Everything You Need to Know about Building SaaS Product

  • There’s no need for customers to pay big amounts of money on expensive software. They can only buy a subscription for the period and functionality they need and cancel it when they no longer need the service.
  • Support and automated updates. Apps updates and bug fixes are synchronous and available to users of all devices maintaining their security.
  • Ease of management and productivity. Focusing on SaaS software providers’ benefits, the product has a positive impact on sales without even putting extra resources. Its scalability allows making a customer base of 100 and 100K without making additional efforts.
  • Cloud-based apps are less susceptible to software piracy so a SaaS app has its cybersecurity advantage.
  • SaaS apps are accessible from anywhere in the world with only one condition — the Internet — required. Some of them also may work offline and synchronize only when they are connected to the Internet.

1. Market Research and Target Market Defining

2. Formulate Strategy and Create Implementation Plan

The strategy is a vision of how a product should be and how it’s going to get there. The strategy consists of three main elements.

3. Determine Pricing Model

  • Per Feature pricing
  • Simple, flat rate pricing
  • Freemium
  • Tiered Pricing

4. Make Wireframes

5. Put Emphasis on MVP

The successful story of SaaS development has to contain a minimum viable product (MVP) chapter. This is a version of a saas application with the basic features included to grab the attention of users and collect customers’ feedback. Many startups and large IT companies are increasingly using MVP as a starting point for building a successful saas product. This will fast-track the market release of the product, reduce implementation costs, test the demand and finally provide you with a clear understanding of your assumptions’ accuracy. The sooner users can tell or show you how they use the product, the higher level of success.

  • Accelerated retrieval of information required to build a saas product.
  • To save development time.
  • Quickly deliver a product that solves at least one problem to early users.

6. App Development

  • Support and Maintenance. Of course, nothing stops with the release of the product. The development team always keeps an eye on the app performance, works on the new features, and maintains the product.

7. Rolling out Your Product

8. Beta Testing

It’s impossible to foresee all the customer requirements and preferences. All of this may be sorted out by beta testing. It may be done by a small group of users for free or at minimum price in return for their time and feedback provided. When the results are acceptable, new customers at a pre-planned price may be invited.

9. Customer Onboarding and Support

This is a crucial moment in the life cycle of a SaaS product because the users’ initial impression will play a significant role in their further choice: either stay loyal to the product or switch to another one.

10. Marketing Your SaaS Product

  1. Product Trials
  2. Search Engine Optimization (SEO)
  3. Referral Marketing
  4. Google AdWords
  5. Co-marketing
  6. Retargeting

Bottom Line

The fact is that the SaaS market now is continuing to expand. More and more people get acquainted with all the opportunities SaaS products bring to their livers. Small and medium businesses are starting to realize that Software as a Service is a great fit for their needs. That’s why joining the SaaS market today may bring great prospects and huge benefits tomorrow. Of course, that’s not always easy and it’s important to have a deep understanding of how this domain works. We at SumatoSoft are always ready to share our knowledge and experience and guide you through this journey. Get in touch with our team and get a free consultation about your SaaS product development.

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