SaaS (Software as a Service) is a licensing model, where access is either on a subscription or a pay-for-what-you-use basis.
With SaaS, the market has completely changed. Growth is the most important factor. Fast, continuous, year-on-year growth. Being a developing business model, what tactic will work and what will not, is not fully clear yet. But, some of the more successful ones are:
Product led growth-
Let the product speak for itself. It becomes the centerpiece of the business strategy and leads the growth. In the SaaS market, the product has to show value. Tactics like having two versions, a free version and a paid version, allow the customer to try the product before committing fully.
Become customer-centric -
Make it the philosophy, strategy, or even as an entire business department. This has three benefits
Use the right metrics -
Every business has Key Performance Indicators (KPI). It is important to choose the right ones for measuring performance, especially in startups.
Correct metrics lead to the right goals and the right goals lead to sustainable growth. The metrics should be relevant, specific, measurable, realistic, and be time-bound.
Build partnership alliances -
A popular high growth strategy in many fields, it helps widen the customer base. Other businesses, which are not competitors but with similar products, can become partners in the market. Each supports the other, leading to growth for both.
Use a consultancy service-
A startup usually has very limited resources, almost all of which would be focused on the product. Hence, the services of a digital transformation consultant, like Jaivam Life, would be a very cost-effective strategy for enabling growth. Specializing in web and mobile-based applications, Jaivam Life’s experienced team, can provide a SaaS startup with exactly the right support to grow fast