Accelerators

Accelerators are quite opposite they look for promising products with MVP, market fit, and some paying customers in exchange for equity, like incubators, they also help you with your marketing strategy, connections with investors, and partnerships with big companies in your field, Additionally, they help you to reach the next stage where you will be ready for VC investment.

  • In our case, we had 2 Accelerators at the beginning of our journey

Angle Investors

They invest in small businesses too in exchange for equity but they only help you with capital, angel investors usually invest from their capital you can find them from your old connections and incubators programs.

VC

It is the biggest stage where you can raise millions of dollars but this is the hardest one, they also support you with capital and connections but they look for the most promising startups with long-term growth and high potential.

Why Accelerators are the best for you:

Because they look at promising startups with validated MVP and some paying customers, They understand that you don’t have a stable MRR yet and you didn’t figure out how to answer most of the questions yet…

Accelerators will cut years of working into a few months and makes you ready for the next stages like angel investors and VC

what kind of questions do Accelerators ask

  • Your startup idea: your company or product vision

  • The Market Size: The “market size” is made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate.

  • Target Audience: Often, businesses use what they know about their target audience to create user personas. These personas guide their decisions on marketing campaigns, The more you study your target audience the more it will help you to know how to develop your product to fit their needs

  • The problem you solve: Does your product fill the market need or in other words fill the gap in the market or you can call it the consumer’s needs

  • Your competitors & competitive advantage:

    Most people after studying the market and the audience just think they’re ready to execute. Unfortunately, this concept is totally wrong you need to study the competitors in your market you have to find out the difference between your product and your competitors, It’s like you should know where your place in the market, and they will help u to constantly develop the product to have more advantage than your competitors.
  • The team: you need to have a highly talented team that will attract investors

  • Other aspects: like some active users & monthly revenue

Where you can find Accelerators

  • Crunch base: https://www.crunchbase.com/home
  • Crunchbase is a company that provides business information about private and public companies. Their content includes investment and funding information the best part is that you can have a free trial for 7 days

  • MassChallenge: https://masschallenge.org/
  • MassChallenge is a global, zero-equity startup accelerator

  • Y Combinator: https://www.ycombinator.com/
  • Techstars runs startup accelerators all across the globe. Techstars accelerators are highly specialized, often held in partnership with industry have helped more than 2,500 startups, with an all-time graduate market cap of more than $50 billion.

Subscription

6th Phase Subscription“ The Walking Phase”

  • All of these phases will help you with pricing So It’s time to build your brand’s pricing packages and generate a little revenue by testing the water. The good news is that taking the time to get your product pricing right can act as a powerful growth lever.
  • As a baby generally begins to walk after an infant has worked through the prior stages of development

    • Some customers prefer value, and some prefer luxury. You have to price your product to match the type of customer it is targeted towards.

Optimize Landing Page & Customer Journey

you need to optimize your landing page and make several ones to test which one is easier for your customer and which ones have the higher conversion rate

Second, you need to add google analytics, chat email, and Hotjar which record your customer journey from the second they enter your website until they leave happily that will help you take feedback from your customers and engage with them to know their needs and know exactly what is missing from them

Third, track your customer’s behavior by checking the analytics and watching your records

Test Pricing

rice testing can give you a full observation of where you should put a price on , and it can show you how your real customers will respond to divergent pricing packages

  • Pricing helps you to determine demand elasticity as well

So to test pricing correctly you should :

  • Set your goals.
  • Choose a product category.
  • Check your competitor’s pricing. (market average)
  • Run an A/B price test
  • Collect data.
  • Analyze your results.

There are several pricing methods you can use to determine the ideal price for your product or service, Pricing is one of the first things that your prospective customers will observe and can Grab their attention, Consider or Even Pass on a product/service, accordingly it should be planned with certainty

Therefore, let’s take a closer look at the seven most common pricing strategies

1- Value-based pricing

Value-based pricing involves setting your prices based on what customers believe your product is worth. Saas companies use this pricing strategy frequently.

2- Competitive Pricing

When you establish a competitive pricing strategy, based on what the market is now offering you can set your prices. This can be a solid strategy in the appropriate situations, such as a business just starting out, but it doesn’t allow much opportunity for expansion.

3- Pricing Skimming

Price skimming entails initially setting your product’s price as high as your market would bear and eventually bring it down. The goal is to skim the top off the market and reduce cost to reach everyone else. It can work with the right product, but you should use it with extreme caution.

4- Cost-plus pricing

This is one of the smoothest, oldest pricing techniques. You just add a predetermined percentage to the cost of producing the goods. It’s better to use it with physical goods, Apart than that, it’s less than ideal

5- Penetration pricing

In markets with intense competition, establishing a presence can be challenging for new businesses. One common way that some businesses use pricing that is significantly lower than the competitors to promote new products. This strategy is called penetration pricing. While it might bring in some clients and a respectable amount of revenue, you’ll need a lot of them and you’ll need them to be highly devoted to stick around when the price rises in the future.

6- Economy pricing

This strategy is popular in the commodity goods sector. The goal is to price a product lower than the competition and make money back with increased volume. While it’s a good method to get people to buy your generic soda, it’s not a great fit for SaaS and subscription businesses.

7- Dynamic pricing

In some industries, you can get away with constantly changing your prices to match the current demand for the item. This doesn’t work well for subscription and SaaS businesses, because customers expect consistent monthly or yearly expenses.

8- Hold Meetings

Finally and the most important step here is to hold meetings and talk with people to make sure all your data are accurate and you’re walking in the right direction

9- Send Automated Mail and Manual Mail

After making sure that everything is perfectly perfect starting from knowing your customer and ending with confirming your pricing, start optimizing your email flow to engage more with your customer and also update him with all your brand update by sending newsletters and feature updates, your vision, and your roadmap.

Share with them the global events, and specific celebrations, give them offers, and try to take feedback from them every now and then.

Now You Can Try It

Finally, I hope that you see the potential of The Baby Booster Technique for your product and your business, It takes hard work to create something great and with this strategy, you already know in the early beginning that your hard work will pay off eventually.

That is all i hope you like this article feel free to comment or share it with your audience

Mayar Serry

Mayar Serry

Allow me to introduce Mayar, an accomplished content writer at Stacks, boosting an impressive two years of experience specifically in the field of SaaS. Mayar's expertise lies in the art of content creation, where they excel in crafting compelling and engaging materials that captivate audiences. With a keen eye for detail and a profound understanding of the notices of effective communication, Mayar has enhanced her skills in producing high-quality written content tailored to the needs of the SaaS industry. Whether it's blog articles, website copy, or social media posts, Mayar's exceptional ability to convey powerful messages guarantees that the company's voice reaches and deeply connects with the intended audience. Her comprehensive knowledge of various channels, including social media platforms, allows her to craft content that effectively engages users across different online platforms, driving brand awareness and fostering meaningful connections. With Mayar as part of the team, Stacks has gained a valuable asset who consistently delivers exceptional content that leaves a lasting impression on readers.