It is even a little less credible now that people in past had no choice but to install the applications on their computer system and use it.
There were certain risks associated with it as the application often ran into trouble causing the important data to get lost or become completely obsolete.
Thanks to the SaaS, today we are not bound to have those complications as in past; SaaS has changed or rather revolutionized the way traditional work was done.
And it is one of the reasons why the market of SaaS is expected to reach more than $600 billion.
Before we proceed further and get into the topic how to Build an MVP for a SaaS Startup. Let us first get across what is an MVP for SaaS.For more insights into how an MVP can save your business time and money, explore our article on 5 Key Factors To Save Your Business, Time, And Money Through MVP.
What is an MVP for SaaS?
The early version of any service or product that possesses only the core or main features but still provides its consumers or end users the great value is known as MVP (Minimum Viable Product) for SaaS.
If you want to validate your ideas then MVP for SaaS is the best option or rather only option to go for.
Moreover; the MVP for SaaS is also very helpful in the conceptual representation, and product launch.
This will help you to reduce your overall cost and you will be able to launch the more efficient product in your target marketplace.
Once you implement MVP for SaaS. Your entire product is left with design, development and upgrades that might be helpful in the long run.
Fundamental benefits of MVP for SaaS startupsThere are indeed many notable benefits of minimum viable products especially if we are talking about SaaS. Below are some of the fundamental benefits one might get upon implementation.
Validating your ideas:
Is there any way to validate your ideas? In the world of MVP yes it is possible. You can definitely get into your ideas and see if your ideas are going where you want them to be.
Being an entrepreneur one wrong move might prove to be fatal for your growing business, especially if you have just started your business.
But MVP for SaaS will ensure you carry out your ideas carefully by first validating your ideas.
This will further inform whether your solutions are solving your customer’s problems or not. And based on that you can make further decisions.
If your idea somehow does not get along with the market, you change it, switch it, or consider thinking about something else.
So, in order to get something to work it is mandatory you have it examined with the MVP for SaaS model; it has almost become mandatory in such a competitive today’s marketplaces.
Rapid Product Launch with MVP SaaS:
One of the best things you can do to your MVP SaaS startup is to launch it in market within the given time frame. And that you can do easily with the help of MVP for SaaS.
The reason is MVP provides you rapid product launch. The speedy development process makes it easier to get ahead of you and plan the next stage.
This is also due to MVP only keeps the core functionality.
So, it becomes easier to develop the required features and implement it, which potentially decreases the development time and increases the launch time or takes you closer to launching it.
It is budget friendly:
MVP for SaaS or generally MVP products saves a lot for you. Not only in terms money and resources, but also in terms of time.
Since we know that it might take years or so to mature a product and then finally launch it in market it keeps increasing your overall budget.
You cannot control the cost of your product if you keep working on it without any time frame limit, and with each step of improving your product you require development over and over.
But if you go for MVP for SaaS then it will get budget friendly since with the help of SaaS MVP startup you will be only building the core features and not underlying service features.
And you can do that with small budget. You can either save that money to invest for future purposes, or develop your product to further it.
And you usually start the next development phase when you get the positive feedback on your service.
Getting Feedback:Have you ever wondered why MVP especially for SaaS focuses on implementing the core features? The model could also focus on underlying features. But there is a very solid reason associated.
You get only core features implemented so that you can launch your product in the market quickly and get your customer’s or users honest feedback.
This is done with only core features so that if they did not like the features or if you need to change the features, you can do that without wasting any time.
And at initial level it is far easier to change the core features. And with MVP for SaaS you get to have that feedback.
MVP benefits in a nutshell
There are many other benefits of MVP for Saas.
Let us get across some of the main benefits. We have highlighted most important factors. These aspects MVP can help you with.
- Get across the marketplace of your idea
- Check the potential of your service/product
- Get your user’s insight for your product
- Check out the weak spots of your service
- Get the sponsorship and secure your product’s future
- Satisfy your customer’s and market’s need
- Launch your product or service in market quickly
- Reduce the overall expenses
How to build an MVP for SaaS startup?Building SaaS MVP is not difficult, however; but you will definitely need to understand what the core steps to build SaaS MVP are. You can also call these base steps to implement MVP for SaaS startup. Let us shed light over some of the most important and basic steps.
Do your Competitive Research:Research is the most basic yet a powerful step. Experts recommend that research is the first and foremost step and should be carried out with care, because if it does not go along quite well. You might end up wasting your resources on building something which wasn’t meant for your target audience or target marketplace. It further shows that if your idea is better and worth it to implement then you can proceed with it without having any future problems. Also, you get to have a closer look on your competitors, which clears many underlying things for you.
Pain Points of your users:Way before starting the development phase, make sure you understand the pain points of your target users/ customers; you will only be able to get across it when you know what problems they are suffering from. This can be done using your customer’s persona, make it as detailed as possible, and this will get you across the main idea of what your target customer requires.
Choose suitable business model:Since you want your marketplace to grow and provides you best ROI (Return on Investment) you cannot miss choosing the suitable business model, by the word suitable means the most profitable. Determine the best monetization strategy, and then you will follow it for long term. There are many different ways to monetize your SaaS project that include advertisements, partnerships, paid feature and more.
Define Core Features of your app:Since we know MVP for SaaS only focuses on the core features instead of going for many underlying features. Then why not create the best out of it? Make sure you define the core features that align with as to what you want your application to do and how you want people to behave with it. Only prioritize the features that are mandatory and your application cannot go without it.
Make a solid product roadmap:Before the development phase actually starts, you should have a solid product roadmap with you. It shows many different steps to develop your product, it also helps the team to figure out the entire development process and what they should be doing on each step. The document which holds the information of product roadmap serves as a progress indicator which is a very important step. Finally try to get along with the methods which may help you in generating honest feedback. Some of the best methods are;
- Social media
- Contact forms
- Analytical data
- Surveys and interviews