SAAS Product Creation - Successes and Failures

[Martinv678]

This thread fits into that philosophy:
Listen. And Significantly Grow Your Business.

If you ever need help setting up your funnel / measuring your AARRR metrics etc, shoot me a message.

Thank @maverick for your help. When we release i'll drop you a message and maybe see what you think?

 

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[Martinv678]

Today I learnt a big business lesson the hard way... Today we found out we have a major competitor who have millions in resource money and plenty of developers. This is good in a way as we know there is a need but they are snapping clients up! The issue is we have a big mountain to climb. Their product, although not looking incredible, has all the functionality we wanted to get to.

How would anyone here suggest going about this situation? Like we have worked for months on this... Part of me wants to take them on, creating something that our customers love and use and wouldn't switch for. Part of me thinks (knows), that they are well ahead! Like our application, will be better than theirs once we get to where they are at now... We're just not there yet.

 

[Martinv678]

As a death to this thread and to show some progress, I thought I would add an update. The idea had a lot of legs and potential. The problem was we found out about a huge competitor coming to the market and it kinda put off my business partner to the point where he stopped contacting me. This was not a issue for me as I knew that we could work around that by being better but he was thinking that the competition were too big. My business partner was the guy with the contacts and the know how about the industry we were working in. I'm in two minds to shit can the idea or not based on the fact i've already put loads of work in and I could market it myself.

My biggest take away, and one that if you have a Saas idea to think about first... Rather than trying to make something straight away, find the market. Do a week or two of research. I trusted my business partners judgment without looking at the market first (which was a massive error on my behalf). Pick up the phone to the customers or companies you are looking to sell to... ask if they it would add value. If not move on and shit can it. Don't do what I did and waste 6 months developing something that I never knew would actually work.

Also code for the first sale, not for the beauty of coding. Does it need to be a React front end with the best tech? Probably not, if you can test your idea in the first couple of months with a Wordpress site / theme then do this. Start making money, then use this money to invest in better features and potential new site once your idea is validated. Money and value are all that matters, everything else is playing entrepreneur!