Software as a Service (SaaS) offerings is here to stay. As the reach of technology and the Internet grows exponentially every year, SaaS businesses have a great opportunity to tap into the growing market for technology-led solutions. Here are seven tips to boost your SaaS business.
Recognize and Ride the SaaS Wave
SaaS offerings are among the fastest-growing segments in the world of information technology. There are a number of reasons for rising SaaS multiples, including the flexibility and affordability that cloud-based software that can be licensed on a subscription basis offers. As customers increasingly recognize the convenience and low risk offered by a SaaS product, the segment is set for a consistent boost. Focus your efforts on riding this wave.
Define Your Offering as a Solution to a Problem
You are not just selling a run-of-the-mill offering or product. In reality, what makes customers buy what you're selling is not just your offering in a vacuum, but the solution your product offers to their problem.
Doing a basic market study to find out what your customers' key challenges are will help you better market your SaaS product as a comprehensive solution to said challenges, making your product that much more attractive to the customer.
Hone In on Your Target Customer Base
Your offering, just like every other offering in the market, will not be for everybody. The sooner you find out just who your customer base is, the faster you can focus your efforts on that specific segment, thus saving you time and resources.
To get to know your actual customer base intimately, attend seminars and events related to your offering, create surveys, speak with vendors, and research your competitors.
Get Your Pricing Right
You may have to tweak your pricing strategy several times before you get it right. Don't be afraid to test what works and what doesn't.
Also, make the pricing model as easy to understand as possible. A complicated pricing model can get intimidating very fast as customers try to figure out what they're paying for what.
Offering reasonable value at a basic rate and scaling the price to match further benefits is also a great way to initiate customers into your offering.
Have a Feedback System in Place
A feedback system, especially for paying customers, is a great way to find out not only whether your paying customers are unhappy and why, but also what features give them the most value. This data is invaluable in getting to know what works and what doesn't, and it is easy to institute.
Create a Marketing Plan
Relying on word of mouth to bring in sales is not nearly enough. Explore the marketing strategies of your competitors and others in the industry. Research into the kind of promotions and advertising that can be effective for your type of offering. Create a budget and watch the returns on each campaign carefully to find out what works and what doesn't.
Create a Strong Community
Get to know your partners and vendors. Aim to build a symbiotic and mutually beneficial relationship with them. This can not only keep you in the know regarding what's happening in your industry but can also foster future collaborations. Choose your tribe wisely. It is worth taking the time to get to know the people in your orbit before you strike partnerships.
A SaaS venture is a labor of love. The above tips can help you boost your business and elevate your product offering. Technology is already booming the world over and will continue to in the decades to come. There’s no better time than the present to work hard for your SaaS success!