Virginity is like a soap bubble. One little prick and it’s gone forever.

A coarse bit of humour from my school days, but a sentiment nonetheless accurate.

Trust is very similar.

Once broken, getting it back is all but impossible, and if you’re a SaaS vendor, this is of paramount importance.

Your future quite literally depends on it.

Say you have a data breach.

Adverse publicity is one thing, but IBM reports an average $3.8M dollars cost and a massive 23% customer churn.

Those are business killing figures.

Of course, you have to land the customers first.

  • 94% of Aussies think trust is more important than convenience
  • 89% say they’d avoid doing business if they think their privacy isn’t protected
  • AND 59% HAVE DONE EXACTLY THAT!

So you’d be wise to ensure you’ve got this covered.

There are 3 areas to focus on.

  • Security protocols and practices ensure your infrastructure and team are up to snuff.
  • Privacy policies protect data at rest and in flight, and ensure aggregation and anonimity for all shared data.
  • Ethical standards, especially with regards to #AI, support your customers’ best interests AT ALL TIMES.

Yesterday such notions were seen as optional, but today they’re recommended.

Tomorrow, they’ll be mandatory, because your prospects and customers will demand them.

#MrSaaSSays

We all remember our special childhood toy.

Mine was Bunji, a pink and white rabbit.

He was always there to comfort me if I was upset.

Looking back, there wasn’t a problem he couldn’t solve.

He was my own, private, little boy support line.

When he looked a little worse for wear, mum restuffed him and sewed him up.

She even washed him now and then.

I remember him hanging by the ears on the line taking an eternity to dry, and being the UK, it could take a few days.

Very frustrating for a little boy!

Your support offering serves a similar emotional purpose.

Like Bunji, it’s there to comfort your customers in times of need.

You’re who they turn to to solve their problems, and not just issues with your platform.

They’ll ask for your help overcoming work challenges too.

They may just want to talk to their peers and other customers.

Sometimes email will suffice, and other times an online chat in real time.

When it’s really bad, they’ll want a soothing voice and the human touch.

But if they’re left hanging for a few days, they’re going to be very frustrated.

So don’t scrimp on your support to save a few dollars.

Start building long term relationships today, and have your biggest fans feel as comforted as they did when holding their special toy all those years ago.

#MrSaaSSays

Did you know, a championship archery target is 122cm across.

And it’s 70m away!

The centre is just 12.2cm, one tenth of the width.

Just 1% of the entire target.

Only 1 in 100 arrows fired randomly would score a 10.

Yet Brady Ellison’s World record set in 2019 was a staggering 702 out of 720.

56 perfect 10s, 14 9s and a couple of 8s.

To achieve this he had –

  • A top quality compound bow with sights.
  • The right team behind him.
  • Many years of professional coaching and training.
  • And countless hours of practice under his belt.

Up and coming SaaS entrepreneurs would do well to take a leaf out of Brady’s book.

If they want to go for gold they too will need –

  • A clear view of the problem they’re aiming at, and the right tools to solve it.
  • A laser-like focus on just a tiny fraction of their potential market.
  • A high quality team.
  • Advisers and coaches to guide and educate them.
  • And many, many hours of commitment to the cause.

But if they cut a few corners to save a few dollars, perhaps drift along without strategic advice, or reduce their quality, they won’t be breaking any records.

Their investment will be for nought when they lose in the early rounds.

Do you have all you need to go for SaaS gold?

#MrSaaSSays

Would you take a position against the market?

Or play poker against a professional?

Would you punt your own money on a 3 card monte game?

Neither would I.

You’d be up against people with huge resources at their fingertips, or experts who know the value of your hand better than you.

Or just out and out crooks and swindlers.

They’re all professional gamblers, people who make money for a living, and #SaaS venture capitalists and investors are much the same.

So when you meet them, they’re going to try to wring as much value from you as they can.

They are, as someone said to me the other day, “…going to bend you over and have their way. And if you’re lucky they’ll use lube.”.

Crass hyperbole I know, but you get the point.

So if you’re going to meet investors you need to be ready.

For them, you’re just the next on the casting couch.

If you can’t show them the money, you’ll get nothing.

If you can, they’ll try to take it from you, for a fair(ish) price of course.

Remember, they’re gamblers.

They want to minimise their risk and maximise their gains.

So polish your pitch, perfect your plan and know your numbers.

And make sure they know, if they want to have their way with you, they’re going to have to earn it.

#MrSaaSSays

Best practice #SaaS platforms satisfy user NEEDS to solve their problem, but to increase usability we also assess WANTS.

They drive a lot of UI functionality.

It’s why there’s often more than 1 way to do the same thing

For example, Copy and Paste.

Only 1 way is NEEDED, but you can use the keyboard or a mouse and menus.

Navigation around an application is much the same.

All we NEED is a menu of available actions and options, but we simplify things by making common activities easily accessible in situ.

Foe example, when we see a customer name or order number, a single click might show the details.

But how do you know if you’re doing enough for your users?

There’s no problem if it’s a bug.

You’re gonna hear about those!

But we rarely hear about stuff we’ve accidentally made difficult.

Why?

Because WE DON’T ASK!

Yes, feedback options are often available somewhere, but users are busy and apathetic

If you want their help so you can be better, you have to ask for it.

And all the time!

So make your feedback options easy to find, and don’t just ask for a random opinion.

Ask what you can do BETTER.

Make it contextual, and give them lists of options to simplify the process.

Remember, software is an exercise in empathy, so help them help you help them.

#MrSaaSSays

If you’re a #SaaS vendor, these SHOULD be halcyon days, but I know many are struggling.

“Running on the smell of an oily rag” as a founder said to me the other day.

After a few minutes chatting with another, I saw several mistakes.

Nothing major, but mistakes nonetheless.

Inaccuracies muddying the waters, and getting in the way of generating revenue.

These SMALL issues can make HUGE differences.

Get them tidied up and money comes in.

It puts food on the table and feeds the next round of marketing and development.

Without them, it may all come to a shuddering halt, dreams of a software future shattered all too soon.

I’d love to help sort these things out, but I’m already director of a charity and I have projects I invest my time in.

My altruism only extends so far.

For the rest, I share my thoughts here, on LinkedIn and on YouTube.

So, if you want to know where you’re going wrong, why not take my quiz and I’ll send you a personalised assessment, and if you’d like the personal touch, book in and let’s get the ball rolling.

REMEMBER, these SHOULD be halcyon days.

You’d be mad to miss out.

#MrSaaSSays

How dull! Another mass market B2C platform.

They’re really not my thing.

Could you pay me enough to get involved?

Of course!

Prostitution comes in many forms!

But I prefer B2B offerings, and preferably those started by domain experts.

They typically create a solution to solve their own problem, and then they get bitten by the #SaaS bug.

Why are they my favourite?

They start with the problem and customer in mind, and they’re just as passionate about their world as I am about mine.

Sadly, they’re encumbered by their own expertise.

To them it all makes sense, so they see less value in their offering, setting prices way too low.

All that does is make the product look cheap and less desirable to A-grade prospects.

They also recognise what it has to offer to different markets, so they try to sell to everyone.

But this makes their messaging vague, and they wind up selling to no one.

So they spend yet more money making yet more product that still doesn’t sell!

But with the right strategy, they’d get a fair price for their wares and talk to the right prospects

And there’s so much more that service SaaS vendors can offer too, but that will have to wait until next time.

Of course, you can call me if you want to find our sooner

#MrSaaSSays