At present, Software as a service (SaaS) has an integral part of the business ecosystem. SaaS-enabled enterprises find ease at managing sales, customer relationship management (CRM), collaboration and human resource management (HRM), amongst others. Several big companies work in the realm of SaaS and cater to the needs of the businesses today. Salesforce, Microsoft, Dropbox, and Adobe are some of the prominent firms in the SaaS industry.
Assessing the valuation of these SaaS firms, then Salesforce turns to be the only firm pegged at over $100 billion. While other firms are trailing the footpath of Salesforce although some have able to cross $10 billion mark.
Besides medium-sized SaaS firms, new startups can also surpass the target of $100 valuation. For that, the budding entrepreneurs need to learn lessons from the success of Salesforce.
According to SaaStr, 73 per cent of Salesforce’s customers come from its installed base. This information alludes that the SaaS firm remains connected to its customers throughout the time and develop its rapport even after offering requested services to the clientele. Besides this, it launches new products, promotes them and ultimately, sells them to its existing customers.
This mirrors that new SaaS businesses should develop fortified customer rapport alongside enhancing their customer experience.
With the shifting business conditions, the demands of the businesses change and thus, new products need to be developed to meet those demands. Therefore, emerging entrepreneurs should not only offer one product but also expand their product range according to the changing demands.
With this, the customers would have various choices to choose from and thus, they would not look for other SaaS companies as all services would be served under one roof. In this manner, the company reinforces its relationship with customers.
To make your business a renowned brand, it is important to concentrate on improving customer experience. In the initial phase of the business, a company should create strong ties with customers by offering value-added services. Increasing its revenue should not be its major goal; instead, customer satisfaction should be its prime goal.
Once a company kicks off, it needs to create goals to check its progress. In the beginning, it should set small goals and gradually, widen its targets.
For increasing the business, it is essential to start with small opportunities. For example, a company can easily create bonds with small and medium-sized companies rather than giant firms. By doing this, the company would be able to meet customer requirements while dealing with giant firms that require more resources, increased cost and so on.