2024: What’s hot, what’s not in SaaS

Welcome to 2024.

Are you ready to take this year on?

As an entrepreneur in the SaaS space, I’m sure you’ve set some mighty revenue and growth goals for the year (or you’re in the process of doing this). 

Since it’s Jan. 2, just day 2 of 2024, I thought I’d let you in on another one of my New Year practices: 

Not “hyping up” the new year. 

Not what you were expecting? 

Here’s why I feel this way: Trends prove that hyperfocusing on a new year transformation is a recipe for disappointing results.

In fact, a Forbes Health/One Poll survey revealed that more than half of Americans abandon their New Year’s resolutions within the first three months.

So why ruin 2024 with lofty goals? 

Instead of sharing the framework for setting successful resolutions with you, I’m going through what’s “in” and “out” for owning and operating a SaaS business.

It’s not about setting spectacular goals so you can be the “best.” It’s about heeding advice, listening to trends, and adapting to what’s working now in SaaS to build a healthy business.

Curious to learn if your business is on track? Ready to implement necessary changes?

Here’s to starting off 2024 with knowledge for success.

Today in 8 minutes or less:

✔️ My ins and outs for 2024

✔️ Strategy for better customer acquisition

✔️ Scoring quick wins in the new year

✔️ Route to onboarding success

✔️ This year’s focus: customer experience

STRATEGY FOR BETTER CUSTOMER ACQUISITION

OUT: FREE TRIALS

While free trials are a traditional approach to acquiring leads in the SaaS world, it's time we acknowledge the drawbacks they bring. 

Firstly, they can be a financial sinkhole. Without any skin in the game, users aren't truly motivated to dive deep into your software, leading to a lower conversion rate from trial to paid plans. 

The psychology is simple: if it's free, it's less valued. 

Many trial users access the software, poke around a bit, and forget about it. They aren't fully committed to leveraging what your SaaS has to offer, which means you're not just losing out on money; you're also not getting a realistic picture of your opportunities and conversion potential.

You may have 50 businesses actively exploring a free trial, but the odds are only 2 of them will sign up.

When people don’t pay to pay attention, chances of retention are slim. 

I’ve long discouraged the use of free trials. In 2024, I hope less and less SaaS entrepreneurs use them to acquire customers.

IN: LOW-TICKET INFORMATIONAL PRODUCTS

Save yourself from false hope with low-ticket informational products. These are the antidote to the free trial blues. 

By charging even a small fee for an ebook, workshop, or any resource that introduces potential customers to your SaaS, you're immediately filtering in a more engaged audience. 

These users have shown they're willing to invest, which not only offsets some of your wait time for revenue but also increases their likelihood of investing further in your higher-priced SaaS offerings. 

Low-ticket items act as a commitment device, leading customers into your ecosystem gently while still ensuring they value the interaction. Since they're paying, they're more likely to pay attention, use the product, and appreciate its value. 

It's about creating a profitable, engaging entry point that sets both the customer and your business up for success.

Envision the momentum you could experience in customer acquisition with a low-ticket entry.

SCORING QUICK WINS IN 2024

OUT: QUICK PHONE WINS

Gone are the days when phone integration was the silver bullet for quick customer wins. 

With changing regulations, particularly A2P compliance requirements that came into play in August, the allure of instant number tracking inside your CRM has faded. 

These regulations have introduced delays, sometimes for weeks, before the benefits of phone tracking can be realized in a SaaS plan. This not only dampens the immediate impact of such features but also risks making your service appear less effective. 

Clients expect noticeable results, and when promised the immediate rewards of phone tracking, the delayed gratification can lead to perceptions of underperformance. 

The reality of these regulatory changes means that phone-first strategies can no longer deliver the instant gratification, the "quick win" you hope to win businesses with. Therefore, there needs to be a shift in strategy.

IN: QUICK LIVE CHAT WINS

Focusing on live chat as a quick win for prospective customers is the latest sales strategy for lead engagement and closing.

Live chat positions your business at the forefront of business solutions, catering to the weighty need of businesses to keep up with modern consumers who seek quick responses and solutions. 

Live chat capabilities demonstrate your SaaS’s ability to support businesses with their customer experience at every touchpoint. This matters because speed to lead is a single measure that can triple one’s conversions.

This has been the motivation behind ZappyChat's chatbot widget, and it’s already seeing great wins for businesses. 

By prioritizing live chat, you're not just adapting to the changing landscape of digital marketing and consumer preferences; you're leveraging it to provide quick, measurable wins that drive customer satisfaction and retention.

ROUTE TO ONBOARDING SUCCESS

OUT: ONBOARDING COURSE

As we move into a new era of customer engagement — one that’s more involved, engaged, and personalized — the fantasy of an onboarding course/video is becoming a thing of the past. 

Sure, they're cheap and scalable, but they're often impersonal and can leave new users feeling disconnected. These cookie-cutter courses might cover the basics but fail to address unique customer needs, leading to a lackluster introduction to your product. 

Furthermore, a generic approach to onboarding can hurt the value of your brand, making your SaaS feel like just another tool, rather than the ultimate solution in their niche. This is how you hurt retention.

IN: SCHEDULED ONBOARDING CALLS

Enter the gold standard of customer onboarding: personalized, scheduled calls. 

This approach is all about creating a strong first impression and establishing a relationship built on respect and understanding. 

Each call is an opportunity to dive deep into the customer's specific needs, tailor the experience to their business, and set the stage for long-term success. This direct interaction makes customers feel valued, simplifies the onboarding process, and allows you to gather valuable insights to continually improve your process. 

By investing time in scheduled onboarding calls, you're demonstrating a commitment to excellence and customer satisfaction, reinforcing your brand's reputation as a leader that cares about its users' success. 

With each call, you're not just retaining a customer; you're cultivating a loyal advocate for your brand.

THIS YEAR’S FOCUS: CUSTOMER EXPERIENCE

OUT: SETUP AND ABANDON

The old way of onboarding and then quickly abandoning customers to fend for themselves is a fast track to subscriber churn and a tarnished brand reputation. 

This outdated method ruins any chances for subscriber trust, not to mention any hopes of clients becoming fans. There’s nothing like feeling neglected by a company you invest your hard-earned bucks in.

If you want people to trust in your product’s quality, your brand’s quality, and your mission, you better turn your eye to customer-centric practices that promote long-term growth.

IN: WEEKLY TRAINING WORKSHOPS

Practices that support long-term growth look like embracing a model of continuous engagement — à la weekly training workshops. These sessions provide a high-touch environment conducive to strengthening customer relationships.

By regularly interacting with users, you can guide them through the complexities of your product, ensuring they understand and utilize its full potential. This approach not only enhances the customer experience but also significantly boosts retention rates. You see, each workshop is an opportunity to gather feedback and refine your services going forward. 

This is one way to demonstrate your commitment to your customers' growth and success.

TLDR;

OUT:

• Quick phone wins

• Onboarding courses

• Setup and abandon

IN:

• Quick live chat wins

• Scheduled onboarding calls

• Weekly training workshops

To do something impactful for your business in 2024, you must start by schooling yourself on what’s working and what’s not in our space. 

Your audience and subscribers will always determine your success, so being adaptable is the roadmap to success. 

In 2024, toss aside inflated subscriber or MRR goals. Focus on building skills and practices that make your business timeless and ready for long-term growth. 

And if I can be sentimental for a sec: Don’t forget to stay true to your values and mission this year. Regardless of the popular trends “working” in our sphere, staying true to your integrity and “why” will serve you best. 

Happy January!

P.S. I’m committed to helping you build your skills. Scroll to this week’s Golden Nugget to find out how 🤝

To profiting more and working less. 💸 

-Matt

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🪩 How a pickle, pine cones, and a MoonPie are replacing the ball drop this new year.

🎲 There are some new state laws coming in 2024… Fuzzy dice will finally be free to dangle in Illinois.

🕷️ If you're scared of spiders — don’t use this lotion.

👑 GOLDEN NUGGET OF THE WEEK 👑

If resolutions are flawed, how do you make the most of a new year? 

By focusing on building your skills. 

My focus this January is on helping you and other SaaS entrepreneurs build necessary and advanced HighLevel skills. 

That’s because skills are recession-proof and depreciate less quickly than any number goal or resolution you might set. Your subscriber count will fluctuate, but your expertise inside HighLevel will never die once you develop it. 

Skills are the foundation of success. Skills, not numbers, are what help you bounce back time and time again. 

Come January 9, my SaaS Bootcamp is launching, a weekly live coaching series to help HighLevelers of all levels develop and cement their HighLevel skills. 

Every week, I’ll be going live with a group of motivated entrepreneurs to master HighLevel.

Wanna join this motivated group? Register here.   

(P.S. As a bonus for signing up, you’ll receive my Build with Matt training series – 30 recorded coaching calls where I dive deep into 30 different HighLevel skills.)

READY TO JOIN THE HL PRO TOOLS FAM?

Ready to kick your agency into high gear? HL Pro Tools has got your back with two awesome options to join our community and start making moves:

🌟 Get branded support for your HighLevel agency @ hlprotools.com. We give you all the tools you need to kick SaaS, complete with personalized branding that will make you feel like a boss.

🌟 Join our Facebook group and connect with other CEOs who are revolutionizing the game by sharing insider tips and tricks that will make you feel like a true industry leader in no time!

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