Do you know how many seeds oak trees produce?
Just like businesses, oak trees have good and bad years. In a good year, a single tree can produce more than 5,000 acorns. This gives way to thousands of new trees and millions of nuts.
That’s exponential growth. Whether small or big, SaaS brands try to replicate this principle of nature to ensure survival in the digital landscape. While some succeed, others fail due to many reasons.
With COVID-19 accelerating the adoption of digital technologies, SaaS brands are the ones that have seen a silver lining in a forgetful pandemic. With no tangible products, a SaaS brand’s offerings are limitlessly flexible, making them grow exponentially even in troubling times.
For example, with an unprecedented switch to remote work, SaaS products allow teams distributed across the world to work together seamlessly. From web conferencing to document management, most SaaS brands saw an increase in their subscription in 2020.
In India alone, SaaS revenue reached a whopping $3.5 billion growing at a rate of 30% annually – even during the pandemic. Globally, the SaaS marketplace reached $104.6 billion in 2020, up from $102 billion in 2019.
SaaS growth was and will continue to remain strong in the coming years. Unlike other industries which were at the cusp of losing customers, SaaS brands were the ones that kept hope alive.
This article will look at the top seven SaaS brands that grew exponentially in 2020. These companies are worth studying as you can learn what they did differently to stand out in the clutter.
Top 7 SaaS Brands that Grew Exponentially in 2020
Picking up the top seven SaaS brands was similar to searching for a needle in the haystack. But, we looked at their innovativeness, growth prospects, and future goals to conclude.
Founders: Rishi Kulkarni and Sameer Goel
Headquarters: Palo Alto (California), United States
Revv is an all-in-one document management system that allows businesses to control their document template, workflows, and approval flows. What makes Revv unique is that the brand brings together the convenience of a canvas to personalize business documents, a super-intelligent layer to fully understand the document, a data layer for connecting the documents to business apps, and various document templates.
The major growth factor in 2020 has been the brand’s ability to provide documentation solutions to businesses switching to work from home culture.
Revv is empowering brands to create and manage their documents, including proposals, contracts, letters, quotes, invoices, agreements, and more. Another growth trigger is their freemium pricing model, free for teams with less than ten members.
The company is currently planning to bring enterprise-grade data management tools to small businesses, teams, individuals, and freelancers at an affordable rate.
Founder: André Bastié
Headquarters: Barcelona, Catalonia
Happy Scribe is one-of-a-kind cloud-based transcription software, which provides an automatic transcription, and generates subtitles. Lightning-fast transcription feature helps convert mp3 to text and speech to text in a few minutes.
From offering video transcription in 119 languages to an interactive editor, the SaaS brand automatically includes punctuation and can seamlessly identify multiple speakers in a video.
Interestingly, when the software is unable to translate accurately, the editor highlights the area so that you can manually correct it. You can integrate Happy Scribe with Vimeo, YouTube, Google Drive, Dropbox, and Wistia.
COVID-19 catapulted streaming to become the present and future of content. As a result, people spent 25% of their time streaming video content. This is one of the primary growth drivers for an automatic transcription company. Furthermore, with Google giving importance to user intent, videos and audio with subtitles are the ones that will boost the SEO ranking. Happy Scribe happily does it at a cost as low as €12 for one hour of video/audio transcription.
Founders: Scott Farquhar and Mike Cannon-Brookes
Headquarters: Sydney, Australia
Atlassian is undoubtedly the star of the Australian software industry. From making a debut at the prestigious U.S. stock exchange to working without an enterprise sales team – the SaaS brand has come a long way.
The company creates software that helps businesses and teams work together effortlessly. ‘JIRA,’ which was their first-ever software, helps organizations like Tesla and NASA in project management. The no salesforce software model is what makes the brand unique in its way.
Founders: Stewart Butterfield and Cal Henderson
Headquarters: San Francisco, California, United States
One collaboration software that not only makes communication easier but better is Slack. Touted as the pioneer in this field, Slack provides video conferencing, messaging, voice calls, integrated file sharing, and organized conversation to businesses. With the cost of poor communication being as high as $62.4 million per year per company – Slack helps teams communicate and ensure no critical information is missed.
It’s the ease of use, reliability, and shift to work from home culture, making a communication software a must-have for businesses who value internal employee communication. With Whatsapp under scrutiny over privacy issues, Slack is the best solution. It’s a private channel, and Slack administrators cannot read the private messages.
The freemium subscription plans are another reason businesses worldwide turn to Slack to improve their office communication.
Founder: Sridhar Vembu
Headquarters: San Francisco Bay area
What started in a small apartment in Chennai in 1996 to becoming a pioneer in web-based business tools, Zoho has proved that dreams turn into reality.
From CRM, contact management, and sales IQ to customer service, analytics, payroll management, and more, Zoho is your one-stop destination for running a profitable business.
The company offers powerful web-based online software that allows a company to invoice, web conference, word, spreadsheets, project management, databases, and more all under one roof.
Today, the SaaS brand competes with the likes of Salesforce.com, Microsoft, and Google’s cloud.
Founders: Pavan Sondur and Prashant Kumar
Headquarters: San Mateo (California), United States
With consumers relying heavily on ecommerce websites for their grocery and essential delivery in 2020, one company that made search easier was Unbxd. The company is a leading ecommerce product discovery platform. It uses AI and advanced data sciences to connect shoppers to products they’re more likely to purchase. Using more than 50 AI-models, their software makes the search personalized and intelligent.
Personalized shopping solutions form the backbone for their service and that’s why top ecommerce brands turn to Unbxd to increase their sales volume and profit.
Apart from providing an incredible shopping experience, Unbxd helps ecommerce optimize user interactions across the purchase journey. This site optimization helps in increasing on-site conversions as well.
Founders: Anton Seidler and Herbert Axilrod
Headquarters: San Francisco, California
ActivTrak is a cloud-based monitoring tool that helps businesses track the application and website their employees visit. It let companies unlock their business productivity.
From employee monitoring to workforce analytics, the software provides data-driven insights that help businesses optimize their processes for success. The unique team behavioral analytical platform is their USP and helps small businesses manage their remote teams. Using ActivTrak, businesses can avoid potential compliance risk as it sends alerts on suspicious employee activity.
Without violating any privacy issues, this intelligent software tracks everyday workplace activities and provides meaningful suggestions.
As businesses are forcefully adapting to a work from home culture, a tool for automatic control could be a game-changer.
Learning from the top seven SaaS brands
When it comes to a business model, nothing can beat SaaS. It’s for this reason that countless startups stray each month, and established companies leave no stone unturned to capitalize on their growth.
With 80% of businesses already using at least one SaaS application, SaaS brands’ growth graph will continue to grow.
SaaS brands’ future is bright because a pandemic as worst as COVID-19 couldn’t rattle and stunt its growth prospects. Instead, it fueled and triggered the growth for many SaaS brands.
For people planning to enter into the rich world of SaaS, learn from these seven companies. What they did right to see exponential growth and why they outsmarted their competitors.
Apart from having funding potential, the following are necessary for cultivating a profitable SaaS business.
- A product that fits the market requirement
- Low cost of design and maintenance
- Ability to scale
Breakthrough technologies and focusing on customer requirements are two things which will fuel the market of SaaS companies. Cloud is likely to be the next big thing as brands are trying hard to survive in the ever-changing digital landscape.
Hopefully, using these seven SaaS brands, you can understand how to create and deliver value in a fuss-free way.