SaaS business and products are not a novelty anymore - here are seven considerations that will help SaaS companies grow futuristically. Read on.
SaaS business and products are not a novelty anymore - cloud-based products such as SaaS are part of everyday businesses now and growing rapidly. We have already discussed the software as a service is, the different types, and its characteristics before - now let us take a look at the SaaS Business itself.
As a dynamic market commodity with a lot of iterations, SaaS is one of the most prominent money makers for many companies now. In 2020, the SaaS market saw a business of $110 billion, and by 2022, this figure is supposed to cross $143 Billion, a staggering growth rate of 14 percent. This figure looks to rise even further, with many businesses moving to remote models in terms of operations and product delivery.
SaaS Business Considerations
If you are a SaaS company, or are planning to be one, this is probably a good time to operate. But, to run your SaaS business successfully, there are certain considerations companies can follow. Here is a look.
1. Know Your Target Well - Clearly understand the need of the market, find your niche target and offer a product range that caters to those needs. Build a company persona that suits your target.
2. Focus on User/Customer Experience - Understand the needs and tailor the content so that it provides the most value to the customer. Take regular feedback from users, provide instant support, and ensure a smooth customer experience throughout.
3. Use SaaS Marketing Effectively - If your service stands out and you provide great support, make sure that customers (existing and potential) know it. A good marketing strategy will help you grow your business to unprecedented levels. Use tools such as free trials, referrals, and create good marketing campaigns and content across platforms.
4. Plan Integrations in Advance - Map out every possible scenario where your service has to integrate with other software or hardware. Use strategies such as streamlining data imports, managing synchronization, making browser extensions, etc.
5. Make Use of Metrics - Track your growth from the get-go. Understand the variables that determine the rate of success and point out fields of improvement. Implement steps to get such analytics faster and act on them.
6. Know your Architecture - SaaS business companies use either single or multi-tenant architecture. Both have their own advantages and limitations. Choose the one most suited for your needs.
7. Form A Suitable Pricing Strategy - SaaS businesses and other as-a-service companies mostly use a subscription-based or pay-as-you-use pricing model. In some instances, there are flat-rate, long-term contracts, or tiered pricing as well. Form a clear pricing strategy according to your operations and the industry you associate with.
VEXXHOST Cloud Services for SaaS
SaaS is a highly beneficial model for users and providers alike if all the security best practices are met. Businesses get the opportunity to focus on things that they do best while the software service is provided to them for fair prices. SaaS providers and enterprises often need cloud hosting services to support their operations, and that's where VEXXHOST clouds come in. For many of our clients, our OpenStack-based public and private clouds are the preferred choices because of their highly scalable and secure nature.
Speaking of private clouds, you can now run on a fully agile and customized cloud from VEXXHOST, with no licensing fees and smooth 2-week migration. In fact, we're ready to put our money where our mouth is. We're so confident in being able to save you at least 20% or more on your current cloud infrastructure expenditure that if proven wrong- we'll give you $1,000 credit to our public cloud.
Excited? Find out more.