Building more products or broadening the base of existing SaaS solutions?

SaaS (Software as a Service) is a huge business opportunity. Let’s explore why and what this could mean to you and your business.
SaaS businesses demand more significant sales value or exits than most other businesses. Especially if they can demonstrate rapid growth.

 

What does this opportunity mean to us?

 

You can turn nearly any service into a SaaS solution.

 

Even if you cannot raise significant funding or even if you are not a techie, it is still possible to create a solution, and we will explore this
more later. Not all SaaS solutions need substantial outside funding.

 

SaaS marketing spending is often the most overlooked aspect in making a SaaS solution successful and something that needs a lot of
attention – either the budget or activity, or both. In fact, the longer you can delay getting outside funding, the better, as you will end up
sacrificing less equity and keeping more control.

 

Mailchimp is a typical example of how a successful SaaS solution was started and built without outside funding.
Their original company was a web design company called Rocket Science Group. On the side, they created a small email marketing service
for their business. From an email marketing tool—they grew into an all-in-one Marketing Platform. They then sold it to Intuit for
approximately $5.7 billion in cash and 10.1 million shares of Intuit with a fair value of roughly $6.3 billion – not bad for a side business.

 

4-Steps in creating a SaaS solution:

1. Identify a problem. Investing in identifying a problem can reduce risks, get answers to critical questions, discover market demand, test
your concept, define your budget, and decide how to move on with your idea. Knowledge obtained while identifying a problem phase will
save you from mistakes and failures.

 

2. Create a solution – but don’t bet the farm on it until you are sure people are prepared to pay money to solve their problem. You must
choose your SaaS app monetization model before fully immersing yourself in the app development process. The place to start with is to
take an overview of your options that you could become involved in with Saas products. Out of these will appear trends and opportunities
for growth.

 

3. Your revenue dictates the model:

 

  • The app architecture
  • and the features.
So map it out carefully and plan before building your app. Knowing your customers will help you understand how much your users can
afford to spend using your app.
4. Create an MVP (minimum viable product). Sell the MVP through your network. At this point, if enough people are willing to pay for it – you
might be onto something! The big question is whether to fund or not to         fund from outside. Funding makes things happen quicker, but
you lose control and equity. The next question is: How do you create an MVP or SaaS solution if you are not technical? The answer is to find
someone to partner with.

 

The most significant expense, if not product creation, is marketing and putting the product in front of enough people.
(We will expand on this in another article)

 

Finally, let’s look at the 2022 trends in SaaS marketing.

You should find out where your potential customers will likely be and then reach out to them there. For example, if B2B, LinkedIn is great
for outbound marketing.

 

Then comes the right content for the right people with omnichannel marketing.

 

Personalization. It is essential now to keep your customers personally and meaningfully engaged. Tailor your customer’s needs, and they
will pay more. Being authentically personal toward your customers is one of the most effective strategies in your SaaS marketing.

 

The more focussed and niched your target audience is, the easier this becomes.

 

By segmenting your audience using email marketing, you can tailor your message using your data – this is powerful.

 

Video marketing.
Video marketing is essential – don’t get left behind. This is an effective way of communicating with your audience. This dynamic way
captures your audience’s attention, from longer YouTube videos to TikTok, Instagram and Facebook for shorter ones. Add to this live
streaming, and you will be into 2023 with a bang. This is today’s key to how brands connect. Technology with the software makes it easier
for anyone to connect with their niche marketing campaigns.

 

Automation. SaaS products are increasing and are fast becoming an essential tool for all companies regardless of their size or industry.
You need to automate repetitive tasks like email and social media campaigns and lead generation if you are not already contracting
that out to companies like Kvell. If you do, this will free up time for you to focus on product development, relationship building and sales.

 

How do you broaden the base of existing SaaS B2B solutions

 

This is not a brainstorming exercise – the solution often sits in the CEO’s head. There are not that many ways. It is more of a multiple
choice exercise. Techniques like pattern matching or the process of elimination when contemplating how best to grow.

 

  • You can go up-market – sell more expensive solutions, which means building out enterprise features. Zoom is a good example.
  • You can go downmarket – towards smaller customers. The Mailchimp secondary product is an inspiration.
  • You can expand product lines for existing customers – Salesforce built AI-branded products that could be upsold to existing customers.                                                                                                                                                                                                                                                              Talking about them, Salesforce has acquired different products to expand into other areas of SaaS, such as support, social marketing, and ads.
  • Adding Services – Many companies choose to add services like individual human consulting over time. There are two upsides to services:

 

1. It increases the value of products with a high sales price.

 

2. The second is that services are relatively easy to sell. Just install it for them for a fee.

 

Conclusion

With lower subscription fees, enhanced accessibility and availability, 24/7 tech support and on-demand scaling, SaaS apps have distinct
advantages over traditional software. As you build your SaaS offering, ensure it’s a seamless customer experience. Watch your
competition and stay ahead of them.

 

Cloud applications aren’t the solution for all businesses, but the SaaS model has quickly grown in popularity due to its benefits to
consumers. If deciding to build a SaaS platform, you should prepare for the four-step development journey to enter the market
with a high-quality product.

 

The SaaS model, undoubtedly, has produced a great variety of business opportunities.