How to launch a profitable B2B SaaS product for less than $750 – https://nxtstep.io/b2bsaas
Episode Transcript
Hey folks, Sean here, and in this episode I want to talk about how to determine the value of your B2B SaaS from your customer’s perspective, because that’s really what matters. Now, this is an element that’s gonna help you better understand how sticky your product can become, as in how easy is it gonna be for your customer to essentially incorporate your product into their routine?
That means longer ltv. And an opportunity to generate more value for ultimately what becomes your business. Now, I’ve talked a bit about how to start soliciting and gathering feedback from the usage of your product, from your paying customers as they’re using it more frequently and they’ve got requests for new features and kind of open up that communication channel as well as potentially build a subset of what I might consider to be quote like beta testers.
That’s an excellent place to go to, to start collecting feedback in terms of what does their experience actually look like in terms of value Now, and there’s a couple different ways to potentially measure this, but from my perspective, my favorite and the one that’s probably the most defensible is the ROI or return on investment element where I’m looking for the ability to be able to measure and quantify in terms of dollars and cents.
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How much value they are getting out of the product experience. Now, this isn’t always straightforward and sometimes it’s also not easy, but it is very important cause it is hard to argue against hard costs and savings in terms of value if your product is ultimately translating to them, being able to save money, generate money, save time.
All of those things are what I consider to be associated with hard costs that they had to spend before. And they potentially don’t need to do now or. New revenue they’re able to generate now that they’re crediting back to your product. Now, if you’re able to determine this, that’s a great long-term predictor of value.
Stickiness, increases in LTV or lifetime value of the customer, and a few other metrics as well too. And this is arguably the most important one. So that’s what I’m always looking for when I’m asking for feedback from my users, from my customers, I’m asking them for. How is the product valuable for you, and can you articulate?
Some of those details, I’ll continue with that conversation until I have what I feel is a full picture of the actual value my product is providing for them in terms of dollars and cents to them and their business. So that’s where I would recommend focusing. To get a better understanding in quantifying the actual value your product is providing for them.
This will help you figure out whether or not your product is nice to have or a need to have, and also based on the language that they use, you’ll get a real understanding relatively quickly how valuable they feel your product is and how important or integral it now is to their entire process.