๐Ÿ”† Is your SaaS strategy multi-threaded or single-threaded?

๐Ÿ”† Is your SaaS strategy multi-threaded or single-threaded?

One quote from my interviewย earlier this week with Dimitri Sirota, CEO of BigID, represents a valuable lesson worth reflecting upon:

We started with an MVP around a few areas of data privacy and security that were related and connected. So we talked to customers and asked, Hey, is this of interest? Is this of interest? What are you willing to spend money on? And we found that the data rights problem was the biggest. So we prioritized that one place where we could get large deals.ย 

Here’s the thing:

It’s about starting with a series of hypotheses – a scientific method – and then going out with your theses and trying to find the people who double-click on one of them. Then you work with them until you reach a stage where they’re willing to pay a premium.ย 

This way, your strategy becomes multi-threaded instead single-threaded. It takes risks out of your SaaS business and provides flexibility.

As Dimitri said:ย 

In a military operation, you don’t just send all your troops over here and then do nothing with the rest. You want to have a few ways to fight and compete. So your strategy needs to be multi-dimensional.

This approach enabled BigID to get substantial traction from the start. It enabled them to create something their customers could not live without and would fall in love with – and then expand from there.

Listen to the podcastย (this quote starts at the 15.00 mark)

Question for you to reflect upon:

Is your SaaS strategy multi-threaded or single-threaded? Which strategy would serve your customers (and ultimately you) best?ย 

Do you have a question? Drop it as a comment below – we’re here to help.

 

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