How to Launch a SaaS Product

Software as a Service (Saas) is a business model in which customers pay to access and use cloud hosted software over the Internet rather than purchasing it right away.

This is different from traditional software that you need to purchase and install yourself.
Usually, Saas provides access to apps through monthly or annual subscriptions.

Launching a Saas product requires a well-planned strategy and execution. In order to have a successful product, you need to have a high-quality product, a string brand and a relationship with your technical audience.

Examples of popular SaaS platforms are Salesforce and Slack

Examples of Popular Saas Applications:
– Google Workspace: Provides tools like Gmail, Docs, Sheets and Drive
– Salesforce: A CRM platform that helps businesses manage customer relationships, sales, analytics, and marketing
– Zoom: Delivers video conferencing and online meeting services
– DocuSign: Facilitates electronic signature and document management
– Slack: A communication platform that enables real time messaging, file sharing and collaboration
– Canva: A design platform that lets users create graphics and presentations with a range of helpful templates
– Netflix: Streams a library of movies and TV shows that are accessible anytime, anywhere

Looking at the list above, it’s obvious to many that they have used a Saas product at one time or another.

So, if one wants to build a SaaS product, where does one get started?

Pre-launch process
– Conduct market research and target audience identification: Thoroughly understanding the target market, their needs, pain points and the market landscape is essential.
– Product development and refinement: This involves identifying your unique selling point and perhaps going forward with market research
– Pricing Strategy: You have to figure out the optimum processing model, when its subscription based etc.
– Building a Pre-launch audience: Creating anticipation and generating interest before the official launch is important. This can be achieved through email marketing, social media campaigns, content marketing and early access programs.
– Connecting Sales Team and Marketing Efforts: Creating a compelling marketing strategy, sales scripts and product demos can make a difference and can communicate the products value to potential customers
– Partnering with Complementary Businesses: Saas companies can collaborate with complementary businesses to expand market research and provide additional value to customers.
Product launch phase:
– Executing the Marketing Plan: Implementing the marketing plan across various channels to generate awareness and interest (digital, social media, PR)
– Managing Product Release and Updates: Setting the launch date, ensuring a smooth product rollout, addressing initial technical issues, and managing product updates.
– Handling Initial Customer Onboarding: Providing a seamless onboarding experience for early adopters, guiding them through the products features and benefits
– Gathering Customer Feedback: Actively seeking feedback from early users to identify areas for improvement and inform product iterations.
– Monitoring Key Performance Indicators: Tracking essential metrics such as customer acquisition cost, customer lifetime value, and user engagement to measure launch success
Post launch phase:
– Analysing product performance: Evaluating product usage data, customer feedback, and market trends to identify areas for improvement
– Iterating on the product: Implementing product updates and enhancements based on user feedback and market dynamics
– Expanding market research: Reaching new customer segments and geographical markets to drive growth
– Building a customer community: Fostering a community around the product to increase customer engagement and advocacy
– Measuring customer lifetime value: Analysing customer behaviour and revenue to optimise customer retention and maximise the value of each customer