At present, we are getting ready with our Product’s beta testing and getting ready to launch for the selected few customers.
At the same time, my mind is also working on the marketing strategies, how to attract and retain the right customers. I have heard of many companies who developed an application for a particular market segment and down the line, they wound-up the business.
So I am thinking about what it takes to be a successful SaaS business. What’s right for us as an Entrepreneur?
So I have listed those 5 P’s, that I feel are important for any Entrepreneurs to have.
1. Problem – Entrepreneurs needs to identify a real problem and focus to solve it. Identify the same and work towards it. Identify how these are addressed by the Business and whats the value addition that you bring now.
However this may not be true in sometimes. For example. when Facebook launched no one knew the power of connecting and social network. Facebook focussed on “six degrees of separation” and built a product around the same idea.
2. Product – Develop a product that addresses the problem. Dont focus to complete the entire product before Launching. Make a MVP (Minimum Viable product) and meet the customer.
We adopted this methodology and it worked great for us as we constantly in touch with our customer and making a progress.
At the same time, if you are in RED OCEAN then it may be wise to build a quality product with all the features before launch the same. “First Impression is always a good impression”
Note: Do not focus on money, but a quality product that addresses customer issues. Money is the subset / Outcome of this process.
3. People – Build a team. You need to lead by an example, such that people follow you. So your integrity, commitment, perseverance, customer focus are all valid and important.
As an Entrepreneur, you will have 100s of issues to manage and handle. So one person can not be at every place and every time. So its important to manage your time and delivery.
Identify the right person for each tasks and make him responsible for the operation execution and delivery.
Off course, you need to compensate the team properly.
4. Price – Whats the right price to sell the solution? Its more of a trial and error and referring to competitors price. If you have done market survey on the price points that its good start else refer to competitors price and see what best suits you.
We changed our pricing strategy many times as it evolved based our interaction with customers and their feedback.
Its always advisable to take the customer feedback seriously and work towards it. However, my recommendation is go by your gut feeling too. Because no one knows whats the right price.
5. Promotion – How you are promoting the product? Which channels? is it Freemium or its a price based one? How you would be selling the solution.
Its better for you to have most of these questions answered before you even think of spending a dollar.
Your comments and feedbacks are valuable to me. Please post the same.