The CTO of an Asia supply chain software provider saw an opportunity to expand their market by converting their traditional customized solutions into SaaS offerings for SMEs.
The supply chain software company had previously focused on building custom software to meet the needs of large customers. However, they identified a need among medium-sized manufacturers and transportation providers for software that was more affordable and easier to integrate into their existing systems. They decided to build a modular SaaS solution that could be easily adapted to diverse customer needs.
Before they began development, they needed to determine which modules, functions, and UI features were in highest demand among the new target customers. They also needed to map the buyer and user journeys and identify potential adoption bottlenecks or pain points. Lastly, they needed to better understand business model and pricing level alternatives to ensure that their value proposition was well positioned relative to the incumbent players.
loT ONE worked closely with the client's CTO and product management team to answer critical questions about customer buying criteria and the competitor landscape for the new SaaS product. We first focused on understanding customer requirements, including the feature set, user interface, system integration, and the wanted user experience. To do this, we interviewed customers and internal sales and service teams. We also analyzed over two thousand customer comments about competing solutions.
The next step was to understand the competitive dynamics in this new market segment. We benchmarked 20 leading players and startup challengers to determine how they positioned themselves in the market. This analysis provided insight into where there were unmet needs and allowed us to benchmark revenue models and pricing levels to ensure that we brought an offering that was competitive and fit with existing buyer expectations.
Throughout the process, we collaborated closely with the product management and product development teams to ensure that our input could be integrated smoothly into their decision processes.
- Identify customer buying criteria and buying processes.
- Document user requirements, including the feature set, UI, UX, and system integration.
- Interview customers and analyze customer comments regarding competing solutions.
- Map competitive dynamics in the new market segments.
- Benchmark leading players and startup challengers to understand positioning in the market.
- Define the revenue model, pricing level, and value proposition.