The global Software-as-a-service industry (SaaS) has experienced exponential growth over the last 12 months, in part as a result of the pandemic and consumers seeking online solutions to remote working.
Because of this shift, we should expect to see the SaaS industry continue to grow, evolve, and change at a pace unseen previously. In particular, we’re seeing a rise in small companies who have a small but loyal customer base. As clients look for more bespoke solutions, these small companies can deliver. And it makes great business sense too. Going after a smaller market means that SaaS developers can max out on growth potential much earlier. Whereas catering for a bigger market will mean competing with more specialised players.
With that in mind, here’s how your software business can develop in the SaaS age.
Think about the client’s needs
When launching any business, it’s essential to ensure that there’s an appetite for the product or service you’re offering. For this, conducting thorough market research is essential. It’s best to carry out small-scale tests that really hone in on a particular aspect.
Ideally, your product needs to be flexible and user friendly. If it’s too difficult to use, it won’t be as popular or as successful as you want or need it to be.
Focus on sustainable growth
Previously, SaaS companies have been fixated on ‘growth at all costs’, however, it’s important to focus on sustainable growth, and have a model that forecasts a range of growths. This is where the expertise of an external company can come in. Not only can they ensure that the legal aspect of the company is secure, but they can have an active role in the growth plans of the business itself.
Implement AI-based technology
Implementing AI-based technology is the most prominent and emerging SaaS trend. This trend has proved to be the best for enhancing productivity and lets you optimize your business processes.
Incorporating AI tools in the software makes customer interactions easy throughout the process and helps automate the other moving tasks ensuring full efficiency. And as leading names such as Amazon, Google Cloud, and IBM Cloud start integrating AI-based tech into their SaaS, it’s a sure sign that smaller companies should follow suit or end up being left behind.
Increase mobile optimisation
With more people than ever using mobile devices over desktop, it’s time businesses started increasing mobile optimisation. With the mobile-centric generation, SaaS companies who insert mobile optimisation into their software have become market leaders.
Mobile optimisation isn’t just beneficial for the customer journey, having a fully optimised platform will make the conversion process easier – and less stressful. Again, this comes down to understanding the client’s needs.