SaaS Survival has never been more critical. For over 10 years we’ve been operating in the Software and Technology Industry. In that time we’ve witnessed the rise and demise of many SaaS firms.
Today, we can view the current SaaS marketplace as possibly saturated?
To bring this into perspective, check out this image created by Martech. You may even be able to distinguish yourself or some of your competitors.
Immediately, it hits you.
The sudden realisation at the amount of competition (even we didn’t realise there was so much!), Hundreds of firms operating in the same space jostling for position and customers.
For us, this was enough to justify SaaS Survival as critical. Case closed. Capeesh!
Therefore, we thought we’d go a little Bare Grylls and give you our top SaaS Survival Tips.
SAAS SURVIVAL TIPS
In the world of SaaS, one technology can change another in the blink of an eye, and as we’ve just seen, you can suddenly be surrounded by competitors fighting for survival.
SAAS SURVIVAL TIP #1
Be Flexible to Adopt Change
In an industry so susceptible to change, you must be able to respond.
SaaS is submerged in innovation and progress, and you can neither ignore nor stop such innovation. Any attempt, conscious or unconscious to do so – will throw you back far behind your competitors.
As they say “The best form of defense is a good offence”
To ensure survival, you need to ensure your solution/product is flexible and can be adapted/upgraded to new technology. Keep a close eye on technology development, predict the trends and then implement them into your SaaS product.
While technology is one thing to keep tabs on, another key area you must be flexible to change is your customers. At the heart of your product/service is your customer.
Having the latest tech won’t matter much if it doesn’t add value for your customer. Track their needs and update your SaaS solution accordingly.
SAAS SURVIVAL TIP #2
Identify your USP and make it clear
In a crowded market, one key to survival is to stand out. You must identify what you do better/differently from your competition and make it your superpower. This might sound like a fresh portion of motivational rubbish but let me explain.
Your USP could be a specific feature of your SaaS product, your excellent customer support, exceptional brand identity or killing design etc.
Whatever you choose – Make it visible and attractive to customers.
To be attractive – it should simplify your customers’ life/work and make them happier.
Vend, a retail point of sale (POS), inventory management, and e-commerce cloud software, provides an excellent example.
As you can see, they clearly define their audience and aim precisely at the type of customer who will benefit from their product. This not only helps raise the sales of their product but also access the customers who are most in need of their SaaS solution.
SAAS SURVIVAL TIP #3
Acquire new markets
One thing you can do to ensure your survival is by moving into new markets.
Naturally, in the beginning, your local market is your staple. It’s where almost every business obtains there first customers. However, the reality of emerging markets can quickly eat your company up.
To combat this, you must start selling internationally and move away from your core market.
How? I hear you ask.
Well, thankfully, the internet has made it a whole lot easier to begin selling into new markets.
Remember back to when you acquired your first customer. What did you do? I’m no mind reader, but I’m sure it involved some fundamental elements of lead generation?
The same applies here.
Explore the top SaaS Lead Generation channels and build a strategy that allows you to start acquiring leads in new markets.
SaaS Survival Tip #4
It’s easy to think that every other organisation operating in the same space is a competitor.
However, look around, and you will see product for your SaaS integration, opportunities for mutual exchange of service or knowledge, media support, co-hosting events. The possibilities are endless.
Don’t let a crowded market demoralise you. Let it drive your business instead.
For you to win, the others don’t have to lose.
If you take away anything from this article it has to be this – Only the smart will survive.
Taking in to account the vast number of organisations operating in the space, the likelihood of having to draw upon one, if not several of these survival tactics is high.
Remember. Don’t get caught out by market forces, be certain on how you add value for your customers, look across borders and turn competition into collaboration opportunities.
“Survival can be summed up in three words – Never give up. That’s the heart of it really. Just keep trying.” – Bare Grylls
As a lead generation experts for software and technology companies for over ten years, discover our services and find out how we can enable you to not only survive, but thrive.