My Journal Entry For December 10th, 2022

My learnings from reading Build and Promote Profitable SaaS Business by Kateryna Myroniuk

 

Keynotes from the book today were:

 

Oh, this book is so good, so far it’s still rammed full of useful information. Well at least for me, because I do try and run an SaaS business 😁

 

– What are your customers pain points?
– “Almost impossible to create a product that will sell itself”
– “What will customers have to sacrifice to use your product?” Time? An existing working system? Budget then need to show how product will be financially beneficial in the long run.
– List items that make your product worth it and make sure they exist in the product.
– If you want to buy or sell websites, Saas, Domains, Businesses or eCommerce then use Flippa for buying or selling 
– For direct sales use Escrow
– Pros of buying online businesses: to know what you’re dealing with, where growth is, the market, to get a ready-to-use product and working business, high chance of income from the start.
– Cons of buying online businesses: High price for a decent product, no idea timings of when it might take off, unsure of knowledge/resources required, headaches transferring rights, unreliable sellers.
– Create a SAAS from scratch
– Pros: Yours you built it, your unique experience, deep understanding of how it works
– Cons: High chance of mistakes, getting the right business idea, time-consuming, expensive
– Know your audience – you need a clear understanding of your customer right from the start. It’s usually called a customer portfolio or problem/solution fit.
– Critical requirement because:
– Image of customer highlights features the software should have and shouldn’t have
– It will help with the message you have for your target audience.
– Better understanding, useful for A/B testing
– Customers may use your product for different purposes or in different ways or in different industries or markets.
– List interests and use cases for the booking system Customer segments include Squash Clubs, Badminton Clubs, Tennis Clubs, Paddle Clubs, Pickle Ball Clubs, Committees
– What features must it include?
-Reach out to customers and potential customers to find out and make sure that the feature is necessary.
– Look for people following your competitor’s social media – Twitter, Facebook, LinkedIn, etc.  The people who are using the product you are improving. e.g. Booking System.
– “Set up meetings with them, cold call or reach out to at least 50 people saying you are doing industry research and want to perform a study about the particular problem”

 

 

What did you achieve yesterday?