In an over-saturated market, building your Saas product is an art form. Getting the product right can be challenging enough but with any online product there comes pitfalls and mistakes are easily made. These issues can, not only stall growth, but also completely crush your SaaS product before it even has the chance to take off.
With some careful research and by looking at the mistake some of your competitors are making, avoiding these pitfalls can be done. Here we look at five of the most common mistakes SaaS product builders are making and how you can avoid falling into the same trap.
No time to read the full article now? No problem!
Click here to download the PDF to read later
1. Getting The Pricing Wrong
You might think that over-pricing your product is the main problem here but there are other issues that need considering. Yes, overpricing needs to be avoided. There is a fine line between what you believe your product is worth and what a customer is prepared to pay and striking that balance is quite a task.
However, attention must be paid to the opposite end of the spectrum and undervaluing your SaaS product. While you may attract more customers, you simply won’t be able to meet to your own costs rendering your long-term operation unsustainable.
Consider too, customers’ expectations of SaaS products. Will you offer a one-size-fits-all package or a tiered pricing system attracting amateur as well as professional users of your product? Finally, don’t be tempted to bury your pricing options away on a deep page of your website. Customers will simply give up looking and turn their attention to a rival product if they have to spend too much time trying to find your price package. Instead, turn this on its head and make your clear, reasonable pricing something to be proud of and clearly on display.
2. Dismissing The Competition
It’s easy to get caught up in how amazing your product is and what it has to offer but if you’re not looking at what your peers are up to, you’re missing a trick.
Instead of seeing the opposition as an imposing enemy to conquer, view rival companies as the benchmark on which to base your success. Figure out which niche products they offer that you don’t and incorporate them into your SaaS product. Watch who interacts with them and pitch your product directly to their customer base.
Pay attention to their marketing strategy and you’ll get a good idea in which direction the company is heading. In short: follow, learn and implement.
Software Designer Manager Theresa Stringer said: “Sometimes you feel like you’re in a David and Goliath style situation but rather than being intimidated by larger or more established services, learn from them and implement all the good things you see that company doing. Don’t be afraid, like David, to take the opposition head-on”.
3. Underestimating The Customer
Many SaaS companies are unclear in their intentions when marketing their products. There is often confusion around whether a product is a simple way of meeting a variety of needs, eg accessible storage solutions or a rival to an already existing service. What tends to happen is that SaaS marketing underestimates the customer’s existing knowledge and use of the software already on offer and oversimplifies the alternative making it appear inferior.
When dealing with tech-savvy customers you need to play up the specifications of your product, not downplay or oversimplify them. Of course, there will be customers who are looking for a simple solution to their tech problems and when they come along, you will need to alter your customer strategy. Whether expert or amateur, your product should meet both needs with clear interfaces and a comprehensive list of questions and answers.
4. Hoping For Hits
SaaS builders are not necessarily marketing experts and of course, this works the other way around too.
But to be a success a marketing strategy must be very much a part of your plans. What a wasted effort it would be if the only way people could find your product was by stumbling on it by accident.
Of course, many people do have an idea of how to market, using paid for adverting, social media campaigns, SEO content and so on.
To get it 100% right though, the first thing you need to do is ask yourself who you wrote the software for? Once you’ve identified your key audience or audiences, as you can have more than one, then it’s time to find out what these people read and where they hang out on social media.
Marketing Consultant George Simon, said: “Building your own marketing strategy can be done but it can take a lot of effort and does require some specialist knowledge. It’s far better to have someone on board who knows exactly what they’re doing, rather than spending hours getting it wrong and misunderstanding the figures. Get it right and you’ll have customers flocking to you”.
5. Leaving Out The Website
People will enjoy looking around your SaaS product and seeing what functionality it offers but at the end of the day, they are also looking for a website to consolidate their ideas and take up further research.
If you’ve spent all your time building your SaaS product but neglected your website, then you need to readdress the balance. With all the information you could possibly need to make an informed decision about buying your software, this website has your hallmark of quality stamped all over it. Here buyers will be able to contact you and ask some of their pressing questions.
Your product may just be what the world has been waiting for and by following a few of these tips, you’ll be able to make your SaaS product the one on everyone’s lips. Go and sell and be head and shoulders over your rivals.
IT Marketing Analyst for AcademicBrits as well as tech writer at Originwritings, Joel Syder crafts articles about all aspects of IT and marketing. He loves seeing people reach their potential in the world of human resources and writing on topics that he finds exciting.