Software as a Service (SaaS) product has become an increasingly attractive model in recent years. The SaaS market is forecast to hit $623 billion by 2023, with an annual growth rate of 18%, according to a report by Finance Online. SaaS's top dealers include Microsoft, Adobe, Oracle, and Salesforce.
With all these market leaders, it is difficult for SaaS startups to take notice and find customers. However, when a great idea is united with the right technologies and tools, anything is possible.
SaaS startup to build minimum viable products (MVP) to speed up implementation of its ideas for SaaS projects. With the help of MVP, SaaS startups can refine their ideas and get feedback to move in the right direction. Even good companies create MVPs to test their new product ideas.
When you are entering the market with a perfect product, it is better to run MVP. Today most companies like Dropbox, Airbnb, IBM and others are giants of their time.
One of the advantages of an MVP is to test your SaaS product idea in the real market. Not only that, but it will save you a lot of time and money. In addition, you can:
Determine if consumers need the solution you offer
Identify the risks at an early stage
Analyze user behaviour
Improve product development and marketing
Monetize the product based on user needs
Successful companies like Facebook, Twitter, Instagram and Oracle created an MVP to review their ideas. Here is a simple MVP framework that helped them and can help you too.
There are thousands of SaaS companies. But someone has to provide a solution and solve the problem. Therefore, it is well connected to be aware of the key players in the market, their market share and their positioning.
You can also run live surveys on your social media to get people to comment on your product. You can ask them questions like:
How much would you pay to solve this problem?
Have you had any such problems?
Once you know the problem, the next step is to divide your audience. It helps you determine the entire product and service.
As a SaaS developer, you will see it in different sections. Therefore, you must identify your segments and analyze the product from their point of view–
Why should they use your product?
What will it cost for them?
Does your results help them reduce resources, time, or costs?
What is the big client's problem that your product will solve?
Can your product be used for different target audiences?
User flow describes in the way of consumers will get what they want from your product. Therefore, keep the flow of the user as simple as possible.
Next, you can plan your MVP features. Include those who are closely involved in resolving consumer issues. For example, if you are grow a fitness app, your MVP will not require billing and subscriptions. You can add it to the future iteration of your product.
You can now create your MVP for the basic version of your product.
Once you release it in your market, keep an eye on all the data you get. Measure product usage, traffic, customer behaviour, demographics and other high-ranking metrics. This statistics can help you make enlightened decisions as you think about more developing products.
If the feedback and data you have collected show a positive market response for your product, be prepared to repeat your MVP.
You can start product development again to offer customers the product that your MVP lacked. To avoid the cost of axis-related changes, you can choose to create an MVP that allows for faster and more dynamic changes.
Don't forget, creating an MVP means getting involved in the learning process, where you can learn more about your target audience. It gives you the confidence to serve your product better with subsequent releases.
If you plan to start your own B2B SaaS startup, don't skip building an MVP.