In this article, we are joined by Tobias Fransson from Bygglet, Saku Vuori from Congrid, and Mats Walschaerts from Cordel, who are all successful product owners with us at SmartCraft. As SaaS has become a popular business model in recent years, we have been able to offer software solutions to customers, enabling construction companies to focus on their core activities while leaving the technical aspects of the software to the experts. Throughout this article, our experts will share their insights on staying competitive, the importance of customer feedback, and the steps they have taken to achieve growth in their respective solutions.
Why has SaaS become a popular business model?
As per the insights provided by Tobias Fransson, Saku Vuori, and Mats Walschaerts, SaaS has gained popularity due to its ability to provide a tailor-made cloud-based solution for certain problems or needs of its users. Construction companies have recognized the need for technology made for their specific needs without having to develop it themselves, creating momentum for the SaaS trend in the industry. As Tobias Fransson explains, “A construction company with a 15 million SEK turnover a year does not want to spend three days troubleshooting something they have no idea about and then having to call a consultant who costs money. In this case, buying a SaaS solution is the smart alternative”.
Staying competitive in a crowded SaaS market
The key to staying competitive in a crowded SaaS market is to prioritize the customer. The product owners stressed the importance of being close to customers and developing strong relationships with them. Asking the right questions and listening to the customers’ needs is critical. Additionally, it is important to question the reasons for a company’s existence and to find the right customer and define their challenge. It is also essential to be product-led in the business, which correlates with giving more value to consumers and working closely with the right customers to optimize for that key user.
Importance of customer feedback in product development
The product owners interviewed all emphasized the crucial role of customer feedback in the development of their solutions. The feedback received must be interpreted and translated into effective problem-solving measures. Furthermore, they emphasised the importance of questioning every truth and analysing data from the product. Saku Vuori also states that “in the end, customer feedback is a no-brainer, as it leads to more satisfied customers and a better product overall”.
Mats Walschaerts believes that emerging technologies will play a crucial role in the future of the SaaS industry. He emphasizes that the industry must be ready for new smart solutions that will emerge in the future. Mats Walschaerts suggests that a growing business should be focusing on the things that the customer wants, such as environmental reporting and ESG.
Answering the question what role they see emerging technologies play in the future of SaaS, Tobias Franssons highlights that, as a tech company, they should not build everything from scratch but instead focus on finding the appropriate shortcuts and frameworks for their operations. He emphasises that this approach can significantly increase their speed, stating “it can make us become insanely fast” and says that the industry will become better at taking advantage of the fact that not everyone should build their own ecosystems.
Achieving growth in SaaS
One of the essential steps in achieving growth in SaaS is having a clear identity. The organisation must develop autonomous developing teams as it grows, and it is important to clarify the vision, path, and tasks for the team. Saku Vuori so states that “as the company grows, the customers will be able to use the system with shorter onboarding and support from us”. Good teams that are customer-centric and focused on delivering the best user experience whilst being able to delegate and letting go are critical.
Strategies for success
SaaS is a popular business model that provides cloud-based software solutions to customers. Successful SaaS companies prioritize customer feedback and work closely with their customers to optimize their products. It is crucial to have a clear identity, build great teams, and delegate tasks to achieve growth. Investors looking to invest in tech and SaaS companies can benefit from understanding the strategies that SmartCraft’s successful solutions are using to stay competitive and grow.