Are you a SaaS company (software-as-a-service)? Are you trying to differentiate on features and prices? Then, your company’s future might be in trouble. As more and more SaaS companies take root, the SaaS model has become commonplace. Although as much as 80 percent of new businesses manage to survive the first year, low costs associated with switching to many other software products has made it crucial to engage with customers to retain them.
We live in the age of “Everything-as-a-Service” and offering personalized product experience has become a vital part of success. The success of your SaaS Company depends on the ability to react with the evolving market.
The Gap between Most SaaS Models
SaaS has resulted in a new era. However, it only addressed the tip of the iceberg when it comes to the consumption and purchase experience. It has changed the delivery and licensing model. But, offering software through subscription is not a gamer changer anymore. The same applies to making software accessible through the internet. As people switch to mobile apps, it might become an outdated concept. This is why SaaS companies need to innovate further if they want to stay relevant. The SaaS model needs to be improved by companies to survive in the competitive world of today.
Third Wave of SaaS
On-premise software installations were replaced by the first wave of SaaS. It led to the introduction of the cloud and migration to the cloud. As for the second wave, it brought many changes to processes and workflow. The third wave is based on personalization and customer experience. It is the key to dominating the market. Thus, SaaS companies have to change the way they think and offer customer experiences. They need to adopt an approach that satisfies and exceeds customer expectations. Competitors have to match the prices of their rivals and product features. However, when it comes to customer experiences, one has to be unique.
Consumerism triggered by Uber, Netflix, and Amazon has resulted in an era where everyone appreciates and expects a frictionless lifestyle. This is what SaaS companies need to consider when working on user experience. Customers want to buy an experience that stands out in the market. A study by Accenture Strategy revealed that as much as 71 percent of B2B executives concluded that customers prefer a B2C-like experience unlike just a few years ago. It means that users expect consistent experience throughout multiple channels, 24/7 availability, and fast response times.
Buyers want a seamless experience which is highly personalized. Ongoing renewal is crucial to creating a seamless experience for users. Besides just solving a market need, a SaaS product has to offer end-to-end customer experience with focuses on long-term retention and near-term conversion.
Use a Product Engagement Score Service for Your SaaS
To create a better product experience for users, it is important that you use a product engagement score service such as Smart Karrot. It will allow you to rely on expert insights to take your SaaS product experience to the next level.