The consistent growth of the SaaS industry has more organisations looking for scalable solutions for their business. Now the competition for companies marketing and selling SaaS services has grown fierce.
However, even though the SaaS market is dominated by major players, all with intimidating organisational structures and seemingly endless marketing budgets, there are still many opportunities for smaller organisations to introduce new innovative concepts and grow their businesses.
The key to finding gaps in SaaS marketing is to adopt a diverse set of strategies that help to differentiate the business while leveraging customer insights to help point the company in the right direction. Are there gaps or sub-niches you can serve?
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Understand the Competition
Before you start introducing new marketing and sales initiatives for your business, the first step you’ll want to take is to thoroughly research the major SaaS players in your industry niche. But this will involve more than just quickly going through their website or reviewing their marketing materials.
It’s important to take a deep dive into their service offerings and get a good understanding of their main objectives in the industry. This includes the type of audience they’re trying to attract, how they price themselves in the market, and having a close look at their customer reviews and testimonials to see how they’re performing.
Actively Listen to the Customer
Knowing who your competition is is important, but this information won’t do much good unless you’re getting to know your customers even better. Looking for opportunities to collect helpful feedback and engage directly with customers is a critical element of standing out in a crowded market. Using test audiences and iterative development can help with this strategy while mitigating risk.
You’ll want to pay close attention to what current and potential customers value most in the services they subscribe to. Try to identify if there are common trends surrounding a lack of features or solutions they need to solve their issues. These could be potential gold mine ideas that quickly help to gain market share if you’re able to fill the necessary gaps.
Validate Your Idea Early and Often
Once you’ve identified a potential market gap in SaaS solutions worth exploiting, it’s important that you take steps to validate your new ideas as soon as possible. One thing you’ll want to avoid is spending too much time chasing an idea while assuming your customers will be interested in it without confirming their interest.
Instead of taking this approach, businesses can use a lean startup methodology, which essentially means you invest the smallest amount of resources into a new product idea so that you can present a working solution for evaluation.
Many times, this involves creating a minimum viable product (MVP), which gives customers something tangible to use so that you can receive valuable feedback on whether or not you should make adjustments or continue forward.
Explore All Areas of the Market
Casting a wider net when exploring new SaaS market opportunities is important. This means that businesses will want to avoid searching in the most obvious places or exploring opportunities in already heavily saturated channels.
Instead, consider exploring more niche industries that haven’t already been corned by large SaaS juggernauts. Sometimes, the more lucrative opportunities are available for companies that take the time to look for them.
Rather than placing more focus on going after large enterprise customers, think about how you can service the needs of smaller businesses with reduced budgets. By focusing on less competitive industries you can potentially establish a strong foothold and start building a loyal customer base.
Embrace New Technologies
New technologies are being released every day and are disrupting industries in various ways. Staying up-to-date with these developments can be a great way to take advantage of the benefits they can bring to your business.
Whether it’s AI-driven tools, task management solutions, or capitalising on the growth of IoT (Internet of Things) technology, by leveraging these solutions for your own SaaS services, you’ll stay on the cutting edge of new industry improvements and be much more relevant to your audience.
Think Beyond the Product
When looking for ways to have your SaaS solutions stand out, you’ll also want to consider how customers experience your products on your website and supporting platforms. This includes everything from the initial discovery of your products through the onboarding process.
Although customers want to make sure they’re investing in valuable and functional products, they also want to make sure the solutions they use are user-friendly and provide more answers than questions. This will leave a much more lasting impression and significantly improve the likelihood of receiving positive reviews and referrals.
Build a Strong Community
Building a strong community around your products and your brand can be another powerful differentiator. To help support this effort, you want to establish relationships with potential customers and early adopters. This gives you the opportunity to seem more personable in the industry and start encouraging individuals to become advocates for your SaaS solutions.
By creating profiles on online forums, social media groups, or attending in-person events, you’ll be able to collect valuable feedback and insights that can become a powerful marketing tool.
Test audiences are also helpful community and industry advocates for your company.
Don’t Be Afraid to Pivot
Even the most well-researched and validated ideas might need to be adjusted or even completely pivoted as the market changes or new information comes up. Don’t be afraid to adapt and iterate your approach based on customer feedback or new trends in purchasing habits.
Remember, the ability to pivot quickly and efficiently can be the difference between success and failure in a dynamic market. Embrace change, stay agile, and be willing to course-correct as needed.
Make Your Brand Stand Out in the SaaS Industry
Locating and exploiting gaps in the SaaS market can be a challenging but rewarding process. By taking the time to get to know your competitors, validating your ideas with customers, and exploring niche markets, you’ll be able to carve out your own space in the SaaS industry. This will lead to many more opportunities to attract new clients and help you create a much more memorable brand experience for individuals researching your solutions.
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Michael Bollinger
Michael Bollinger, a Lexington, Kentucky-based entrepreneur, has left a lasting mark on the tech and software landscape. As the founder of LegFi and File990, Michael launched PayHOA.com in 2018 after Togetherwork acquired his first two ventures.
PayHOA is an affordable community management software for homeowner associations that streamlines payments, communication, and vendor management. Beyond his entrepreneurial pursuits, Michael finds fulfillment as a devoted husband and a loving father to his three children.
