In the world of software companies, there is a growing trend towards SaaS+ – a term used to describe companies that enhance their core products with value-adding features. These additional features, such as embedded e-commerce or payments processing, not only increase customer satisfaction but also create new revenue streams.
In a recent article on TechCrunch+, Justin Kaufenberg, the managing director at Rally Ventures, and Greg Blasko, the co-founder of Monoline, share their insights on how to build a strong foundation for a SaaS+ product. Drawing from their experience in building a platform for youth athletics, they highlight the importance of multimerchant cart technology and parent-child data models.
Building a solid foundation for a SaaS+ product involves incorporating value-adding features and considering factors such as multimerchant cart technology and parent-child data models.
The Power of SaaS+ Features
SaaS+ companies have found success by going beyond the traditional software model and offering additional features that enhance the user experience. These features are not just gimmicks, but rather practical additions that provide convenience and value to customers. Examples of SaaS+ features include embedded e-commerce, insurance offerings, and payments processing.
Lessons from the Youth Athletics Industry
Kaufenberg and Blasko draw from their experience in the youth athletics industry to illustrate the importance of building the foundation of a SaaS+ product correctly. They highlight the use of multimerchant cart technology, which allows customers to make multiple transactions within a single platform, streamlining the purchasing process.
Additionally, they emphasize the significance of parent-child data models, which enable businesses to easily manage and organize data across different entities. This ensures a seamless and efficient experience for both the company and its customers.
The Impact of Architecture Choices
Kaufenberg and Blasko stress the importance of aligning product roadmap, technical architecture, pricing strategy, and product marketing to the core concepts of SaaS+. By studying successful companies like Kayak, Amazon, and Shopify, they showcase how architecture choices can significantly boost the number of transactions each user makes, leading to increased revenue.
They conclude that a strong foundation for a SaaS+ product is essential for long-term success. It involves understanding the needs of customers, incorporating value-adding features, and making architecture choices that support growth and revenue generation.
By following these principles, SaaS+ companies can build trust with their customers and thrive in the competitive software industry.