Revenue growth is crucial to the long-term survival of a business. It helps to acquire assets, attract new talent and fund investments. It also drives business performance and profit.
It also allows organisations to create new opportunities, increase market share, expand, attract a new market, and hire new teams. It often spurs innovation, helping you to differentiate in the market and stave off competition.
If there is one thing that trumps everything else, it is growth. It attracts and creates more resources, and in turn, generate more growth.
But how do you achieve revenue growth?
1. Your revenue has to be recurring.
Leaders think that growing their revenue means closing more deals and having more new customers. But that should not be the case for SaaS businesses. In an industry that focuses on churn as a metric, leaders should create a strategy to retain their existing customers, increase revenue, and reduce the churn. Growth does not only come from acquiring new leads, but it is a loop where you provide value to your customers; they, in turn, become advocates of your product and create upsell and cross-sell opportunities.
SaaS businesses should focus more on recurring revenue, which helps them generate more growth. By considering this in your strategy, it allows you to cover the entire customer journey.
2. Consider your revenue generation as part of your overall GTM strategy.
It is where revenue operations and revenue enablement come in. By integrating these two aspects into your overall strategy, you can change how your team can provide value to your customers.
When creating your next GTM strategy, ask yourself:
Where do you want to take your business?
How effective is your current strategy?
Knowing the answers to these questions help you determine what you need to pursue in your revenue growth and how to do it.
Are there new markets that you can enter?
How can you drive more from your existing customer base?
Is there an untapped opportunity you have not considered?
3. Increase your customer retention.
There is always a shifting mindset in acquiring and retaining your customers, but one thing is for sure: acquiring new customers is much more expensive than maintaining your current ones. Increase your focus on customer success and provide more value to your customers.
Improving the onboarding of your new customers through better self-service and training can help drive better product utilisation early in their relationship. A focus by customer success on adoption across an organisation is vital for B2B SaaS products – this needs to be managed through a well-structured success plan.
Engage your marketing, sales, and customer success teams in forming this strategy and make sure to align them in providing overall value and experience to each of your customers.
Overall, revenue growth helps in boosting your credibility, stability, and standing as an organisation in a competitive environment. However, it needs to be strategic and must happen for the right reasons to be successful and scalable. Having clear evidence of growth and pathway for future scale will attract investors to help fund future growth opportunities.
Businesses today are about the survival of the “quickest.” Whoever can scale fast and achieve revenue growth with the proper GTM strategy and the team can take their business to the next level. It is more than just growth but is also about how companies achieve massive scale in a short period. Are you prepared to “go next level” in a world of rising business competition?
Is your business ready to grow?
Connect to the experts to see if your business is ready to go next level. Take a quick health check on your business through our scale-up assessment and know the areas in your organisation that need immediate improvement.
To help businesses scale, we have created a scale-up assessment that considers the 12-core competencies to achieve hypergrowth for your GTM teams, processes, and strategy.
The assessment takes no longer than 3 minutes to complete. You will receive a detailed report on the maturity of your GTM business with strategies, tools, and frameworks to help you make some immediate changes in your organisation.
To take the free assessment and measure the maturity of your business, click here.
Ellivate is the expert partner helping organisations and their go-to-market team scale.
Our powerhouse team of industry experts - with a combined 60 years of experience across the fintech, corporate and technology spaces - will work alongside your business to achieve your goals.
We have a shared passion for working with businesses to achieve rapid growth and apply an authentic, human layer of expertise that addresses the real challenges and concerns at the heart of your business.
We will work alongside you as a trusted and expert partner. We get in the trenches and ensure every solution is embedded within your business.