SaaS companies that started in 2020 has been battered by the novel Coronavirus. Nonetheless, the future growth for SaaS product businesses is astronomical.
The SaaS Design:
Kick-starting a software firm can be tough and growing one into a successful business model that sells SaaS product can be a monotonous task.
SaaS companies go through various stages such as Pre-traction, business model and execution stage before reaching the turbulent process of scaling one’s business as a successful SaaS product. But once a company reaches that stage of scaling, which is growth, is the right time for the rapid expansion of teams and hiring new talents across all streams. Upon successful traction, companies need to take a forehanded stance when it comes to hiring new talents aboard. Having the best staff at the right time will give the advantage of developing, promoting, and enhancing the overall image of the brand for progression over the long-term.
These new members are going to be working cohesively as a team right from product design to implementation. As a SaaS business, there are six core/primary talents to accelerate growth and expand the business.
- Chief Technology Officer
- UX Designer
- Product Designer
- Sales Manager
- Marketing Manager &
- Customer Success Manager
The Expansion plan:
In most companies, the CTO’s are the proprietors and the brainchild of the technology that the company had created on a specific cloud platform. As the firm grows, product development and engineering also keep stretching. This adds too much burden over the course of time.
The engineering department requirements also grow with new engineer roles to ensure the smooth run of the software. This will demand new roles to manage the company’s data centres, software updates, and security patches.
Consequently, this paves the way to expand the overall workforce in the firm in all the other 5 primary talents in the SaaS business.
One of the most important parts of the growth in SaaS is the user experience. Continuous tracking of customer experiences and improving the UI with the given user feedback is crucial in the business. That is where designers come, develop wireframes, prototypes and build customer journeys based on insights from analytics. These designers are responsible for the overall customer experience and make or break the conversion rates.
Last but not least is a dedicated sales team if one needs to maximize profits at a shorter period. Hiring experienced sales professionals will generate faster revenue. These people will work in promoting, demonstrating, communicating with the clients, and managing the recurring revenues.
Rapid Expansion needs Exceptional Talent for Growth:
Now, when it is time to rapidly expand as a successful SaaS business and reach that 7 figure (ARR) Annual recurring revenue it is important to create an impeccable hiring strategy. This will require a team of talents who crave for creativity, innovation and who will support in the growth of the firm. This decision is going to prove as one of the most difficult problems to solve to stand out of the crowd and grow your business in this field.
At Ingenio, with our extensive experience as a recruitment firm for the SaaS industry and the technology business, scaling up organizations quickly has always been our goal. We have dedicated teams on all of the primary talents from Design & Development, Engineering to the marketing and Business Management streams. This starts from the entry-level to the most senior-level professional who will have the strongest cultural fit for the firm.
Ingenio has been employing talents for tech companies since its inception in 2014. Our approach to hiring has always been putting the client first with an honest, empathetic approach to business. As SaaS experts, we have built a specialist and a personal service for clients to build and scale their SaaS businesses with a precise hiring process based on their requirements.
What’s ahead for SaaS in 2021?
The COVID-19 pandemic may have battered all businesses. Even startups might have started in 2020 with huge ambitions to put their product out and grow. Needless to say, 2021 is a year to look up to for all SaaS firms as every business has adopted the cloud platform to run the day to day operations.
For a very long period, SaaS businesses have been focusing on providing services to clients in the core business functions like accounting, sales and so on. This has changed in recent times and the industry has evolved massively by powering every possible department in a company.
According to a study conducted by BCC research, the SaaS market should hit a $94.9 billion market cap by 2022 compared to $44.4 billion in 2017. This is because of the emergence of new SaaS products and multiple business categories like:
- Marketing – including tools for email marketing, design, social media, lead generation and marketing automation
- Sales – including tools for prospecting, nurturing, and closing deals
- Customer relationship management, or CRM
- Customer service
- Proposals and contracts
- Finance, billing and invoicing
- Data collection and contact enrichment
- Communication and VoIP
- Project management
- E-commerce & Events
A new scope:
This shows that the opportunities are insurmountable regardless of the size of the organization. The Software as a Service industry (SaaS) boasts the highest performance during the Coronavirus pandemic. This also shows that SaaS product businesses outperformed other businesses and will continue to dominate 2021.
This creates a fresh perspective for startups to create new deals for 2021 and to onboard new exceptional Talents with also SaaS products rapidly expanding its portfolio in multiple businesses. Flexible projection plans and fresh hiring strategies in startups right now will help them grow at an exponential rate. This unique moment post-pandemic has helped create an opportunity for SME’s to scale and expand their business at a faster rate in the coming years.
Written by Srinivasan Nagarajan
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