How to come up with an idea for a SaaS product

I have been running a software development agency for a while now, specifically focusing on MVP builds and people coming to me with ideas. I have also had dozens of people come to me saying they want to get into SaaS, but they don't have an idea. In fact, it seems to be the number 1 blocker.

We have all been there! My self included! In fact, it is going to be the first barrier you run into if you don’t already have one and it can push you away from even attempting to build SaaS in the first place.

But don’t let it. Let me show you 3 different ways that you can come up with ideas, after reading this ideas will be the least of your problems!

1. Solve a Personal Problem

Look for problems in your own line of work. Your direct experience gives you a unique perspective on what features are needed and how to improve the solution.‍ In most cases, if you have a problem, there are tons of others with that same exact problem who will pay a premium to get it solved.

Unique Advantages

Understand and leverage your unique advantages.

For example, if you're a content creator with a network of content creators, creating a software tool for them makes sense because you understand their needs and have a ready market.

Domain Expertise

The best SaaS ideas often come from solving a problem you personally experience in a field where you have expertise.

This allows you to address the problem more effectively than someone without this background.

2. Address Complaints About Existing Software

Go to places like g2, acquire, Reddit, Quora, etc. Look for common customer complaints or requests for features. If they are not providing it, this is an opportunity for you to enter the market.

Links:

• G2: https://www.g2.com
• Acquire: https://acquire.com/
• Reddit: https://www.reddit.com/
• Quora: https://www.quora.com/

Research Platforms

• Utilize review sites like G2, TrustRadius, and Capterra, as well as forums such as Reddit and Quora. These platforms are were people go to provide feedback on software products.
• Pay special attention to recurring complaints, feature requests, and aspects of the software that users find are lacking or missing.

Analyze Feature Requests

• Users often suggest features that they wish existing software had. These requests can inspire ideas for new products or enhancements to existing ones.
• If a significant number of users are asking for a specific feature that current providers do not offer, this could represent a niche market opportunity.

Evaluate the Competition

• Assess the current solutions available and how they are addressing the problems identified. Consider whether you can offer a better solution or a new angle on the problem.
• Sometimes, a slight tweak or a more focused approach can make a big difference in meeting user needs.

Leverage Your Insights:

• Use the insights gained from your research to develop a SaaS product that addresses these unmet needs.
• This approach can give you a competitive edge by directly targeting the weaknesses of existing solutions.

3. Build For the Creator Economy

The Creator Economy has opened a new avenue for SaaS ideas, focusing on partnerships with content creators who have substantial followings.

This approach, known as Creator-Led SaaS, involves identifying opportunities where a creator's unique insights and audience engagement can lead to successful software solutions.

This may not be for everyone, but if you have any connections to content creators, I highly recommend reaching out with this approach.

If you don’t, you can still reach out to these individuals and pitch them on it. May have to send a 100 DMs to get a reply, but that 1 reply could change your life.

Understanding Creator-Led SaaS:

This strategy taps into the creator economy, where individuals with large online followings monetize their content through various channels.

Unlike traditional product endorsements, Creator-Led SaaS involves developing a software product that the creator can offer directly to their audience.

Examples and Potential:

• High-profile creators like Mr. Beast, KSI, Emma Chamberlain, and The Rock have successfully launched physical product companies. However, the SaaS space remains relatively unexplored, presenting a significant opportunity.
• A hypothetical example is a YouTube analytics tool endorsed by a creator like Mr. Beast. Such a tool, designed specifically for content creators, could rapidly achieve success due to the creator's endorsement and the immediate relevance to the audience's needs.

Benefits of Creator-Led SaaS:

• Risk Mitigation: By entering into equity partnerships, creators can develop SaaS products without the need for significant upfront investment, reducing financial risk.
• Market Access: Creators have immediate access to a large, engaged audience, ensuring a ready market for the SaaS product upon launch.
• Aligned Interests: Equity partnerships ensure that both the development agency and the creator are invested in the success of the SaaS product, leading to more collaborative and motivated efforts.

Opportunities for Entrepreneurs:

Entrepreneurs and developers can leverage this model to enter the SaaS space by partnering with creators. This approach minimizes market entry barriers and capitalizes on the creator's audience for product validation and initial growth.

You now have a few options for finding new ideas. Once you start to get the hang of it, ideas will come easy and you will start to identify problems you can solve everywhere.

But this is really just the start of your journey. Because while you may have what you think to be a good idea, are others going to think the same?

The fun has just begun. The next order of business for you is Market Research.