10 Steps To Build a SaaS MVP
The market worldwide for SaaS products is expected at $60.36 billion. With established giants such as Microsoft and a multitude of fresh SaaS startups emerging each year, it’s difficult to achieve a SaaS product to be noticed and accepted with a high degree of satisfaction by customers. Therefore, the idea of MVP is now an essential method to prevent the waste of resources. By using an MVP SaaS startup companies are able to test the efficacy of their ideas and develop a more effective final product.
So, here’s my opinion on how to construct a SaaS MVP in the correct method.
1. To develop a SaaS MVP, define the issue first, and then find a solution later
Naturally, the main reason for creating an MVP is because you have a solution for an issue in your mind. However, the outcome in a SaaS MVP will be more about solving the issue rather than the solution.
Don’t be expecting to build a superman like SaaS product that can be the ultimate hero of the world. So instead, have a small take a look at the issue and try to resolve it in the most efficient way you can.
Before you start working to develop your MVP you must define the problem as precisely and precisely as you are able to. This way, you’ll be able to identify the most effective solution to the issue.
2. Know the customer’s needs and their pain points to create the best SaaS MVP
When you have an idea of the problem you can create a buyer persona for your intended group of customers. The development of a profitable SaaS product requires you to focus on the end-user. It’s crucial to first comprehend the lives of those your SaaS product will make better.
To be able to precisely determine your buyer’s profile be sure to go beyond the standard techniques of market research. Naturally, data is important and valuable, but the most important aspect is to engage with people.
Make sure you get honest and thorough feedback from a couple of individuals who match your buyer profile. You can ask open-ended questions to find out what elements the SaaS product really aids users. There are many methods to gather feedback. Start your own email lists, send out feedback forms, and make use of social media platforms to collect as many opinions from as many different sources as you can.
3. Find the easiest solution to the problem
The answers you receive in step 2 will be the basis of your solution. However, you must be aware of how to utilize the responses in the correct manner. Remember that you are creating a SaaS MVP that is targeted at a specific user base.
Therefore, you need to think of the SaaS solution in its most basic shape. Develop an MVP that’s just enough to determine the effectiveness of your product and meet the fundamental needs of your clients. You are able to go overboard in terms of features and the size of your solution after you’ve tested your main assumptions of your SaaS.
4. Beware of competing SaaS products
The most popular products in history aren’t always the ones that are built on original ideas. We used to have My Space before we got Facebook. eBay existed long prior to when Amazon made its debut and became the top eCommerce company.
The takeaway to be learned here is that the performance of a software item and, in particular, SaaS software, depends mostly determined by how the idea is carried out. If you’ve got a revolutionary concept that no one has ever thought of, that’s fantastic! However, it’s extremely rare. Most of the time, a variation of the same idea is invariably present. It is essential to ensure that your SaaS MVP is superior to your competition.
Research and study what your competitors are doing to be considered by your customers. If your product is performing well, the best option is to create a superior version, incorporating features that are performing well and eliminating those which aren’t.
If, however, there are many other businesses that are successfully pivoting to the SaaS concept, you must think twice about moving forward unless you have a sound marketing plan to gain a significant market share.
Tools such as CrunchBase or Product Hunt are great for efficient competitor analysis.
5. Prioritize features to your SaaS MVP
A lot of features could create a mess for your MVP. Additionally, the benefits provided by extra features are rarely greater than the costs they bring with these features. Naturally, separating essential features from the less important ones is crucial when creating a SaaS MVP.
Sort your product’s attributes into must-have features and nice-to-have features. Do not focus on nice-to-have features at the early stages of MVP, and then begin to evaluate the essential features. From those features that are essential, you must identify the two or three core features that your intended audience requires and is willing to be willing to pay for.
To make the right decision in this phase it is helpful to have an approval procedure established. For instance, you could define the criteria each important feature should fit into. Did this feature get the attention of my intended users during the initial research phase? Was this feature element of our initial idea for the product? Is this feature likely to significantly impact my earnings? If a feature isn’t doing one of these things, you can drop it at the moment and then move on.
6. Create a product roadmap
A roadmap for your product is an essential part of any tech-based startup and is especially important when there are many people who are involved in the outcome. Once you’ve settled on the most important features you want to include in the SaaS MVP, chalk out an outline for each stage of development and marketing.
You may choose to have either a time-based or one that is based on progress to help you build your SaaS MVP. A product roadmap that is time-based helps to visualize how the product is developing in time. It is mostly composed of general deadlines for the purposes of testing and development of features, including the UI as well as a SaaS MVP. But, this kind of roadmap could be unproductive if you work in an environment that is constantly changing.
The most popular model is the progress-based product roadmap. It is essentially about categorizing every task into stages like to-do, in-process, and completed. The SaaS MVP roadmap is based on agile principles and is much more efficient for MVPs than full-time products. Utilizing effective agile project management tools can be extremely helpful in helping remain on track with an underlying roadmap that is based on progress.
When creating a roadmap for your product make sure you include only the information that is pertinent to every stakeholder. Details that are not needed can cause confusion, or cause discussions to divert into unproductive objectives.
7. Do not search for efficiency
The final SaaS product has to be constructed efficiently in order to make the most of your earnings. However, you don’t need to be concerned about that when you’re simply building an MVP.
Consider the MVP you build as an investment that may be able to provide yields. Therefore, in order to minimize the risk, try to create an MVP that reduces development effort while also addressing the major issue at present.
There are numerous ways to achieve this. You can opt for shorter development cycles using different sprint hacks. Make the most use of open source code in the best way you can. Choose a minimal user interface and a simple design. MVPs are able to eliminate aesthetics, as long as the user experience isn’t harmed. SaaS product isn’t damaged.
8. Measure, build, study
With a clear plan for the product and the necessary technical requirements in mind now is the time to start developing your MVP of your SaaS product. But, MVP development is not a one-time task like the development of a final product. To create a SaaS MVP the right way ensure that you test the product you’re building repeatedly until you end up with a refined version.
The SaaS MVP development stage comprises a feedback loop in which you develop, test and improve and create your product over and over again.
Customer feedback is of the most valuable importance in this stage. Make sure to update your MVP regularly based on customer feedback you get. These insights make MVP the best choice to build a successful SaaS product.
9. Test pricing models
Apart from providing a basis for the product that will be developed, the development of a SaaS MVP also provides an opportunity to find the most effective monetization strategies. Once you have completed the feedback loop during the stage of development, you can begin trying out different pricing models.
In addition, the detailed customer information that is gathered for every pricing model will aid you in determining which pricing option you should choose. It is advisable to speak to both types of customers who haven’t used similar products and people who are using a directly or indirectly similar product. Based on this information you will be able to tell if your product is priced correctly or too expensive compared to similar products.
10. Start Your SaaS MVP and stop developing
In this stage, you’ve identified a feature that is essential that you have developed and then priced it accordingly. It’s time to go live with it. A lot of SaaS founders want to continue to develop additional features when they don’t get a positive reaction to their MVP. It’s not always the best approach to follow.
Even if you find just a couple of customers who are willing to purchase a SaaS MVP, you stop making it better. The fact that just a few customers are willing to pay for it is enough proof that you’ve developed your MVP effectively. Perhaps the reason for an unsatisfactory response is the lack of marketing.
Instead of constantly improving your MVP make use of your resources to gain more clients for your MVP. Make use of your community and encourage users to share their experiences with their target audience. Connect with relevant influencers in the field and let them promote your product through their social media pages or podcasts. Quora is an excellent platform to promote your product.
The Bottom Line
While MVP is merely a base variant of your SaaS service, MVP is the most important factor that determines your product’s success or demise. It’s a great method to evaluate and refine your concept. Most of the time, the best method to create a SaaS MVP is to focus more on market research, and lesson development. Understanding the needs of your intended audience and pain points is the most important factor in the success of your SaaS MVP success which has been found by Brisk Logic.