Success requirements are the factors that influence whether or not a SaaS business is successful in achieving its strategic and financial goals.
Running a successful business is never a matter of luck. From the very first day of a new business venture, there are factors in play that influence the chances of that business becoming a success.
Naturally, these success requirements differ across industries, so let’s zero in on those which affect SaaS companies in particular.
Software as a service is perhaps the most fast-growing of all business models, and for good reason. The internet has enabled businesses to move out of the physical world and into the digital one, making SaaS a particularly popular choice for new companies.
So what are the success requirements for a SaaS company?
Here are a few hand-picked examples of the factors which most influence SaaS success:
The state of the market. Is the market for the product growing or contracting? Are there users out there who are problem-aware but not solution-aware?
The balance of business and technical know how. It’s one thing building a SaaS product, it’s quite another to run a business. For a SaaS company to be successful, they’ll need both areas of expertise.
Is there a suitable data model? SaaS companies live and die on analytics, so any new business entering the space needs a strong data foundation to support customers long-term.
Is there an opportunity for disruption? Some of the most successful SaaS platforms have disrupted existing (and possibly stagnant) markets. Being able to shake up the status quo is often the pinnacle of success requirements.