The developed world revolves around e-commerce. In a crowded field, how can SaaS companies prove themselves and shift from being completely irrelevant to their markets to delivering services their market and buyer personas value? If you are a founder, you know this journey is not as linear as it seems. Luckily, there are many veterans in the industry who will share the lessons learned from their wins and losses.
Red Points’ CEO, Laura Urquizu, breaks down their road map to not only becoming market leaders but creating a new market entirely. From discovering problems their competitors weren’t touching to evolving their entire buyer persona, it’s no secret that adaptation and innovation were key factors in Red Points’ success in climbing to the top.
Becoming market leaders
Despite their service, buyer persona, or industry, all SaaS companies have one thing in common—they want to be the leader in their market. To accomplish this, getting creative and thinking outside of the box is critical. Red Points was determined to think big from the very beginning. By seeing the entire world as their market instead of limiting themselves to specific regions, they proved market feats and identified problems competitors faced they could solve.
Wins from the journey to the top
Laura identified four key factors as major wins for Red Points as they grew and built an entirely new category.
- Global approach. Thinking big and taking a global approach from the very beginning is a sure way to make a lasting impression. Push yourself and your team to keep an open mind when you’re considering whom you can serve and how you can serve them.
- Product evolution. Never stop evolving. Embed innovation into your team’s DNA. Don’t stop at product evolution, but continuously innovate your processes. Innovation happens by finding different problems to address. Step out of your role and take on your clients’ perspectives to identify new features and models your teams can build to make their lives easier. Innovation should happen across the entire company, not just in the product team.
- Create a new category. Does the category you’re serving understand the value of your service? Finding the right buyer persona is key to becoming the leader of your category. In Red Points’ case, that meant inventing an entirely new category and serving an entirely new buyer persona. The work this takes upfront pays off when you’re working with a clientele who understands your value and values your services. Finding these niches will push you to the top of your category and open doors for further innovation.
- Stay true to core values. You’ll never reach the top without the skills and knowledge of a well-built team. Hire people who share your company’s values. What you invest in your people, they will invest back into the company. Be your team’s biggest cheerleader, and remember that a big part of your role drives your people to success. Throughout your journey, stick to your values. Be open, honest, and transparent with your team, clients, and investors.
“Culture is what you do when no one is watching you.”
Learning from the mistakes
By leaning into her transparency value, Laura was open to sharing what didn’t work for her team.
- Don’t believe people who doubt. The journey to the top is a rollercoaster, and you’ll probably have more bad days than good. One mistake is giving in to people who tell you it can’t be done. Keep an open mind and take a new perspective when things aren’t working out. Instead of ignoring failures and moving on, you will find solutions others weren’t brave enough to identify.
- Don’t prioritize resume over culture. It’s hard to move on from candidates with attractive skills, but if they are not a good cultural fit, a commitment to the values of your company means you must move on. Candidates who do not share your values can bring toxicity to your team. No skill is worth risking that.
To achieve great success, you must think bigger when you feel like giving up. Push towards innovation when you feel like settling with good enough. Keep your values at the forefront as you build your brand and grow your team. Above all, don’t give up and don’t set limits for yourself. Use doubt as motivation to continue to grow.