How to Build an Effective Product Strategy for SaaS
To build an effective product strategy for SaaS, a SaaS organization should consider integrating its objectives with the needs of the market and validated user data. This is essential, since it gives rise to a framework for the allocation of resources and prevents siloing within the different departments.
This guide provides you with insights into the market in which your product exists, potentially contributing to the development of a roadmap referencing Показники та KPI SaaS.
Research Target Users and Define Personas
The first step is to gather information through semi-structured interviews with individual respondents or through surveys, to identify the people who will be using the software regularly.
Before giving any further steps, you have to consider the stage of business development where the company is currently located, as most SaaS companies generally choose between Що таке Зростання, кероване продуктом (PLG) model, in which the product brings in more customers, or the Sales-Led Growth model, which depends on high-value human interactions. This factor influences the allocation of the engineering resources and the SaaS budget. You need to apply the “Jobs to be Done” framework and thus direct the Розробка продукту SaaS towards meeting actual customer needs rather than adding unnecessary complications.
The following criteria should be considered when deciding on the appropriate growth model for a SaaS product, as they help you to understand the market strategy based on users, pricing, and products.
- A час-до-цінності under 30 minutes indicates that users can reach their “Aha!” moment without assistance, making a PLG strategy viable. This can be measured using a time-to-value calculator.
- An річна вартість контракту (ACV) above $50,000 suggests a high-ticket корпоративний SaaS, which typically requires customized demos and dedicated Успіх клієнтів.
- A “Blue Ocean” (new) market calls for educational content, while a “Red Ocean” (crowded) market requires differentiation through speed or niche-specific features.
Щоб створюєте портрети покупців SaaS, you should have a minimum of 15 to 20 high-quality leads or potential customers who match your Ideal Customer Profile (ICP). This kind of sample size is usually enough to identify common problems or issues that users face on a normal basis.
Коли Zoom was first launched, it provided a unique selling proposition of enabling users to have video calls without the need to download heavy plugins. Detecting this particular frustration, Zoom focused its effort on making an easy, single-click-to-join experience.
Personas are not static; every 6 months, or even more frequently, get together with the marketing team to account for industry market trends.
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Conduct Competitor and SWOT Analysis
In order to understand what users want from your SaaS, you need to consider what other options are available to competitors. Find out about their strengths and weaknesses by looking at their reviews on G2 and testing their trial periods yourself. It is important to take notes of these activities to identify areas in which your strategy can achieve a competitive advantage.
Creating such a map may help in differentiating a product from existing solutions, potentially influencing user choices.
|
Категорія |
Конкурент A |
Конкурент B |
Your Product (Projected) |
|
моделі ціноутворення |
|||
|
Core Strength |
Дизайн UI/UX |
Security Compliance |
Automation Speed |
|
Billing Type |
By the time the product strategy development stage is complete, you will have accumulated sufficient knowledge about your competitors’ advantages and disadvantages to develop a thorough SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats).
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Monitor Market Trends and Industry Shifts
Technology та economic factors play a vital role in setting the stage for how software is bought. Pay attention to what is being searched for using terms related to your solution or your industry to see where venture capital is being invested, using tools such as Google Trends. This information can help you to adjust your стратегії розробки продукту before your current set of features becomes obsolete.
Proactively addressing potential forthcoming needs, as opposed to only reacting to past demands, you are building a product for the future market.
HubSpot has been monitoring the shift from ‘outbound’ sales to inbound marketing. A 33% year-over-year revenue growth was observed in 2022, during a period when attention was given to content creator tools.
Gather all the information about new technologies like штучного інтелекту in a “Trend Log” accessible and editable to each team member.
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Establish a Product Vision Statement
Get a high-level statement that includes the general direction of the product. This vision serves as a guide and influence for all activities related to the SaaS product lifecycle. It should be specific but flexible, allowing room for maneuvering around obstacles and resource allocation issues when масштабування операцій.
Engineering and marketing teams may find a clear vision helpful when considering trade-offs.
Amazon’s vision is “to be Earth’s most customer-centric company.” For a SaaS, this can be taken as: “To save small business owners time by performing 90% of the manual bookkeeping in 2027.”
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Define the Unique Value Proposition (UVP)
The first step is to identify the exact reason a customer will select your tool instead of one of the many other options that are cheaper or more established. Your UVP is a statement that explains what you can offer that your competitors cannot and should be as short as possible. Moreover, it is advisable to avoid using jargon and talk about what the user will get at the end of the process. A clear UVP helps your Генерація лідів SaaS, which is direct and goes to the heart of the customer’s reason for wanting your product. A clear UVP can affect SaaS Генерація лідів SaaS by directly addressing a customer’s reason for considering the product.
Use the formula: “We help [Type of Person] do [Their Activity] using [Unique Approach] so that they can [Result]”.
Having a clearly defined UVP that allows visitors to understand the value within the first 5 seconds leads SaaS companies to increased коефіцієнти конверсії.
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Set SMART Goals and Metrics
Create specific, measurable, achievable, relevant, and time-bound (SMART) goals for development and growth. Also, identify a “North Star” metric, таким як щомісячний регулярний дохід (MRR), that represents the delivery of the core value. In addition, you should consider the вартість залучення клієнта (CAC) as an indicator of the sustainability of your growth. These metrics help in determining if the strategy being used is effective.
|
Мета |
Metric to track |
|---|---|
|
Increase customer acquisition |
Free trial conversion rateCustomer Lifetime Value (CLTV)Customer Acquisition Cost (CAC) |
|
Grow user retention |
Monthly churn rate Customer retention rate Daily/weekly/monthly active users% of new users who subscribe |
|
Increase customer satisfaction/experience |
Net promoter score (NPS)Customer satisfaction score (CSAT) |
|
Get more people to use your tool beyond the initial onboarding phase |
Activation rateTime to valueCustomer effort score |
A company can also consider using the Щоденні активні користувачі (DAU) as the primary KPI. The data shows that the more engagement with the account, the lower the коефіцієнт відтоку.
Використовуйте SaaS valuation calculator to find out how your metrics affect the value of your company.
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Build the Product Roadmap
Strategic goals need to be converted into a roadmap, which is a temporal plan. However, use a scoring model like RICE (Reach, Impact, Confidence, Effort) to come up with a prioritization scheme to be sure you are building features advisedly.
This roadmap contributes to allocating developer hours toward the go-to-market strategy. It acts as a communication tool to explain to stakeholders what will be built and when.
Скористайтеся метод MoSCoW for immediate sprints and iterations:
- Обов'язково features are the non-negotiable ones (e.g., Безпека даних).
- Обов'язково features are important but not critical to the current release.
- Можливо features are small improvements that strive for customer delight
- Won’t-have features are features that are explicitly excluded from this version.
Complete SaaS Product Strategy Framework
Build a scalable SaaS product development strategy using this professional framework and SaaS toolkit. A list of:
-
Core SaaS product strategy elements
-
Strategic self-assessment questions
-
KPI tracking and SaaS metrics overview
-
Market analysis and SWOT template
Establish Evaluation Guidelines
Create a schedule for the strategy review in order to include a buffer for unpredictable events. Flexibility is important given the evolving market conditions, enabling adaptation to unforeseen circumstances or the introduction of new competitors. Determine who is going to take part in the review process and which data points (such as a sudden increase in Відтік клієнтів) trigger a strategic session.
An ongoing evaluation process is useful in avoiding wastage of time and resources on activities that are not guided by strategy.
During 2020, Zoom extended its customer base, which was made up of enterprises, to include educators as well. This change was a direct response to the team that was monitoring the increase in the number of users and modifying its scaling strategy.
Висновок
To create a successful strategy for a SaaS product, it is imperative to have a clear understanding of your users and follow a data-driven approach. Setting SMART goals and maintaining roadmap flexibility directly relates to navigating competitive markets. It is necessary to regularly monitor your SaaS metrics to keep your product useful and profitable in the long run.
Поширені запитання
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A product strategy is an overarching plan that explains the reason and the methods of the product’s market success, including its mission and the proposition of value. In contrast, a product roadmap is a practical document that contains all the functionalities and the timeline that is needed to implement the strategy that was created earlier.
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It is advisable to review your product strategy at least once a quarter to adjust it to the dynamics of the SaaS industry and the behavior of competitors. However, when there are significant changes in the level of churn or user behavior, it is imperative to prepare an updated strategy immediately.
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In making this tradeoff, the Company’s Customer Satisfaction Score (CSAT) is also considered. A larger product feature set is associated with increased customer acquisition, though unaddressed technical debt could reduce development efficiency and impact user experience, which may relate to higher turnover.
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A North Star metric is a key performance indicator in SaaS that effectively represents the value that the product provides its customers. This metric’s influence on product development and engineering processes benefits sustainable growth, suggesting its importance for team focus.
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If your product has a short time-to-value and does not require much handholding or explanation, then you should consider Product-Led Growth (PLG). Otherwise, if your product is sold to large enterprises that require complex integrations, or a lot of customization of the product or the sale, or a lot of hands-on support, then you should consider a Sales-Led approach.
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The right way to price a SaaS product is to consider how the customers appreciate the value of the product, whether that is through tiered pricing or usage-based billing. Before finalizing the pricing strategy, carry out a price sensitivity analysis and determine the customers’ “готовність платити” range.
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