The technology industry is one of the most promising in the entire global market, with revenue projections reaching more than US$200 billion by 2025. It is certainly a promising market and that arouses the interest of many people in being part of the winners.
However, starting a business in the technology industry is not easy, it not only involves building a good product that meets the needs of customers, it also involves a strategy that must consider all the relationships that users today have with the internet, the analysis of data to understand the movement that the market as a whole is tracing, and to know how to do marketing that reaches the right users to convert them into paying consumers.
Without a clear strategy in the development of your product and also in how to promote it, the chances of your company being successful and strong in the SaaS market are low. So, in this article, learn how to create a successful SaaS product strategy!
Importance of the SaaS Product Strategy
It is necessary to have a SaaS product strategy so as not to waste time and money, anyone can develop a SaaS product and create a profile on Instagram, and there are hundreds of thousands of them around the world. How many do you know or have you heard about?
It's definitely a fraction of the entire market. Competitiveness is high, and standing out with strategy is crucial to not having a SaaS business at a standstill without continuous and sustainable growth.
Your product needs to be desired by users, and your marketing needs to not only find these users but also convince them that your SaaS product is worth the money they'll spend.
Elements of a SaaS Product Strategy
Building an effective SaaS product strategy needs a few basic and necessary elements for it to reach its full potential! Check out these elements below:
What is your product's reason for existing? This is the vision of the product, for your SaaS product to exist it needs a clear why. What will he change in the lives of his clients? How will it change your customers' lives? The product vision needs to explain why your product matters to the world.
A successful SaaS business has to know this. The motive needs to be realistic and achievable, not to promise what you can't deliver. At the same time, what will be delivered cannot be easy to achieve, after all, if it is easy to do, why would anyone pay for your product? And worse, why would someone choose your product over some other competitor's if they do the same thing?
Understand your customer's needs
You already know what your product has to offer to the world, right? Now you need to know how you can use your product to solve real problems for real customers, so it will be easier for you to find a target audience to sell your SaaS product.
Create a buyer persona by defining everything he does on a daily basis, what are his difficulties, what annoys him the most, what is his purchasing power, and what does he search on the internet every day?
Find out what your client's daily challenges are and how he solves all the problems that appear, also find out how much he is willing to pay so that his problems are minimized and solved with greater ease and speed.
SaaS Product Objectives and Goals
Define initial objectives and goals to understand whether your product is managing to achieve the expected success or if it is stalled and causing losses. Goals and objectives may change over time, depending on how knowledgeable you are about the market and the size of the target audience.
Know your competitors
Maybe your product isn't something completely innovative, becoming just another one trying to get itself a slice of the broad market, which is completely understandable. There are so many areas with so many consumers that it attracts the same new products every month, and every now and then, one of those products stands out right when it's launched on the market.
Research who your competitors are, how many customers your competitors have, and how do they convert simple users into loyal customers? There is no shortage of metrics and data for you to collect from a highly competitive market such as the internet today.
After collecting all the data you need, analyze them to get insights that can turn into innovative ideas that put your product ahead of existing competitors.
Don't Ignore Your Audience
Ignoring your target audience is the worst mistake any SaaS business can make, after all, your customers are the company itself, without them, there is no money coming in and no business. Always try to hear what the people who consume your product have to say about the product itself, about your customer service, about your marketing, and the suggestions they love to provide for free.
A tip here is to use a user feedback platform to get the most out of the valuable information brought by each common user and future consumer. Like Changelogfy, which is an All-In-One platform designed to improve and facilitate all communication between your business and your audience.