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Product Strategy

Success Requirements

CONTENTS

What are success requirements?

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Definition of success requirements

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.

Examples of success requirements for SaaS companies

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.

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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.

What Are Success Requirements

General FAQ

How important are requirements in project success?
Requirements are crucial to a project’s success, as they help companies establish a clear set of goals and a single vision — which all departments can follow to stay on track. Requirements also allow leaders to make stakeholders aware of a project’s aim and expectations. As a result, understanding a project’s requirements prevents departments from losing sight of the overall objective and ensures the customer’s needs remain at the forefront.
How to verify requirements and determine success criteria?
Project managers, stakeholders, and department leaders should all be involved in verifying requirements and signing off on them. If any changes are suggested, for whatever reason, these will need to be verified by the same group of people to maintain consistency and authenticity to the initial vision. Success criteria should be based on how well the project meets the business’s, stakeholders’, and customers’ needs. Establishing the requirements early on helps businesses measure success in an accurate way, and if the agreed-upon needs aren’t met, course correction will be required to reduce risk.
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