Facing trouble with your B2B SaaS Company? Here’s What You Need To Know
Every startup starts with a dream of becoming the most rapid-growing B2B SaaS company that can produce billion-dollar revenue. In the e-commerce marketplace, among many SaaS businesses, Shopify is one of the biggest examples of a successful B2B SaaS company.
For the second-quarter financial results 2021, Shopify reports having been generated $1.12 billion, up 57% year over year.
Shopify which was started by Tobias Lütke, Daniel Weinand, and Scott Lake is an e-commerce platform, allowing users and businesses to create an e-store to sell their products using Shopify’s site creation, hosting, and payment channels.
In 2004, the founders started a store ‘Snowdevil’ to sell snowboards online. Due to their needs not being satisfied with the present e-commerce solutions, unavailability of simple and user-friendly tools, Lütke (founder and CEO, Shopify) analyzed and understood the market’s pain points, resulting in ‘Snowdevil’ coming up with its own e-store infrastructure. By 2006, Shopify was officially launched and ‘Snowdevil’ became the first store on Shopify’s platform which to date powers 1,700,000 businesses currently.
However, the company didn’t become victorious overnight. It had to go through various stages until in 2010, the company got fortunate with a mobile application for iPhones.
Today, Shopify is quickly expanding. It offers client-centric software tools, a fulfillment network, and software developer kits.
If you’re wondering what steps did Shopify follow or any other successful company, so you can use it to skyrocket your own SaaS business.
Here’s what you need to know:
1. Design an effective marketing strategy
Even if you have a great business idea and all the right tools to get started, what matters is how you build on that idea and promote to get your first paying customers. Your marketing activities should be catchy, innovative, and engaging. Think of ways you can stand out in the competition. Focus on the market growth. A market-focused approach is sustainable to convert prospects into leads.
Your marketing strategy should project on building organic traffic for your brand. Once you are aware of your target audience, use cold emails, email marketing campaigns, participate in events, join communication channels, paid ads, influencer marketing, infographics and etc. to build brand awareness and earn high-paying customers.
2. Don’t neglect your customer’s feedback
Consider your customers important and know that your business flourishes only if your customers are happy. Taking your client’s feedback and valuing their feedback can help you innovate and improvise differently with valuable insights. Conduct surveys, prepare short-forms, questionnaires, formal or informal interviews to connect with the users and see what they have to say. Only your existing user can better tell about the user experience to attract new ones.
3. Build strategic partnerships
For the B2B products, doing it alone might be a slow process. Collaboration with the key players is effective in many ways.
- Get access to new markets.
- Increase your profits by acquiring new customers.
- Retention of existing customers.
- Better business performance.
- Increased market share.
- Increased year-over-year revenue.
4. Begin with basic features, easy integration, and user-friendly tools
Always remember why you started your company or the reasons that let you launch your B2B product. Know that your business/product is launched for the problem you have identified that exists for your target audience, all the pain points you have analyzed after the market research, and the solution that your B2B business/product is going to bring.
In the initial stage, you can start with the most basic core features — gradually shifting to the complex ones with the insights you receive through your paying customers.
Make your B2B product to be easily integrated by your customer. Explore and work on a variety of features that can make it user-friendly.
5. Socialize with the right people
Your first place to look for prospective clients includes the communication channels as well as in-person meetings at trade shows, events, conferences, workshops, etc. You can find great clients.
Also socializing helps in other ways too. Look for people that can be among your mentor, parent, co-fellows, advisors, friends and etc. and make sure they have faced similar problems that you are facing in your B2B business so you can get people to share their experience or talk about ways that could help you to propose a better solution. This will save you time as well as unnecessary experiments.
6. Define your pricing strategy
Frame a clear pricing strategy for your B2B product and get your customers to pay as early as possible. Treat pricing as the core competency for your SaaS business as it determines how many people can afford your product and what category of people are actually willing to pay for your product.
It is generally not a good idea to provide too many or very few options for the pricing of your B2B product. Better have thorough pricing research done, including your competitors. If your competitors have set a high price, so plan Competitor-Based pricing accordingly. Likewise, if you’re targeting a niche and do not have many competitors — then maybe you can pick a Price-Skimming pricing strategy.
7. Onboard the right team
Be clear about your objectives, work scope, and individual team responsibilities. The right set of employees are a valuable asset to your business. In a B2B Saas company, the tech person(s) usually take more space and are a major chunk of your cost; however, you must have a mix of skilled recruits from backgrounds of product management, technology, sales, operations, marketing, and customer services, who can all contribute equally and effectively.
The fast-paced global environment demands contemporary ways to be adopted to fulfill consumer needs. It is indispensable to understand your user’s needs and interests as with the emerging shifts in the marketplace and to strategically outgrow your competitors. For which the developers at Psmorfia can assist you. Our expert team can build you customized and quality SaaS applications for your B2B SaaS Company. Who knows your company could be the next game-changer like Shopify.
Reach us out to get free consultation for your B2B SaaS Company.
