How to Launch a SaaS Product That Scales Profitably
You put your blood, sweat, and tears into developing your product. That product is your baby, and like a proud parent approaching the first day of school, you’re excited to launch - but with that excitement comes fear. Is the product ready? How will it be received?
No matter how promising your product is, without the right launch strategy, success is no guarantee. To make sure you get off to the right start, we put together a quick guide on how to launch a SaaS product that scales profitably.
Know the Market
The first step to launch a product is to understand the market. You need a clear understanding of the how, who, what, where, when, and why’s of your product.
What does your product do?
Who will use it? Who are you competing against?
Why do they use it? Why do they pick your product over another?
How do they interact with your product?
When do they need/want it?
Where will they access it?
To start, this means you need to determine your product-market fit. Use this to discover what market demand your product satisfies. It helps you find the right niche and choose the most relevant features & functions to maximize your launch potential and make informed marketing decisions.
At this stage, you must also size up your competition. By uncovering who your main competitors are, you not only get to size-up the competition, but you get to learn from their successes and failures. Look to see what things worked that you could leverage for your own product, as well as what mistakes you can avoid, and which opportunities they missed that you can jump on.
Getting to know your competition allows you to learn from them, saving you time and money, while putting you on the right track to success.
Finally, the market is made of people. To truly understand your place in the market, you need to understand your customer, their motivations, behaviors, and buying patterns
Know the Customer
Knowing your customer goes beyond identifying demographics and psychographics. It’s important to learn how your product fits into their lives. So not only do you need to know who they are but what their motivations are for choosing your product.
Consider what problem your product solves for them, and how it does so. Next, determine how the customer interacts with this product. Discovering how to mesh these two issues helps you develop a product that matches a need in a way that matches user habits. It is always more effective to adapt your product to customer use than to expect the customer to adapt to your product.
Understanding user behavior goes further than informing UX features and design. It also helps to determine how to reach them in the market. Identify their habits and find the watering holes where they go to discover new products and services, as well as what sources they rely on for reviews and announcements. Uncovering these factors can help you determine where you need to launch, and how your launch should present your product.
Before you release a product, you need to know that you have the necessary technology to launch, maintain, and scale your product. Any holes you have in your system before launch will be exposed when you go live. To prevent this, employ a technology audit.
A tech audit assesses your technology and your overall tech ecosystem. It finds gaps in your technology, highlights opportunities to improve, and where to remove redundancies for smoother, more efficient operations.
Leverage the audit to implement and improve upon technology with automation, AI, and machine learning software. These cut down on your costs and increase efficiency while increasing accuracy and improving performance.
The audit helps to assess both if your technology is ready to launch, but also if your tech ecosystem is prepared to scale and grow with your success. Without the ability to scale sustainably, businesses quickly lose customers, reduce profits, and decrease the quality of products and services. It’s important to resolve this issue before it is time to scale.
A powerful tech audit is essential to prepare, launch, maintain, and grow your product profitably.
“It’s not what you know, it’s who you know.”
From athletes to tech billionaires, there is one truth in all success stories - nobody makes it on their own. One of the key elements of growing a successful product is finding the right people to offer their guidance, skills, support, and opportunities.
When we lift each other up, we all stand a little taller. To take your business to the next level, you need to make the right partnerships.
At Torinit we are not only a technology partner that offers software development and technology audits, we bring you into our family of partnerships. That means access to VCs and private equity investors to help bring you the funds and connections to reach your goals, as well as hiring skilled experience-driven positions like CFOs and IT that will make your products shine.
At Torinit, your success is our success. We help products go from seed, to MVP, to launch, to success.
Are you ready to launch your product? Contact Torinit today for your product and tech audit, and launch with confidence.