How Businesses Should Power Their SaaS Product Development Process
Posted By : Priyansha Singh | 07-May-2021
How Businesses Should Strengthen Their SaaS Product Development Process
Scalability, agility, and flexibility are some of the attributes that enable businesses to thrive in correspondence with the continually evolving customer needs and enterprise demands. However, countless technological innovations are brightening the business streets. Still, Software as a Service or SaaS seems to be overflowing with solutions and enterprises need to transfigure the IT domain and push their digital capabilities and endeavors a notch higher. Did you know that more than 80% of businesses implement at least one SaaS application? It is an undeniable fact that the SaaS market and revenue have been skyrocketing at a massive pace that often surpasses the initial optimistic projections.
However, as the Covid-19 pandemic has hindered the economic framework, it has highlighted the need for creating hybrid business models. According to a survey by Gartner, nearly 74% have planned to shift to more remote work permanently post-Covid-19.
Considering the current business requirements and the vitality of having a hybrid virtual model, enterprises, in huge numbers, are approaching SaaS application development companies to build go-to solutions. Nevertheless, when the pandemic forced the business operations to halt, the cloud services helped in ensuring business continuity, which ultimately resulted in the sudden spike in demand. Among the three major forms of cloud services i.e. SaaS, PaaS, and IaaS, Software as a Service (SaaS) continues to be the largest sector. As per another research report by Gartner, the SaaS market is estimated to hit $140.7 billion by 2022.
In this article, we will analyze how outsourcing SaaS product development services assist companies to seamlessly complete their on-premises journey to an on-demand approach while delivering full customer value.
Tips to strengthen your SaaS Product Development Process
There are innumerable that fuel the adoption of SaaS solutions among businesses from a wide range of industries. It helps in reducing software deployment costs and time from months to few minutes, enhance customer experiences, and improve employee engagement. Here are some of the tips:
Define business models and budget
It is a common fact that one solution can not fit all business needs. Small businesses and big enterprises must consider the nature of their work, evaluate the maturity level of their organization, and define the integration landscape before availing SaaS services. With a crisp understanding of budget capabilities and business models, it is easier to select the right technology and incorporate it into their Saas-based services and products.
Also Read: The Integration of SaaS With Cloud Technology and its Benefits
Market research and analysis
Businesses must monitor user’s behavior, competitors, and market trends to ensure the success of their SaaS product development strategies. Technologies such as AI, IoT, data analytics, and more help in building predictive capabilities to understand consumer’s needs and demands in advance. With the correct insights readily available in the market, companies can validate their vision and map it with their SaaS product development approach.
Create Minimum Viable Products (MVPs)
Before developing applications powered by SaaS, we recommend businesses to create MVPs and prototypes. These are ideally the best measures for value addition and mapping your upcoming products with user flow. MVP is a crucial aspect of the SaaS development process as it directly reaches the prospective product users.
Develop go-to-market strategies
GTM strategies primarily help businesses to expose to the market at the right time and reach out to potential customers. To make it effective and efficient, companies should always focus on creating intuitive and powerful user experiences. They can outsource their software development services and collaborate with potential digital transformation providers. It would enable them to pick the right technology stack, including APIs churns data in order to reach the target audience, make comprehensive data-driven decisions, and set the marketing and sales strategies right for their products.
Set the right SaaS product pricing
Once you’ve carried out the above-mentioned steps, it is critical that you build pricing strategies to ensure that your users pay what you demand. SaaS product development agencies offer multi-pricing models including value-based, tiered-user, per-user pricing, freemium, per-storage, flat-rate, pay-as-you-go, and feature-based pricing. The SaaS pricing models should always put customer empathy at the forefront of their entire development process.
With the adoption of neoteric technologies such as AI, IoT, and cloud, SaaS product development has also gained traction. Amidst COvid-19 lockdown and social distancing commotion, businesses are extensively approaching SaaS application development companies to leverage web-based technology in order to continue their workflows and operations remotely. In the coming years, SaaS solutions are anticipated to grow at a CAGR of 12%. If you are looking to build applications leveraging cloud and SaaS, connect with our experts.