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The ROI of SaaS for Product Businesses

By Lucy Crossland on Tue 09 August 2022 in SaaS

No matter what type of products you sell, when you implement a new system in the business, it needs to pay off. Actually calculating ROI is one thing, but investment in new software shouldn’t just be about money.

No matter what type of products you sell, when you implement a new system in the business, it needs to pay off. Actually calculating ROI is one thing, but investment in new software shouldn’t just be about money. Arguably, to know if any financial investment is worthwhile, you need to consider other factors like time, effort and employee buy-in.

Sure, the upfront cost and barriers to entry of implementing cloud software may be relatively low, as your subscription costs over time build, it’s important that you see results. For the system to pay off, it’s really about more than that initial investment. Being committed to getting the software up and running, configuring it properly to match your business processes, and ensuring your team undertake relevant starter and ongoing training are just some of the key factors that contribute to a successful software rollout and importantly, getting that return on your investment. 

An investment in your future growth

A great thing about SaaS products is they’re constantly evolving. With on-premise or legacy solutions, you buy the product as it is that day, but won’t benefit from new updates and features very easily, regularly, or cheaply without waiting for the next upgrade (if there is one, that is!). On the flip side, the value offered by SaaS is ever-growing – and so it should be! As your business becomes more successful, you need software that pushes you forward, not stagnates your growth. Plenty of cloud-based systems release new features, enhancements, and fixes into the product almost monthly – many of which are logged by the users themselves. So, with SaaS, you’re not buying a system as it is right here and now – it’s literally an investment into your future business growth. Plus, subscribing to a constantly adapting SaaS product will mitigate the need to invest in another system down the line as you grow.

Benefit from years of development

Not only is your business investing in future releases, but there’s so much historic development to benefit from too with SaaS. IBM states that many established SaaS products have typically built-up years’ worth of development and feature additions. Yes, your investment will of course contribute to future iterations of the system (and other businesses), but think about how much you’ll benefit from that’s already been added to the system. Plus, many software vendors will have a wealth of experience with working with businesses like yours, particularly best-of-breed solutions – so, you can expect a quicker return on investment.

Short-term commitments, long-term gains

SaaS generally involves low installation costs, and it’s usually easier to switch to something else with cloud-based systems. Subscriptions are usually very flexible (either by number of users, contacts etc. or by features), meaning you can “turn up” or “turn down” usage as required (great for SMEs in particular). Not only this, but usually they’ll offer a range of training packages that suit different budgets to ensure teams are successfully onboarded. SaaS vendors normally have timescales in place for these training programmes, but again, are usually pretty flexible so can work around you. It’s inevitable that there will be teething issues when you first subscribe to a new SaaS product, but even from the start, SaaS adds value. From free trials and demos, you get access to the system before you even sign on the dotted line!

Technical experts for support and onboarding

Investing in a SaaS goes beyond just the software itself. Not only are you getting the software itself, but around-the-clock technical support from the vendor. This begins right from the initial training, through to the technical support and free resources, like videos and help docs that are accessible 24/7. SaaS vendors stive to provide this kind of always-on assistance, so you can expect this ongoing value from your initial investment. 

Looking for the ultimate sales and marketing SaaS tool for your product business? Hear from Prospect customer, Puremedic Health, who reported 100% revenue growth in the last 12 months alone since using the CRM. Try it for yourself here.