7 Tried and True Tactics to Start Your Own SaaS Business Successfully

With Cloud computing becoming a norm, the SaaS (Software-as-a-service) industry is getting exploded. The industry is experiencing the entry of various new startups, technologies, and technique, an outcome of which is that the SaaS market is predicted to be of worth 132.57 billion U.S. dollars by 2020.

In such a scenario, if you too are spellbound by the possible business opportunities in the SaaS arena and wish to start your own brand, you are at the right place.

Today, we will unleash the different tactics that one should consider for building a successful SaaS business. But, before that, let’s have a quick look at what is SaaS and why it is the right field to build your career in.

SaaS (Software-as-a-Service)

Commonly referred to as ‘On-demand Software’, the SaaS is a software licensing and delivery model in which a third-party provider host the applications/solution centers and make them available to other users on the Internet.

In simpler terms, this model involves making a piece of software available on a cloud infrastructure and gaining a monthly or yearly fee from the users to access this software.

Reasons Why SaaS is in Demand

Saas is becoming the cornerstone of every business vertical with the following set of advantages:-

1.     Ease of Use

Remember the days when you have to sit with your IT team to upgrade your computer technical specifications, and install and run different applications on your computers and go through all the hassles to use those apps for effective processing?

With the advent of SaaS, this practice has shrunk to minimal. Today, businesspersons use the SaaS platforms to easily configure a myriad of services into their process and enjoy better services in the most convenient and time-saving manner.

2.     Enhanced Accessibility

As SaaS applications are available on the Cloud, it offers the users with an opportunity to access the resources from any Internet-enabled device and at any span of time.

3.     Scalable Usage

The Cloud computing services like SaaS offers a higher degree of scalability, which empowers the users the option to access customized services/features on-demand.

4.     Lower Operational Cost

Since the software is used directly from the Cloud and not installed on the computers, the operational cost has also cut down to less than half.

5.     Flexible Payment

Rather than buying and installing any software, SaaS facilitate the businesses with the opportunity to subscribe to the SaaS offering and pay accordingly. In simpler terms, you can decide which all SaaS offerings you want to use this month, at what rate and thus, pay for the same.

With the aforementioned benefits to the business world, SaaS is growing at a shift rate 3x faster than PaaS (Platform-as-a-Service) and 2x than IaaS (Infrastructure-as-a-Service), indicating it is the right field to start your career in.

So, are you ready to look forward in this direction? Here are some of the proven tactics you should consider to launch a successful SaaS business:-

Tips to Adopt for Building a Successful SaaS Business

1.     Validate Your Idea

Since your business depends on a single idea, it is mandatory that you put your efforts into validating it. Do extensive market research and ensure that your idea is original and has a future scope in the market. In other words, make sure that your software or business services are required in the market today and forever. Otherwise, the whole investment will be a waste.

Or you can invest in MVP development rather than working on the complete model to maintain the loss minimal, if the idea fails.

2.     Go for Convenience

Offering top-notch services is of no use if your customers do not feel its need or find it inconvenient to use. So, measure the performance and convenience of your business plan every now and then.

Look into how you can offer the best services in an effortless and hassle-free manner. This will boost the interest of customers in your services and products, which will eventually aid to sustain in the market. Remember, 42% of startups fail due to lack of Customer Interest. So, work in this parameter.

3.     Focus on High-Value Customers

Though every business expects a wider audience to cater, there’s a higher probability that some of your users would unsubscribe your services or might not upgrade the plan - regardless of how much efforts you put into the mechanism.

So, rather than targeting those users, focus on the ultimate goal, i.e., offering exquisite services and keeping the high-value customers hooked to your brand. Trust me, even a fraction of trusted, high-value customers are enough to get a bigger slice of market revenue.

4.     Consider a Monetization Strategy

While the SaaS market embraces those startups who offer free services, it is again better to enter the market with some paid/premium services. This will aid you to study the market, understand customer behaviour, and polish your services/products without making a hole in your pocket.

5.     Build/Hire a Strong Tech Team

Having the support of a highly skilled and experienced team is a must to survive in the SaaS market. If you rely upon any XYZ team, there’s a higher risk that you won’t be able to focus on the main aspects of the SaaS industry, create the right software/solutions and rise up in the market - without encountering with technical issues. Whereas, a trustable and reliable tech team with years of experience in the industry will provide you with lucrative features and market insights with which you will be able to revamp your business plan and grab better opportunities.

While building an inhouse team of tech experts is a great option, you can also consider outsourcing your services due to its irresistible advantages.

6.     Create an Effective App

Another major step that you have to take is to make your business available on mobile. In simpler terms, you have to understand the importance of mobile app for your SaaS business and partner with the best mobile app development company to create the right app via which you could cater to the needs of your customers and workforce and run a successful business from any corner of the world.

Bonus: A Comprehensive Guide on Getting Your SaaS Business on Mobile App

7.     Market Well

Last but not least, promote your brand and services effectively to become the voice of the market. Consider the perfect blend of free and paid marketing strategies and promote your business. This might seem an expensive and tiresome affair, it can bring a considerable difference in your business position in the market. An investment in the right marketing strategy can help your brand stand out from the crowd and become users’ favorite, which can eventually make your business idea successful.

So far, we have covered what is SaaS, why is everyone going crazy for it, and how you can establish your own SaaS business successfully to reap the benefits of this opportunity. If you have any queries, feel free to leave a comment below.