The world of SaaS is evolving and growing at a rapid pace. Nowhere is this more clearly seen than in OpenView’s 2018 Expansion SaaS Benchmarks report, summarising OV’s findings from a survey in which over 400 companies participated. The report aims to show what SaaS companies are doing to grow efficiently in these dynamic times.
What stands out from the report is that more SaaS companies are adopting a product-led growth strategy – instead of spending top dollar on sales and marketing, companies are shifting their focus to customer success as the primary source of attracting, engaging, retaining, and converting customers. This is proving to be a far more efficient use of often scarce capital.
At Eventerprise, our primary focus has been to build our platform to more than just an MVP – instead, it is a market-ready, fully fledged platform where event professionals (event pros) and people looking for their services can meet. Our freemium model provides event pros with the chance to test drive their own customised business page on the Eventerprise platform with zero risks and only the upside reward on offer – new customers!
According to OV’s survey respondents, SaaS companies can come from almost anywhere – and these companies are showing that success is not dependent on one’s country of origin. Startups that have gone on to any measure of success (not only unicorn status) have originated in Estonia, Israel, France, Sweden, and Brazil, to name a few.
However, the success has not been achieved without a focus on North America – still the largest and most attractive SaaS market. While Eventerprise is a distributed organisation with a presence in Switzerland, South Africa, and India, our focus is firmly fixed on the US as our launch market, specifically the greater Los Angeles area. The reason? LA is still an entertainment hub, and its events market is massive. It also is near to key stakeholders, such as investors and partners, where our co-founders have collectively spent 7 of the last 12 months.
The US events market is still the largest in the world, and the demand for events continues to grow. In 2017, the Events Industry Council estimated that B2B meetings and events space were $325 billion in size – when adding the private events space, the magnitude of the opportunity for Eventerprise is staggering – not to mention for any investor choosing to get on board now.
Another key takeaway from the OV report is the increased emphasis on boardroom and C-suite diversity. Survey participants indicate that decision making has improved as female representation at the top echelon of power has increased.
Eventerprise recognised the impact of diversity from day one, with Birgit Thumecke joining Charlie Wright and Gotz Thumecke as co-founder. At Birgit’s initiative, the Women Leadership Program was launched in 2018 with the specific aim to empower the women working at Eventerprise to deal with and overcome many of the common hurdles they will face in their careers.
The SaaS world remains an exciting space – companies who keep the product central to their growth strategy, focus on North America as their growth market, and are open to a diverse set of people will thrive.