After doing all the hard work of developing your SaaS university and putting it out into the world, you may think your job is done. But that’s not the case if you want to stay ahead of the competition and continue to attract new customers.
Once your SaaS university is up and running, it’s now time to start analyzing your performance data. This will help you learn what’s working and what’s not so you can make your product even better.
Here are four things you can learn from your SaaS university that will indicate where improvements may need to be made.
What’s Your Recurring Revenue?
Tracking your monthly recurring revenue is important because it tells you how much you can expect to be gaining or losing each month. You may have to do some digging to get the exact number, but it’s a crucial indicator of your progress.
For many SaaS universities, all the financial investment is made upfront before they’ve acquired customers. That’s why it’s so important to ensure your monthly revenue is sustainable.
How Much Churn Do You Have?
Do your customers engage with your SaaS university long-term, or do they jump ship after one course and never return? Examining how much churn you have every month is critical to understand what people think of your product.
Churn measures the amount of people who leave your SaaS business each month, and high churn rates indicate that there may be something wrong with your offerings. If that’s the case, you’ll want to reach out to customers that left and find out why. Even negative feedback can be valuable when used correctly.
What’s Your Cost Per Acquisition?
Using the wrong marketing channels can get expensive, but how do you know if you’re using the right marketing channels? By calculating your cost per acquisition.
To do that, add up all your marketing and sales expenses from the previous month. Then divide that number by the total amount of new customers you acquired during that time. The result is the amount it costs you to acquire each new customer.
This is important because if you’re spending more money on gaining new customers compared to what’s coming in, that’s a problem. In that case, you’ll need to look over your marketing strategies for new methods that aren’t so costly.
What’s Your Average Revenue Per Customer?
Knowing the revenue you already generate from existing customers is important because it lets you figure out where upsells and cross-sells would be effective.
Upsells are when you convert your customers to buy a more expensive product, and cross-sells are those cool extra features you sell alongside your offerings. Both are essential to scaling your revenue growth.
The goal is to eventually increase the revenue you’re receiving from each individual customer. Annual plans are a great way to achieve this.
Final Thoughts On What To Learn From Your SaaS University
After you’ve launched your SaaS university, it can feel overwhelming to try and keep track of all your KPIs. Starting with these four progress indicators can help you learn from your SaaS university’s overall performance. By always looking for ways to improve, you’ll be giving your business the best chance of achieving long term success and customer satisfaction.
