Insights from 500+ SaaS companies on how to grow faster in 2019
We're in Q4 of 2019, which is a perfect time to reflect and have a closer look at how SaaS companies have grown and are continuing to grow at the end in 2019. This is really all about sticking out from your competition, but how can scale-ups go about this?
They found that the top 3 list of what's most likely to keep a founder up at night is:
1. Product execution
2. Go-to-market execution
3. Hiring the best talent
Now hiring the best talent is of course our sweetspot, and we believe this should be extremely high on the list for founders in order to scale their company. Our insights around what VC's are looking for when investing in a company affirms this, as it shows that they are in the right stage of growth and are really thinking about scaling the product with a team of sought-after leaders. Make sure to read more about scaling your business with a leadership team in our next news update.
With the right team of leaders, we believe you can really start focusing on appealing to the end user. After all, they are the ones talking to the rest of the business about what they need to make their lives easier. But in order to do this, companies need to sell a solution, not a product. And of course, you need a team of c-level people that are inquisitive about what is needed to scale and to focus on their customers and fixing their problem.
To do this, Cain and Poyar note that it is important firstly to focus on segmentation: Making sure that you know your target market so you can scale faster.
1. Study your win-loss data and enrich it;
2. Don't over-engineer it, your sweetspot shouldn't come as a surprise;
3. Execution alignment is more important than being exactly right.
Secondly, make sure that you nail your pricing, and don't be afraid to go up as you have a pretty good chance of success by changing it up as long as it fits.
If you can, adopt product-led growth, as products are the primary for acquisition and growth.
But, how do you plg-ify your business? Cain runs through the steps:
• Free trial offering
• Product analytics for decision making
• Self-service buying experience
• Bottoms-up sales
• Product qualified leads
• Referral programs
• Dedicated growth FTEs
• Freemium offering
The end user is driving a lot of your business. Ensuring to appeal to them can help your SaaS company grow faster, as they are the ones talking to the rest of the business about what software or applications they need to make their lives easier.
Make sure that you are selling in a solution, not a product.
Finally, make sure that your team is inquisitive, and that you hire the best talent. How to go about this? Now that is exactly our sweetspot - so come and have a chat with us!