Jason Cohen, the founder of WP Engine, is a well-known name in the world of SaaS business. He has been in the industry for over two decades and has seen it all. In a recent interview, he shared his top 10 mistakes on the path to $100m ARR in SaaS business. These mistakes are valuable lessons for anyone who is starting or running a SaaS business.
1. Not Focusing on the Right Metrics
One of the biggest mistakes that Jason Cohen made was not focusing on the right metrics. He says that in the early days of WP Engine, he was too focused on vanity metrics like website traffic and social media followers. He realized later that these metrics did not really matter and that he should have been focusing on metrics that actually drive revenue.
2. Not Having a Clear Value Proposition
Another mistake that Jason Cohen made was not having a clear value proposition. He says that in the early days of WP Engine, he was not able to clearly articulate what his company did and why it was different from other hosting providers. This made it difficult for him to attract customers and investors.
3. Not Building a Strong Team
Jason Cohen admits that he made the mistake of not building a strong team early on. He says that he tried to do everything himself and did not hire people who could help him grow the business. This slowed down the growth of WP Engine and made it difficult for him to scale the business.
4. Not Focusing on Customer Success
Customer success is one of the most important aspects of any SaaS business. Jason Cohen says that he made the mistake of not focusing on customer success early on. He says that he was too focused on acquiring new customers and did not pay enough attention to retaining existing customers.
5. Not Investing in Marketing
Marketing is essential for any SaaS business. Jason Cohen says that he made the mistake of not investing enough in marketing early on. He says that he relied too much on word-of-mouth marketing and did not invest in other marketing channels like paid advertising.
6. Not Having a Clear Pricing Strategy
Pricing is a critical aspect of any SaaS business. Jason Cohen says that he made the mistake of not having a clear pricing strategy early on. He says that he did not know how to price his product and ended up undercharging his customers.
7. Not Focusing on Product Development
Product development is essential for any SaaS business. Jason Cohen says that he made the mistake of not focusing enough on product development early on. He says that he was too focused on acquiring new customers and did not invest enough in improving the product.
8. Not Having a Clear Sales Strategy
Sales is another critical aspect of any SaaS business. Jason Cohen says that he made the mistake of not having a clear sales strategy early on. He says that he did not know how to sell his product and ended up losing potential customers.
9. Not Being Agile
Agility is essential for any SaaS business. Jason Cohen says that he made the mistake of not being agile early on. He says that he was too focused on his initial vision and did not adapt to changes in the market.
10. Not Having a Clear Exit Strategy
Finally, Jason Cohen says that he made the mistake of not having a clear exit strategy early on. He says that he did not know how he was going to exit the business and ended up selling it for less than what it was worth.
In conclusion, Jason Cohen’s top 10 mistakes on the path to $100m ARR in SaaS business are valuable lessons for anyone who is starting or running a SaaS business. These mistakes highlight the importance of focusing on the right metrics, building a strong team, investing in marketing, having a clear pricing strategy, focusing on product development, having a clear sales strategy, being agile, and having a clear exit strategy. By avoiding these mistakes, SaaS businesses can increase their chances of success and achieve their goals.
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- Source: https://zephyrnet.com/my-top-10-mistakes-getting-to-100m-arr-jason-cohen-founder-wp-engine-saastr/
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