It’s likely that entering the dynamic market with your new SaaS product won’t be easy. The competition will be comprised of numerous companies with their loyal customer bases and sufficient funds for growth initiatives. But the harder the game is, the more fun it is to play it. Your SaaS product has to stand out to outsmart and outshine the competitors. It all goes back to the launch stage and ensuring that you’ve made it clear how what you’ve created is unique.
A successful SaaS product launch in 5 steps
Investing a significant amount of time and resources into a product launch produces excellent results only if strategic steps are taken in the first place. The steps make it possible to organize the process, move in the result-oriented direction, and guarantee constant improvement.
1. Conduct user testing
After you’ve created a minimum viable product (MVP) that’s a less complex version of the product, you need to conduct user testing. This is an effective way to get crucial insights into the direction that the MVP should be moving, based on how users feels about the available functions and features.
2. Define your value prop
A key component of success is communicating what makes your product unique, and a value proposition perfectly fits into that purpose. There are three questions that your value prop should answer:
- What’s your product? - Who is your perfect customer? - What value does the product offer?
3. Set KPIs and metrics
Anything can be hardly done without appropriate metrics to help measure the progress. That’s why, you need to set clear key performance indicators (KPIs) so that the team is up-to-date on where it stands in terms of the product’s growth. Common examples of KPIs include:
- customer acquisition cost - revenue per customer - return on assets (ROA) - debt to equity ratio - sales target % - working capital - gross margin.
4. Prepare an SEO strategy
Generating organic search traffic immensely contribute to the company’s ability to scale. To make it happen, you need to get your search engine optimization (SEO) strategy ready. It includes looking for keywords, targeted phrases, and search intent of the target audience.
5. Add a referral program
Finally, seasoned SaaS product owners know that the best way to advertise the product is by using current customers. It’s important to implement referral incentives that will help drive more purchases, by including:
- discounts - rewards - commissions - upgrades - in-app credit. This concludes the 5-step checklist for the SaaS product launch. The process may be difficult, but when the first positive results kick in, all that matters is success of your product!