SaaS stands for software as a service. It is an increasingly popular type of cloud computing model, with PaaS (application as a service) and Iaas (infrastructure as a service). In 2023, it is expected that the SaaS market will hit a whopping $309 worldwide. If you want to stay competitive, you must secure a high-quality and reliable application.
In the past, users would need to download and install software on their devices whenever they needed an app. SaaS removes the hassle of traditional software use. Users can now harness whatever software application they need over the internet — no need to download.
Many SaaS companies are born on a daily basis. At present, you can anticipate thousands of competing SaaS businesses. If you want to stay competitive and grow your brand, you must ensure the overall quality of your application. Getting the help of a reliable software product development company can significantly improve your software.
What is a SaaS Product?
Software as a service (SaaS) is also popularly known as web-based software or hosted software. As its name implies, SaaS refers to services in the Cloud which let users utilize applications over the internet. You can gain access to these software applications without the need to install and constantly update the software. Users must simply go online to use whatever software they need.
A SaaS service hosts the application through its servers and cloud computing resources. An independent software vendor may also employ a cloud provider to run the software. It is the SaaS provider’s job to manage all aspects of the application, such as its function, security, and performance.
How to Build a SaaS Product
Building a SaaS product sounds tedious and complex. However, it only takes six easy steps to create SaaS software from scratch.
1. Conduct a Market Research
The first thing you must do is analyze your target market. You must be aware of your high-level audience, competition, and market requirements by asking the following questions:
- Who are my target customers?
- What needs and challenges will my SaaS product resolve?
- Who will be the major competitors of my SaaS app?
- What are the competitive advantages of my competitors?
- What business models are my competitors using?
2. Create a Business Plan
A detailed business plan serves as a guide for your SaaS product development. In this step, you should identify your goals and how you will achieve these objectives. Incorporate all the answers you obtained from your market analysis, including the following:
- Company identity, mission, and vision
- Market challenges you want to solve
- Strategies to solve your market needs
- Pricing model (freemium, flat-rate pricing, user-based, per-feature, or pay as you go)
- Initial investment and funding
- Company goals and objective
3. Determine What Your SaaS Product Needs
If you want to see your SaaS product succeed, you must understand your SaaS requirements. This typically includes multi-tenancy, functionality, security, user-friendliness, and on-demand self-service. Ensuring that these features are present in your product will make it high-quality and reliable.
4. Select a Technology Stack
A technician stack contains all the things you will need to develop your SaaS software. It includes front-end and back-end development, databases, cloud provider, and other frameworks and tools. You should gather all your software development needs to proceed with your SaaS product creation.
5. Build your Team
The next step is to create your team who will work on the product. You’ll need a software developer, designer, project manager, business analyst, and QA analyst on your team. The success of your software highly depends on the team who will make it. Make sure that every member of your team has unique expertise and knowledge to offer to create an exceptional SaaS product.
6. Create a Minimum Viable Product (MVP)
You must’ve assembled everything you need to build your SaaS product. At this point, it’s time to build an MVP or a simple version of your SaaS product with limited features. Although incomplete, an MVP has enough features to allow users to provide feedback about your app.
The SaaS market offers vast opportunities for businesses to succeed and be profitable. However, you need to craft an exceptional and high-quality product and use it to leverage. Talk to our team at Redwerk to give you the best SaaS solutions and help your business grow.