SaaS is a shortcut to success in the 21st century market.
Garrett Moon established a SaaS startup called CoSchedule in the USA in 2014 with a vision to enable digital marketers to organize their marketing campaigns and strategies more effectively and efficiently.
The service started initially with a pro-level solution which helped marketers to enhance create roadmaps, schedule, collaborate, and promote projects. This SaaS platform was growing at a nominal speed. And do you know where is CoSchedule today?
You will find CoSchedule on G2 Crowd’s list of the best SaaS Products for Marketers 2020. It has been also mentioned as the fastest-growing startup in North Dakota.
When asked to CoSchedule founder Garrett Moon about the success of his SaaS startup, he reveals the startup’s rapid growth is due to the one-metric-that-matters (1MTM) framework while growing the product. For CoSchedule, 1MTM followed discipline and stayed focused.
The entrepreneurship industry in modern times is highly trending. However, establishing a new business venture may seem easier on the outside but actually, it requires a huge amount of involvement, hard work, and most importantly, investments. That is why cloud software businesses are getting the top charts in the current business world.
These cloud applications are practically more cost-efficient when it comes to starting a Software-as-a-Service (SaaS) business. Therefore, SaaS product is among the top choices for entrepreneurs and business ventures.
Being a leading Web & mobile application development company in India, eSearch Logix delivers B2B and B2C cloud-based application solutions to global clients.
And we also have our own SaaS products like ESL Ranks Pro, and ThePeppyMail, and many more for our worldwide audience in different market niches. So we know the depth of SaaS application what does it take to make it fully successful. It is a unique concept that solves the market’s needs efficiently and growth becomes easier.
We did compressive research on this subject to come up with the 5 innovative SaaS product ideas that could help you build a successful startup. If you are aspiring to establish your SaaS business, this article will help you conceptualize your concept flawlessly like other famous SaaS startups.
So let us go ahead and explore them in detail.
Top Reasons To Start Your Own SaaS Startup:
There are many good reasons to begin your business with SaaS based products. Here are some of the most compelling reasons to consider:
Lower Entry Cost
The software-as-a-service business is about the software and doesn’t involve hardware costs. It makes a big difference in the initial application development cost in the industry.
Pre Calculated Development Cost
Unlike other industries, the cost of MVP development of SaaS products is pre-calculated. So every step can be more effectively planned.
Scalability
Upgrading your SaaS product is easier than improving any other type of product.
Maintenance
Starting a product is easy, but the main challenge for any industry is to keep the right maintenance system of its services. You can give the responsibility of your software maintenance to a software company and sit relax and focus on expanding your business reach.
Global Accessibility
The demand for SaaS applications is so large due to its wide and easy reach to a global audience. SaaS is a type of software that is placed on a cloud network so this makes it accessible to any person from all across the globe. It means you can make customers from any part of the world.
5 Innovative SaaS Product Ideas That Will Help You Build a Successful Startup:
Here are the innovative SaaS product ideas for Startup companies. We have crafted these ideas with the current problems that industry has, solutions that they need, competition factors to consider, and future demand to ensure you are going to invest in the right product.
This information will help you to make a well-analyzed decision for the kind of startups you want to build.
IDEA #1: Property Management
The first idea in our list is to develop a SaaS application for both real estate agents and buyers. Whether you are in the commercial or non-commercial market, a SaaS-based property management platform will help your clients or customers manage their portfolio investmentlisting transactions smoothly.
Current Problem: The major problem that real estate investors have is they have to manage large portfolios of their properties. They have to handle multiple property brokers and take care of the legal matters as well.
Key Solution: In the place of dealing with all real estate agents alone, why not have one single platform which has all the data about your investments available and accessible. How if it helps you out in the transactions and legal matters?
Competition Factor: The property management application market is relatively new and is in the development stage. That is why entering this type of SaaS business will be that challenging. But, you need some experience in the real estate industry.
Future Demand: As per a report by Buildium, 4percent of their real estate clients see them as more valuable than ever especially after the Covid-19 pandemic.
Examples: Buildium and Appfolio are SaaS-based property management platforms. All Property Management is another platform that also got 65M USD in funding from Sumeru Equity Partners in 2016. Their steady growth shows having a SaaS property management application is a good idea to start with.
IDEA #2: Workforce Management
Work from home has become a new normal culture. The pandemic has transformed the way we work. As companies across the world is forced to continue their business operations and activities through work from home, the need for managing work and the workforce is demanding better support.
While there are some applications already working in the industry, however, companies need more such workforce management platforms that empower them to manage their work and employee productivity well in all conditions.
Current Problem: Managing workforce-related tasks and data has become more loaded after the pandemic wave. Companies face challenges in managing payroll, time and labor, benefits, and knowledge analytics.
Key Solution: A SaaS application that has data about every aspect of Human Resource management and enables HR managers and companies to solve the problems related to remote work.
Competition Factor: This is a kind of new concept in the market but there are some old applications like ADP Workforce Now which are operating on a similar concept.
They are in the market for decades which is listed on NASDAQ having over 50,000 employees. So, there is a cutting-edge competition level but the number of such applications is comparatively less.
Future Demand: ADP Workforce Now reports a significant growth in their revenue which rose from 14 Billion USD to 240 Billion USD, which clearly indicates how much there will be demand in the future.
IDEA 3#: Marketing Automation
Automation is a hot trend in the industry. Companies want to automate their process to reduce manual effort and operational costs.
From marketing to manufacturing, every sector needs a kind of automated system that helps them to automate their routine tasks like email marketing tools which help marketers to create better email campaigns, sales prospecting tools that help to create engaging sales campaigns, etc.
Marketing automation software is a big segment in the market which is growing with good CAGR.
Current Problem: Most businesses do not thoroughly integrate marketing campaigns with their sales prospects which as a result it brings a negative impact on investments.
Key Solution: Consult a professional SaaS application development company that helps you to get better integrates both processes.
Competition Factor: Marketing automation software is a highly advantageous SaaS idea. There are more than 250 tools currently running online this idea.
Future Demand: With the growing usage of artificial intelligence and machine learning in software and other application development, the automation market is expected to grow tremendously. Especially in the eCommerce industry, it needs advanced cloud-based applications to automate their email marketing campaigns.
Examples: HubSpot CRM, Mailchimp, Buffer, Klaviyo are the famous names in the list of top marketing automation tools.
IDEA 4#: Video Rendering
Video has come up as the most influential type of content to engage the audience. Best Digital Marketers in India reports that due to the decrease in audience attention span, the need for video rendering will occupy a significant space in the market.
And this is true. From designers to video editors, everyone most of the time struggles to render out their files with perfection. Hence, developing software for this case could be one of the successful SaaS startup ideas.
Current Problem: It requires drastic time and knowledge of different settings to get perfect video rendering. So businesses highly need a seamless and faster solution.
Key Solution: Making a cloud-based product on this SaaS concept will save valuable time for content creators and marketers. With supportive in-built features, they will be able to get suitable results.
Competition Factor: With the rising influence of video on audiences, the demand for diverse online video production services is increasing. Besides 100 such software in the field, the competition is relatively average.
Future Demand: On Google, there are more than five hundred searches for online rendering software in a week. It indicates that businesses want such software solutions.
Examples: 3DS Max, V Ray, Blender
IDEA 5#: Telehealthcare
Healthcare applications are in huge demand these days. It is a highly profitable SaaS idea to provide medical or healthcare services over the phone using the software. Telemedicine enables health care specialists to consult their patients online through an application.
This makes the telehealthcare sector a fertile ground for successful SaaS business ideas for startups.
Current Problem: The major challenge in implementing this SaaS concept is to make such applications compliant with government medical authorities.
Key Solution: SaaS development Company requires conducting thorough research on the medical requirements to create efficient software.
Competition Factor: Digitization in the healthcare industry is a hot trend. Telehealthcare is an opportunity for low scale companies to apply their SaaS startup concepts.
Future Demand: As per Fortune Business Insights, the global telemedicine market’s size is estimated to reach $185.66 Billion by 2026 with a CAGR growth of 15%.
Examples: MDLive, PlushCare, and LiveHealth are the best telehealth apps based on SaaS concepts.
The Bottom Line
We hope these top 5 innovative SaaS ideas have made you excited to build your own SaaS startup. However, you should keep in mind that starting a SaaS business isn’t simple as it sounds.
Software-as-a-service is a complex and comprehensive cloud-based product that requires to be run on a long-term scale. So when you are investing in this field, you have to ensure strong backup support and an intelligent development team who manage constantly every task to provide on-time solutions to your clients.
If you are interested to develop a SaaS application that becomes successful in the market, eSearch Logix can help you in this.
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