Product development for adoption and growth for SaaS products
Product development for adoption and growth for SaaS products
The tempting choice may not be the best choice!
While starting a new development cycle, managers and marketing executives often have the difficult decision of where development hours (the payload) for that iteration/sprint should be invested: new features or tightening the existing offering.
New features always look more attractive on the marketing brochure… and this tends to help enrollment! And then there are the existing users whose feedback needs to be taken up seriously… and every company putting out products has the responsibility of ensuring that the paying customers are kept happy… that they stick! Existing customers are also your promoters or your detractors!
There is not a right or wrong answer as this is a very subjective decision. Below are the considerations that will help you determine what is right for you at that point in time.
Market-Product fit: Be very clear about which market you are targeting and the gap you are trying to fill. Gear your product to do exactly that. Do not commit the mistake of building a product and then determining where you might apply it…. Do not also commit the mistake of combining too many disparate features into one.
Launch early: Put your product out quickly. Do not wait for perfection. Aim for the completion of a smaller set of essential functions instead.
Recognize the dynamic nature of SaaS: Agility, nimbleness and adaptability are key. SaaS products require constant upkeep with proactive and reactive changes. Once launched, your success will depend on the speed with which you react. Reduce the time to market every step of the way.
Focus on user adoption: Invest in promoting your product. Traditional email marketing, social media advertising, network driven invitation based product spread, targeting new user sets, geographies, etc are an absolute must.
Do not neglect your engineering and IT inputs: The worst mistake you could commit in SaaS is viewing the development and IT groups as slave groups. SaaS is technology! Protect the ones that build it and maintain it for you. I have found some of the smartest marketing inputs often coming from my engineers. No one owns up to the product like the ones that built it. They take pride in it and will more than likely go those extra miles non-grudgingly. Also, your engineers are typically your most expensive resources to replace.
Create a continuous communication and feedback loop with your existing users: Your existing users are your holy grail. Protect them with all of your being. Engage them in ways where they know they are being heard. Create feedback sections within your product. Call them proactively. Create closed focus groups and user groups. Conduct webinars, call them, showcase the way in which they are using your product…. Create “you asked, we listened” type sections to constantly tell them that their opinion counts. Users are more tolerant than you might think they are if only they feel they are being heard.
Include tactical decision making into your strategic roadmap: SaaS requires constant adjustment of your priorities. Do not be afraid of changing decisions as needed.
Bringing it all together: SaaS Product Development and Upgrade Sprints…. Glitzy new features Vs improving the product’s congruency, is entirely dependent on how well you are in tune with your market and with your user base. Your success is dependent on your understanding of your users. Being constantly in touch with them, listening to them and reacting accordingly….
What is more important is persisting over the long haul. The hockey stick growth curve applies most definitely to SaaS. Do not get discouraged at a dip nor elated at a sudden influx of new users. SaaS models are best understood over longer spans.
In the end, the ones that make it big are the ones that persist and sustain it over the long haul!
