You may have put in the hours and effort into your SaaS idea but now you have reached a point where it does not make sense anymore. You know what? That is completely okay and absolutely normal. The times and marketplace are always changing and it is up to you to make sure that you are adapting with them.
You may have created a SaaS product that was huge with consumers but if their needs and wants change, it would be wise of you to pivot your SaaS to accommodate those needs and wants. If you do not, you may find yourself left behind in the marketplace, which means you may feel your pockets getting lighter and lighter. That is not something any person wants to feel.
IMAGE: PEXELS
What Is The Most Beneficial Pivots?
There are different ways to pivot your SaaS startup. There is the “Moon Shot Pivot” that can be seen as what should be the final pivot in any startup cycle, the one that actually takes the startup out of startup. This is when you take a good look at your product, and realize that there are some massive opportunities that you are missing that you are not far off from being able to exploit.
There is also the “Oil-Strike Pivot” which is when the pivot will find you and the proactive move is to recognize the pivot and then suck it up and have the courage to execute it. Think of a problem that could arise that your product could help people with but is not currently able to.
This when you can pivot and make sure you hit that burgeoning market. All it really takes is the ability to read the marketplace, see what potential customers want and adapt your product to that.
What Are Your Options?
One option you can consider when you pivot your SaaS startup is to try something new entirely. Now this is the most extreme pivot you can do. In this case, you let go of your idea to explore something new altogether. But if you are married to the idea of bottoms-up start, it would be worth considering shutting the present company and using the money for funding the new business.
This can be dangerous but if done successfully, you will see your product explode in popularity and your risk will have paid off. This is where the old saying of high risk, high reward comes into play. If your SaaS product is doing just well, you may just want to keep things the way they are.
In conclusion, while change can be scary, it is sometimes necessary for the good of your product and wallet. The biggest thing you need to remember is to study the marketplace and know what people want and need. If you know those two things, your chances of success will be greater once you pivot your product. The last thing you want is to pivot your product and it does not work.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
COMMENTS