Why SaaS Companies Need a Competitive Intelligence Tool
Every single day, traditional methods are being replaced by software. Because software is easy to deploy, easy to maintain, easy to fix and very scalable. That is usually advantageous if you are building or working at one.
But it also makes you more open to competition. You need intelligence about the market and competitors to survive in the long run.
Regardless of how good a product you have, how intelligent people you work with, and how big is your YoY% growth, you'll have competitors. It is inevitable.
But there are some things you can do to avoid head-to-head competition. Like being more competitive, even though you do not have any major competitors.
Becoming more competitive requires a continuous flow of accurate intelligence. Otherwise, you will be going blind in a crowded market.
Here is why SaaS companies need a competitive intelligence tool:
- The advantages of SaaS could be disadvantages, too.
- Existing competitors do not sleep.
- You can lose deals to competitors in one click.
1. SaaS advantages vs disadvantages
In the beginning, we mentioned SaaS made things easy. If you are a new entrant that is good for you. It helps you gain a little market share and make people give you a chance.
However, you will attract new entrants when your SaaS grows and becomes a bit known in the market. Because everybody wants to take a piece of the cake. And they can break traditional ways and do better than current solutions, including your SaaS.
So, regardless of your market's current competitive landscape and fragmentation, you either have competitors or will have competitors. You need to be prepared. You need to be competitive.
Trust us, with AI, markets are becoming more competitive. Because you can literally build SaaS applications by only writing the technical requirements of it.
Again, you need to become more competitive to survive in SaaS.
2. Existing competitors do not sleep
You are not alone in your market. Everybody tries to innovate and make their solutions better. You can get ripped out of the market if you are unaware of what they are doing.
Your existing competitors ship new features, introduce new products, and do experiments with messaging, positioning and pricing. Knowing what they are up to can really help you in the long run.
Let's hear from Sun Tzu:
When you know both yourself as well as your competition, you are never in danger. To know yourself and not others, gives you half a chance of winning. Knowing neither yourself or your competition puts you in a position to lose.
3. You can lose deals to competitors in one click.
Yes. It is only one click that matters when you are doing SaaS business. You can lose deals to competitors just because of one Google Ad, not so unique value proposition, confusing pricing, bad UX and zillions more reasons.
You cannot just do all very well. Even though you think you did a good job, you must re-evaluate it because markets change too quickly. You must have the intelligence to show why you are the best in the market, why people need your product, why you have the most reasonable pricing...
All in all, you need to show customers the value. By the way, do not assume customers know nothing about your competitors. You need to convince them with truths. To do that, you need a competitive intelligence tool.
That's why we built Compint. Compint is a proof based competitive intelligence tool. Our proof based approach helps you do both quantitive and qualitative analysis.
We built Compint for B2B SaaS companies. If you are one of them, give Compint a chance.
You can do the setup in 60 seconds and see what we can do :)
