4 Ways to Grow Your SaaS Startup From a Niche Fix to an Enterprise Solution Building a solid foundation is the best way to ensure scalability.
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About three-fourths of Software-as-a-Service companies reported negative impacts on sales in 2020, according to a webinar from Bain & Company. Considering that companies around the world moved to virtual work in droves and many prioritized technology investments to maintain smooth collaboration, the downward trend for SaaS is surprising.
The good news for SaaS entrepreneurs is that tech startups usually have the unique benefit of being nimble by nature, which means they have the logistical capabilities to scale faster and serve larger clients than businesses in many other sectors.
That flexibility is often what makes them so valuable to clients, as I've seen while evolving my company Gremlin Social from a social media solution for community banks into Denim Social, a multifaceted enterprise solution. I've watched bankers increasingly turn toward fintech to build the tech solutions they might lack the talent and resources to efficiently create on their own. It pays off: Mobile banking customers believe 8 percent more than traditional banking customers that their financial service provider knows their needs and are 15 percent likelier to recommend the service, according to Deloitte research.