1 February 2024 by Angela Knox
Launching a B2B SaaS product can feel like climbing a mountain.
I’ve been there and worn the T-shirt, and I can tell you it's no walk in the park. It's a challenging process that requires a lot of dedication, perseverance, significant funding, and a deep understanding of your target market.
In this blog post, I'm going to share with you why launching a B2B SaaS product is so difficult.
But fear not! We've got your back with this step-by-step guide on how to avoid some of the pain.
The B2B SaaS landscape and where you fit
Firstly, let's start with the fact that B2B SaaS products cater to businesses, and businesses have a different set of needs compared to consumers.
When selling to businesses, you need to understand their workflows, processes, communication style, and most importantly - pain points.
You need to know how your product can fit into their existing infrastructure and how it can help them solve their problems. This requires a deep understanding of the market/s you're targeting and a lot of research.
So, know your audience - and your nearest competition. You wouldn't bring a swimsuit to a snowstorm, so don't launch your product to the wrong audience. Identify who your target audience is and what they need.
And conduct an analysis of any products that compete with yours and explain why yours is better. Find out and encapsulate your unique value proposition (UVP) so you can be clear in your communications to your prospects and customers.
Why you need to be unique
B2B SaaS products are not a one-size-fits-all solution.
Unlike B2C products, where you can create a product that appeals to a wide range of consumers, B2B SaaS products need to be tailored to specific industries or niches.
Businesses have unique needs, and they expect the product to be tailored to their specific requirements.
This means that you need to have a flexible product that can be customised to meet the needs of your customers.
This can be a time-consuming and challenging process, but it's necessary if you want to succeed in the B2B SaaS market.
You will need to create a product that is highly specialised and solves a specific problem. This requires a lot of market research and a deep understanding of the industry you're targeting.
So make sure your value proposition is clear. Think of it like a pick-up line - you need to make it clear why you're worth your prospects’ time and attention.
The importance of building trust
B2B SaaS products need to build a lot of trust with their audience.
Businesses are not going to buy a product from a company they don't trust. They need to know that your product is reliable, secure, and will help them achieve their goals.
You need to establish yourself as a trustworthy and reliable vendor, and you need to provide excellent customer service and support.
Any company employee procuring a software product will be suspicious of a start-up and want to protect their professional reputation within their company, so you need to work extra hard on building your company’s profile and your product before you start the engagement process.
One way of doing this is by acquiring some early users who are willing to test your product, if necessary for free. This way you can show social proof via testimonials, if possible from large recognisable clients who will vouch for the efficacy of your product.
You can also build your PR profile by contacting relevant journalists who are interested in featuring your product, and try to get some backlinks which helps with your SEO and credibility.
Scope out your business and don’t take shortcuts
B2B SaaS products require a lot of resources. Unlike B2C products, where it’s possible to launch a product with minimal funds and people, B2B SaaS products require a lot of resources to develop, market, and sell.
You need to budget for infrastructure, software, hosting, and security. This can be a significant investment, and it can take time to recoup your costs.
You will need a team of developers, marketers, salespeople (SDRs & BDRs), and customer service representatives (CSRs). You will also likely need people with skills in ABM (account based marketing) if you’re selling into organisations where multiple stakeholders have decision making powers.
In this scenario, be prepared for the long haul, as the larger the business or entity you are trying to sell to, the longer their decision-making lead times tend to be.
Clients need to be nurtured, and there will be multiple touchpoints and an efficient CRM system needed to keep the prospecting conveyor belt working efficiently.
Establishing a sales and customer success strategy is like planting a garden - you need to nurture your customers to help them grow and flourish. Provide them with sales demos, onboarding processes, and top-notch customer support.
Spend plenty of time on budgeting - make sure you have everything covered, so it doesn’t come back to bite you when the sales targets are not being met. Build in plenty of contingency!!
Launching your product
When you’re ready to launch, you need to create a launch plan. This is like planning a surprise party, but instead of balloons and streamers, you'll be using PR, email marketing and social media ads. Get creative and think outside the box!
Launching and iterating is like running a marathon - it's a long haul, but the finish line is worth it.
Launch your product and then listen to your customers' feedback to make improvements along the way.
When you’re starting out, build an MVP (minimum viable product). It's like baking a cake - start with the basics and then add the frosting later. Your MVP should provide value to your target audience, but it’s a starting point and doesn't have to be perfect from the get-go.
You can start to get customers and advocates with an early version of your product, which then gives you the chance to work on future iterations and perfect your product over time whilst also creating some revenue.
Summing up
Launching a B2B SaaS product is a challenging process that requires a lot of dedication, perseverance, and a deep understanding of your target market. It requires a lot of market research, customisation, technical capability, trust-building, and resource investment.
With the right approach, you'll make it to the top of the mountain. Keep your audience in mind, communicate clearly, and don't be afraid to iterate.
If you can overcome these challenges, the rewards can be significant.
B2B SaaS products can provide a stable source of recurring revenue, and they can help you build a reputation as a trustworthy and reliable vendor. So, if you're up for the challenge, go ahead and give it a shot!