29 octubre, 2020

The guide to growing your SaaS Startup

1-. 4 Key Ingredients For Your Startup Success

  • Justify your product’s existence at this specific point in time.
  • Identify and leverage the ‘unfair advantage’.
  • Validate your idea and find a market for your product.
  • Passion/resilence.

2-. Positioning and Branding Your Product

  • Visualise the specific contexts and circumstances where using it will make a difference for your customers.
  • Discover and leverage the customers’ Jobs-to-be-done.
  • Pick a brand name that’s easy to remember, write, and pronounce.
  • Showcase your product in action with images and videos.
  • Use testimonials that address your customers’ objections and allow them to visualize how your products will help them.

3-. Finding and Maintaining Product/Market Fit

  • Use one-on-one interviews to get to know your customers.
  • Get in touch with your support team and find out what customers are complaining about.
  • If you are a small team, be the support yourself.
  • Welcome feedback, but always weigh it based on customer value.
  • Do not try to please everyone (think about your product roadmap).

4-. When, How, and Where to Get Funding.

  • Try growing your SaaS startup as much as you can before raising funds.
  • Make detailed plans of where you want to go and exactly how you are going to spend the money you raise.
  • Study up on the differences between different funding ecosystems, so the overall legal/logistical/practical process can be smoother.
  • VC funding is not your only option: familiarize yourself with alternative models.
  • Account for the substantial amount of time you will need to prepare all the documentation and deal with prospective investors.

5-. Pricing Your SaaS Product

  • Do not improvise it.
  • Pay attention to monetization and retention.
  • Get to know your (current and potential) customers.
  • Use a Price Sensitivity Meter to uncover your optimal price bands

6-. Launching Your Product and Getting Traction

  • Research and be aware of your competition.
  • Focus on providing real value to your users.
  • Do not improvise your product launch.
  • As you get started, run small experiments and tests to find the 2-3 channels that will give you the most traction.

7-. Setting Up Your Business Operations

  • Learn the fundamentals of MRR, gross margin, expenses, and cash fl
  • Share your financials regularly and transparently with your team.
  • Write your terms and conditions as early as possible.
  • Build processes around your success criteria.
  • Consider implementing agile practices across the business.
  • Retrospectives are an easy way for you and your team to learn from your errors and successes and improve upon them.

8-. Growing Your Team

  • Before jumping headfirst into recruiting, confirm that existing bottlenecks and limitations cannot be solved with more eficient processes.
  • When bringing new people on board, hiring for culture fit and growth mindset should be your main priority.
  • Try to bring in external experts or advisors when interviewing for a position you are not familiar with.
  • If you are a mostly technical team, consider bringing marketers on board to help you build an audience.
  • Ensure your onboarding process is smooth and repeatable.

Source: The Essential Guide to Growing Your Early-Stage SaaS Startup

koldoorrantia

Amplia experiencia profesional adquirida en la multinacional de IT Atos, realizando Dirección de Proyectos y Desarrollo de Negocio. He colaborado como analista en el Fondo de Inversión especializado en marketplaces y clasificados MERCURIUS Early Investment. En la actualidad soy Director en la consultoría estratégica DIPCOM Corporate, SL y cofundador de EKAI CAPITAL PARTERNS, SL.

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