In a recent episode of PayPod, the payments and fintech-focused podcast, Rao Chejarla, our founder and CEO, shared his insights about the state of the SaaS industry, the need for hybrid billing models in subscription products, and the importance of leveraging customer feedback in SaaS business models.  According to Rao, the SaaS industry has come a long way but it is far too early to call it saturated. With a valuation of $200 billion in 2023 and an anticipated growth to at least $300 billion by 2024, the market is ripe for innovation, especially outside the primary markets of the US and Europe.

A Product by SaaS Experts

While talking about saaslogic’s journey so far, Rao explains how the product was the result of focused efforts by a team of SaaS experts at Expeed Software – a company founded by Rao that has been offering expert SaaS and other software solutions worldwide for over 15 years now. The idea was to simplify the monetization and payment segments and offer them as a plug-in solution to SaaS products.  As a team coming from a SaaS background, saaslogic understands the exact problems being faced by these product owners and developers on a daily basis. For instance, most SaaS teams would relate to the pain of integrating their product to other tools and solutions. saaslogic makes integration processes as easy and seamless as possible while providing product optimization tips that can enhance its performance and effectiveness.

Hybrid Billing and More Unique Features

According to Rao, when you give your customers the flexibility to pay for only what they need or what they have consumed, you’re offering more value and making it easier for them to stay subscribed to your products and services. This is the essence of the hybrid billing model, a provision that is being offered to saaslogic merchants.  While explaining the significance of this approach, Rao says “It’s understandable why people are not offering more hybrid billing options within their products – it is not easy to build such (billing options), when you’re providing functionalities like a CRM, or accounting (tools), or other features, – those are more important and core to your product. Subscription is a necessary thing, but you can’t put as much effort and energy into building subscription features as much as into your core features.”  Rao also discusses other unique saaslogic features such as integration with accounting systems for real-time downstream accounting updates, intuitive self-service customer portals, enhanced notification systems that are designed to optimize revenue collection while ensuring a smooth customer experience, and more. Another notable feature is the integrated payment gateway solution, saaslogicpay, which was developed to offer a better merchant onboarding experience, especially for the smaller SaaS businesses that just need to get started and running.

Leveraging Customer Feedback in SaaS Businesses

The discussion also covered the importance of customer feedback in shaping and refining SaaS offerings. Most businesses build products based on assumptions (or research data) about the needs and expectations of the end customer and consider it a job well done. However, the real-world feedback that the business receives from its customers holds the key to driving actual growth.  “For instance, a good integration drives a good customer experience for the merchant’s customers. So we take time to understand the challenges they faced during integrations, like ‘what took them more time to integrate,’ and ‘what are the areas that we can improve,” Rao adds. Watch the full podcast for more information on saaslogic and how it can be used to jumpstart your subscription business. For a demo, get in touch with our SaaS experts today!

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© 2024 saaslogic, All rights reserved.