Software as a service, a.k.a. SaaS is the future. The data is in – the vast majority of companies are either on board or have plans to put SaaS applications in place soon.
It stands to reason that this would be the case, considering how much SaaS solutions can outclass on-site IT products. SaaS offers companies dramatically reduced costs and unparalleled software compatibility.
With this in mind, itās no wonder that so many companies are looking to join the world of SaaS development. Expert WordPress SaaS developers such as DevriX already have the process of creating SaaS solutions down to a fine art. Here are the steps behind a quality SaaS product.
Identify a Market Niche
Companies looking to make it in the SaaS world will first need to figure out what sort of product they want to create. There are quite a few well-established directions a developer may choose when picking what SaaS project to start.
Web conference solutions have exploded in popularity since the pandemic began. Customer relationship management and business process management are all the rage nowadays. Enterprise resource planning SaaS solutions are crucial for the continued existence of large corporations.
Pretty much all businesses are interested in implementing good accounting and invoicing systems. Project management and human resources tools are also in high demand. Data management and e-commerce services are always in vogue. Although there is stiff competition in all those fields, any one of those choices is viable.
As usual, the best strategy for success when it comes to devising a new product is to create something unique and useful. Ideally, Your SaaS product should target and capitalize on an underserved niche in the market. Finding such a niche in the SaaS market is a matter of research, ingenuity, and inspiration.
Keeping an eye out for emerging trends and current events and researching them is also necessary when dealing with SaaS. With so much going on in the world nowadays, lucrative market niches can pop up anywhere. SaaS has been instrumental in tackling many of the problems that the pandemic created. Companies that focus on solving similar issues can become successful remarkably quickly.
Itās important to stress that your product doesn’t need to be revolutionary to be successful. True, your marketing efforts will be more effective if the service you offer is both unique and crucial for the users. However, in most cases, being a bit innovative and focusing on serving the needs of the right customers is enough to ensure success. As the number of SaaS companies keeps increasing, it’s important you also consider a marketing strategy that can connect you with your target market. Once you’ve reached this point, consider using SEO services for SaaS companies that will develop specific strategies to target new customers and help grow your business.
Do Your Due Diligence
Establish what users need and value in SaaS products of your chosen type. This information will help you figure out what functionalities you need to focus on to make an attractive SaaS solution.
Researching your competition and the way theyāre going about business is crucial at this point. Studying the business models of rival companies and their practices can give you an idea of what you are competing with.
Getting familiar with other SaaS products before you start on yours is crucial for your success. Even products that are only tangentially related to your project can be useful for gaining valuable insight. Knowing how they operate is the first step on the road to figuring out how to outperform them.
Focus your research on identifying any important bases that other products are not covering. Finding those is not always easy – you may well have to dig through a multitude of forums and reviews to do so. However, every lapse in the services of your competitors represents a market niche you can fill. Make sure you study your rivals and learn as much as you can from any interaction with their users.
The market niche of your project and your potential competitors arenāt the only things you need to research, though. There are many other details you need to consider before setting off. To begin with, one of the most important ones is whether you can afford to commit to a SaaS project. As with all things related to IT, the cost of every SaaS project depends on its scope. When it comes to SaaS, the technology and expertise involved in developing a product donāt come cheap.
Create the Product
Creating a worthwhile SaaS product is a long and complicated process. It involves a lot of hard work and iteration on the part of the development team. Getting developers with enough technical expertise on the job is only the first step towards a good SaaS product.
It is of paramount importance that you use the right technology for the project from the get-go. Knowing its full scope from the very beginning will allow the development team to make sound technical decisions along the way.
Another critical aspect of SaaS product development is nailing down the projectsā constraints. Important details such as the projectās budget, its deadline, and other crucial parameters must be factored into all your plans. By the time development starts, you should have a roadmap of goals for the project, and a solid plan for achieving them.
Keep in mind that SaaS products have certain distinct advantages over on-site software solutions. Those are your biggest selling points – donāt ever drift away from them. They should always be the center of all your SaaS building efforts.
Figuring out the best way to monetize your SaaS product is another important decision you must make along the way. There are plenty of options that you can choose, depending on the nature of the SaaS solution itself.
The āfreemiumā model, for instance, allows anyone to gain access to the basic functionalities of the product. This is an excellent way to incentivize users to try out your service and demonstrate the value it can provide. Naturally, some of the most convenient and effective features are only accessible to users who opt to pay for the premium service.
Flat-rated pricing is a more traditional way of tackling monetization and is one that users are familiar with. However, selling SaaS solutions as a monthly or yearly subscription is not always optimal. This is especially true when dealing with large SaaS platforms with lots of users and complex functions. In that case, itās best to charge customers on a per-user, or even a per-use basis.
In Conclusion
Developing a SaaS product is a challenging task that requires a lot of due research and hard work. Its success will depend on your expertise and ingenuity. Creating a successful SaaS solution is no mean feat – but the benefits if you manage to do so can be tremendous.
