How to Monetize Communities with Tech

SaaS Minds

Hannah Forbes is the CEO and co-founder of Lima, a SaaS business for communities.

We discuss insights on how to launch a SaaS business in the community space and how to leverage an accelerator to find a co-founder. We also cover strategies for achieving product-market fit, dealing business challenges, defining pricing strategies, managing investor relations, and the importance of taking breaks for sustenance in the start-up journey.

🔍Timestamps:

00:25 Meet the Guest: Hannah Forbes, CEO of Lima
01:39 Understanding Lima: A SaaS Business for Communities
02:01 The Journey of Finding a Co-Founder
03:22 The Business Model of Lima
04:51 The Challenge of Community Engagement
07:23 The Path to Product Market Fit
22:11 The Importance of Channel Testing and Taking Breaks
23:54 Lessons Learned and Quick Fire Questions
26:15 Closing Remarks

💡 Key Highlights

- The essence of Lima, its role in enhancing community engagement and monetization, and the journey of its inception.
- How Hannah transitioned from a tech career and consultancy to co-founding Lima, including the pivotal role of an accelerator in meeting her co-founder.
- The unique challenges of building a SaaS platform for community managers, emphasizing the balance between engagement and monetization.
- The strategic decision behind starting with Slack as their primary platform, aiming for broader platform inclusivity in the future.
- Insights into Lima's approach to maintaining community vibrancy and preventing the common issue of engagement decline over time.
- The iterative process of achieving product-market fit, highlighted by direct feedback from community managers and the importance of addressing their core needs.
- An overview of Lima's marketing strategies for 2024, hinting at innovative approaches to reach and engage their target audience.
- The complexities surrounding the pricing model for a new SaaS product in the community space, with a focus on delivering value to both community managers and members.
- Hannah's reflections on the challenges faced during Lima's early stages, including product adoption hurdles and the importance of adaptability and resilience.
- Fundraising insights and strategies for navigating the current investment landscape, emphasizing ongoing investor engagement and transparency.
- The significance of the Bay Area's startup ecosystem for community-focused businesses and Lima's plans to tap into this vibrant community network.
- Lessons learned from Lima's journey so far, including the importance of preemptive breaks and the strategic use of marketing channels.
- Hannah’s book recommendation for other SaaS founders, the entrepreneur or business leader she admires the most, an underrated SaaS tool she uses, who she would like to see on the SaaS Minds podcast, and the best piece of advice she has ever received.

-- LINKS --

► Show Notes: https://nuoptima.com/saas-podcast/lima-hannah-forbes

🔗 Follow NUOPTIMA:
LinkedIn: https://www.linkedin.com/in/alexej-pikovsky-9743701/
Website: https://www.nuoptima.com

🔗 Follow Hannah:
LinkedIn: https://www.linkedin.com/in/hannah-forbes/
Website: https://www.joinlima.com/

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