How to Evolve your SaaS Business in 2020 by Jay March 12, 2020 4 Minutes ReadThis has been a challenging task for companies in an increasingly competitive market to make their SaaS offerings stand out from the others. This is not just about 2020. The SaaS model has evolved over the past 10 years. The rise of cloud-based software has helped to redefine the enterprise workplace, unleashing truly mobile and collaborative workforces and new customer-facing interactions. It’s also democratized IT management and stimulated a shift in technology adoption that’s transformed the way companies buy and consume products and services. Moving beyond, the SaaS global market looks to continue with fast-paced growth. According to Gartner, public cloud services alone are set to increase by 17% around the world to $266.4 billion in 2020. Meanwhile, the integration of AI with SaaS platforms looks set to propel an additional market expansion, as more and more enterprises seize the opportunities on offer to cost-effectively automate internal operations, boost productivity, and speed up delivery of personalized services. Image Source: Statista This could sound good to the entrepreneurs who are considering to enter the As-A-Service (AAS), as well as the existing vendors preparing to update and evolve their SaaS offering. Standing out in a crowded marketplace Almost two-thirds of companies operating in the SaaS space today were formed in this last decade. And the number of new entrants continues to accelerate. With a growing number of organizations looking to benefit from the reduced costs, scalability, and convenience offered by SaaS, it’s no surprise that new market entrants are keen to capitalize on the burgeoning opportunities. Building a strong customer relationship can be leveraged for standing out from the crowd. It will identify value-added transactions and unroll service offerings in line with changing business requirements. This is especially relevant where private equity firms are acquiring multiple MSPs, rolling them up together, and then reducing pricing to capture market share. This puts pricing pressure on independent MSPs, and suddenly it becomes a race to the bottom. What’s needed is a laser-like focusing on differentiating with the best customer experience. Actively communicate your feature changes and improvements through regular updates that ensure customers recognize you’re responsive to their evolving needs. Staying close to customers through regular account reviews will also generate opportunities to deliver strategic consultancy and impart in-depth knowledge that improves their operations. Finally, utilize BI and analytics to reinvent your pricing models. Tailoring pricing to individual customers will further demonstrate the truly collaborative nature of your relationship and discourage any temptation to consider switching providers. Deliver seamless customer experiences “Every step of your customer’s journey, from first sales interaction to onboarding and ongoing support, needs to be easy and seamless to navigate”. Because “if you’re not delivering a holistic service that is responsive, accurate, and timely, no customer will commit to a long term relationship”. An effective onboarding process that is manageable, intuitive, and interactive should include actional walk-throughs of key features and functionality. You will also need to provide a help center and additional resources, plus a checklist for users to work through. Utilizing the professional service automation (PSA) and RMM (remote monitoring and management) tools will help ensure you’re able to gain complete visibility and control of your customers’ environments and can institute process improvements to serve them better. From automating routine tasks to enabling accurate billing, the effective management of support issues, and keeping track of SLA performance, customer satisfaction depends upon your ability to deliver more than just promises. Scalable Service for all industries Ensure your product can be easily integrated with the customer’s platform. It will make it easier for users to augment their internal processes with your services and products. In recent years there’s been a growing trend towards SaaS companies moving away from delivering a broad range of business functions and focusing instead on the delivery of vertical-specific software solutions built for clear industry niches. Focused on the concept of customer success, these solutions often incorporate industry-specific data governance capabilities and tailored features that can be easily adapted to the demands of the user base. Providing opportunities to create new ecosystems, featuring partner organizations, moving into the delivery of vertical SaaS platforms opens the door to co-marketing opportunities and the incorporation of new technology features through the utilization of APIs. Refresh your approach to marketing Delivering content that meets the needs of prospective and existing customers is the key to retaining your market position and becoming a recognized industry leader. From content marketing that showcases your expertise and builds brand awareness to adopting good digital marketing tactics designed to boost audiences in a wider range of geographies, aligning your marketing activities and messages to specific buyer personas will yield positive outcomes for your business. By keeping your finger on the pulse of the current challenges customers in your target market are facing, you will be able to refine your offering and educate current and potential customers on how your solutions solve their problem. To build ‘stickiness’, initiate portals that enable customers to share successes and best practice with peers, gain access to subject matter experts, and acquire new knowledge. Indeed, building a user-group community is once again becoming central to initiating stronger customer bonds and more informed relationship strategies that generate value-add for everyone involved. You’re probably already familiar with the often-stated stat that acquiring a new customer is up to seven times more expensive than retaining an existing one. But there’s one instance where that isn’t true: customer referrals. By creating a simple, rewarding referral program, you can turn your best customers into your most vocal and passionate fans. In doing so, you not only increase the return on investment from every customer, but you can grow your client base without increasing your marketing spend. And since everyone involved gets something out of it, referrals can increase customer satisfaction, too. Warping Words: Today’s customers want to have personal relationships with the companies they do business with. To thrive and survive in an increasingly competitive landscape, SaaS businesses must strive to cultivate strong, collaborative, and strategic relationships that are personalized to every client. That means delivering clearer communications, one-to-one check-ins, and better, more timely, insights. Ultimately, unifying personalized solutions with technological innovations and consistent service delivery that demonstrates you’re paying attention will be the key to maintaining your position in a market that’s characterized by constant disruption. Want to evolve your SaaS product? Let’s discuss. SummaryArticle NameHow to Evolve your SaaS Business in 2020DescriptionPlanning to evolve your SaaS business? Yes, this is the right time to accelerate. And go through these check lists to make your SaaS business successful.Author Jay Publisher Name Andolasoft Related Posts: How To Put Together a Top-Tier SaaS Marketing Strategy What Makes SaaS Marketing Unique And How To Do It Well Why SaaS and How It Impacts on Business Growth Rate Tags: SaaS application, SaaS Application Development Services, saas business, SaaS Business Applications, SaaS development, SaaS Marketing, SaaS performance, saas strategies Jayadev Das email@example.com Do what you do best in – that’s what I’ve always believed in and that’s what I preach. Over the past 25+ years (yup that’s my expertise ‘n’ experience in the Information Technology domain), I’ve been consulting to small, medium and large companies ‘bout Web Technologies, Mobile Future as well as on the good-and-bad of tech. Blogger, International Business Advisor, Web Technology Expert, Sales Guru, Startup Mentor, Insurance Sales Portal Expert & a Tennis Player. And top of all – a complete family man!