The success or failure of every SaaS application depends on how vigilant the SaaS product development process has been. Likewise, what technology is used to build the product? What current trends, like Machine Learning and Artificial Intelligence, have been followed by the developers?
The following article illuminates on different stages of SaaS product development. The outcomes will help you know how to understand the market requirements and the use of the right technology. Plus, you will see some bullseye strategies and traits of experienced scrum teams to turn your SaaS product dream into a successful reality.
SaaS Product Development Process
SaaS product development goes through multiple stages. So, let’s explore them from the beginning to know what the development process looks like.
1. Market Research
So you have a great idea and think your product will take the market by storm. That’s superb! But who approved the thought? On what basis do you believe the product will be a success?
You just can’t start with SaaS product development by getting some appreciation from family and friends. Of course! They are the first promoters, but you need to think out of the box.
Therefore, the first step to SaaS product development is to know if the product will make the lives easier for the users. Try asking questions from the greater masses through surveys and polls.
Analyze their answers to foresee the demand for your solution when launched. And most importantly, discuss your ideas with experienced SaaS engineers, as they will give you authentic insight.
Calculate the Market Size
Next is to determine the product market size for SaaS product development. To do that, you need to decide which customer group you will be targeting with your solution.
For example, suppose your SaaS product will penetrate the market (offering the same features to the same market). In that case, you must know what customers have used similar products to recognize the chances of success or failure of your software.
Know Your Competitors
The most important thing in SaaS product development is to study your competition. You must know who your competitors are and what solutions they are already offering in the market. All this knowledge will help you get a great SaaS product with a competitive advantage.
2. SaaS Product Development Strategy
“Rowing harder doesn’t help if the boat is headed in the wrong direction.”
– Kenichi Ohmae
SaaS product development is not just about adding features but value. Therefore, to make a successful strategy, you must know the answer to the three following questions:
a. What is your SaaS product offering?
Before starting the SaaS product development, make sure you have a valid idea. Once you have confirmed through market research and analysis, you must find the business opportunity through your product. But how?
The answer is simple!
Adding value and impeccable qualities to your SaaS product. So remember, your SaaS solution should provide:
- Solutions to users’ problems and needs
- Strong value proposition
- High user experience
- Customization options
- Accessibility and integration
And, of course, next-level customer service.
b. To whom will you offer the SaaS product?
The next phase in the SaaS product development strategy is to know the ideal customers for your solution and ways to attract them.
The best way to do this is by identifying the correct customer segmentation pattern. While there are various methods to create an ideal customer profile for SaaS product development, here are some tried and tested ways:
- Target industry
- Geography and location
- Company size
- Job title and key players of the organization
Similarly, you must start researching the ways to attract your ideal customers. Although this step sounds like a post-launch activity of your SaaS product development, it is not. You should know that SaaS marketing is way too different compared to ordinary products.
So here are a few tips to make your SaaS product noble:
- Offer free trial
- Speak about your SaaS product through content marketing
- Go for online marketing like email, PPC, and social media
- Use customer testimonials and reviews to attract more customers
c. What resources do you need to build the product?
The third part of a SaaS product development strategy is assuring resources that will help build a high-quality solution. For instance, budget, an experienced and visionary team of developers, and access to the right technology.
3. Gathering SaaS Business Requirements
A successful SaaS product development is impossible without knowing the client’s and users’ demands.
For example, there was a time when software security implementation was of minimal concern. But soon, users began falling for secure environments.
This pushed product owners to add value to the product in terms of promising safety and protection of users’ data through their solution. Contrarily, software engineers became more requirement-centric, and the practice is still on the go.
Remember, an excellent software development company always work on the product owner’s requirements. In fact, they even advise and consult the shareholders about new necessities their product should have.
For instance, if you need a SaaS-based system for your employees that runs without a password. So they can quickly log in without wasting time. An experienced development company will be able to fulfill such demands.
So it is also your duty as a product owner to talk over all the business gatherings with the SaaS team. On the other hand, a great SaaS product development team will understand your needs and work accordingly.
4. Choosing the Right Technology Stack
You need the latest technology for modern SaaS product development to compete against your rivals. However, this is not just restricted to having updated hardware. But it mainly requires working through modern programming languages and frameworks.
Moreover, working with new technologies is also cost and time-saving. Besides, it helps develop high-end SaaS products with durability and loads of attractive attributes.
A brilliant software development company will surely have the following tools in their technology stack:
- Python: Best programming language for networking.
- Node.js: For developing quick and affordable solutions.
- AWS Lambda: To manage your products in a serverless environment so you can enjoy reduced expenses and high profits.
5. Building an MVP
SaaS product development is not a one-time job. It also requires post-launch services, like maintenance, bug fixing, and more.
However, before launching the main product in the market, developing a great Minimum Viable Product (MVP) is vital. Or, in simple words, a prototype of your solution that customers will test and give feedback.
This feedback makes your product more valuable. You can add or remove features, identify bottlenecks, and makes the solution a perfect problem-solver.
For supreme SaaS product development, you must ensure that your idea has a demand and capability of acquiring the market share through market research. Build strategies for your SaaS product by drawing a clear picture of the services you will be offering to the ideal customers.
Discuss all your business requirements with the development company. And make sure they have the right technology stack to build the Minimum Viable Product. Lastly, gather and work on the user feedback through the MVP to launch the newest and more powerful version of your SaaS product.
At Slash, we assure developing top-notch solutions with problem-solving features to create a high value among users. Although the success stories voice for themselves, our clients trust us with the SaaS application development process as we don’t compromise on:
- Following the right SaaS product development process
- Researching the latest trends
- Building products with the modern technology stack
- Daily standup and daily scrum meetings for developing a 100% successful product
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