In today's world, software as a service (SaaS) has become increasingly popular as it offers businesses the opportunity to access bespoke software through the internet, without having to build and maintain it themselves.
A Bit of SaaS Trend
According to a report from Gartner, the global SaaS market is expected to reach $145.3 billion by the end of 2022, up from $102.8 billion in 2019. This growth is being driven by several factors, including the increasing demand for cloud-based solutions, the need for businesses to be more agile and flexible, and the rise of remote work.
Another trend that we've seen is the increasing number of businesses that are turning to SaaS solutions to improve their operations and drive growth. SaaS solutions offer several benefits, including cost savings, scalability, and ease of use. With SaaS solutions, businesses can access powerful tools and resources without having to invest in expensive hardware or software. Additionally, SaaS solutions can be quickly and easily deployed, which allows businesses to respond to changing market conditions and customer needs more quickly.
Let's Proceed
After resigning from my job last year, in the wake of this year, I found myself leading a small team to build B2B SaaS at a startup Viviane Health Lab - a maker of healthcare software solutions. One thing became clear pretty fast - there is a difference between making fintech applications to facilitate borderless transactions or building novel social media platforms vs building industry-specific enterprise SaaS.
In the first two, you can proceed as a team of designers and engineers and a hypothesis about the end users. In the latter, you need a little more than "Design and Engineering" might, garnished with assumptions - you need industry or domain experts in the team.
There is a growing number of solo entrepreneurs online who pride themselves on having built lucrative one-man SaaS - as attractive as that may sound, it is something you should never do especially when you are not a professional in your target industry. I mean if you are a developer building an accounting solution, you should not go solo.
Come with me...
One of the most critical aspects of building a successful SaaS product is having a team of experts that includes not only developers and designers but also industry or domain experts. Industry experts are professionals with domain knowledge, and they play a critical role in developing a SaaS product that is tailored to the needs of their specific industry.
One of the primary advantages of having industry experts on the team is that they provide invaluable insights into the needs of the industry and the workflow of their colleagues. By understanding the specific needs of the industry, they can help the development team create a product that is not only useful but also intuitive and easy to use.
For example, if you're building a SaaS application for the healthcare industry, having experts in the field can help ensure that the product complies with industry regulations, is HIPAA compliant, and meets the unique needs of healthcare professionals.
Furthermore, industry experts can provide input on the features and functionalities of the product. They can help the development team prioritize features and ensure that the product has the necessary features to address the needs of the industry while being lean if necessary. This can save development time and resources, as the team can focus on building features that are essential to the industry, rather than developing features that may not be useful.
Another benefit of having industry experts on the team is that they can help bridge the communication gap between the development team and the end users. Since industry experts have an understanding of the language, workflows, and processes used in their industry, they can help ensure that the product speaks the same language as the users. This can help prevent misunderstandings, and improve user adoption.
Finally, industry experts can help with the product's testing and validation. They can test the product in real-world scenarios and provide feedback to the development team. This feedback can help the team identify any bugs or issues that should be addressed before the product gets released to the public.
Extra Edge
Beyond the above listed advantages of having industry experts in
your development team, they can also be an invaluable asset in marketing - this is because most of the professionals who can provide the needed development edge have been around in their industry for years and have built credibility. They can spread the word about the product and with that first set of users can be onboarded effortlessly.
Slippery
One of the core obstacles standing in the way of developers and entrepreneurs wanting to build B2B SaaS is funding. In absence of funding compensation for the domain experts can be a difficult nut to crack especially in developing countries. It can be tempting to wave aside the need for these people in the team, however, I strongly advise against that. Equity is an option, however, the team cannot sustainably run on that for any reasonable length of time. These guys are worth their weight!
In Conclusion
...building a SaaS product that is industry-specific requires collaboration between UI designers, developers, and industry experts. Industry experts play a critical role in developing a product that meets the unique needs of their industry. They provide insights into the needs of the industry, help prioritize features, bridge the communication gap between the development team and end-users, and help with testing and validation. With the help of industry experts, SaaS products can be tailored to meet the needs of their specific industry, resulting in a more successful product.
Thank you for reading. Don't forget to drop a comment and share.
I am Vincent Ikechukwu, Full Stack Web Developer and Software Engineer. Connect with me on social media via links below.
Top comments (3)
This is a great article that highlights the importance of understanding the market and the customer before building a B2B SAAS product. I agree that engineering is not enough to create a successful product; you also need to validate your idea, research your competitors, define your value proposition, and test your assumptions. I liked your tips on how to do these steps effectively and efficiently. Thank you for sharing your insights and experience!
thanks for this info.
Thanks for reading bro...
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