Understanding Contextual Data from SaaS Products for SaaS Buyers
In the ever-evolving world of software as a service (SaaS), decision-makers require insightful and actionable data to make informed choices. Choosing the best SaaS product or application for your business can feel overwhelming, given the vast variety of solutions available.
But fret not, we’ll take you through how we generate contextual data to help you make these critical choices.
In order to tackle the current challenges in SaaS procurement, platforms such as Sprout24 have come to the fore, providing what is referred to as ‘contextual data’ of Software as a Service (SaaS) applications.
This contextual data plays a pivotal role by assisting potential SaaS purchasers in seeking answers to practical, real-world questions, answers that typically are not supplied by the SaaS vendors themselves.
The way these platforms gather the ‘contextual data‘ involves a thorough investigation and analysis of each individual SaaS vendor’s product, along with its users and the particular cases of its use.
In essence, it is the deep dive into the specifics of each SaaS vendor that allows platforms like Sprout24 to yield valuable and actionable insights.
In order to accumulate these contextual data, Sprout24 undertakes a comprehensive analysis of several key aspects associated with each SaaS vendor. These include:
- User Analytics Tools: These tools provide data about how users interact with a product.
- In-App Surveys and Feedback: This includes reviews and opinions shared by users about the product within the application.
- User Testing: A process where real users test the product to find any issues or areas for improvement.
- Purchase History: The past records of what customers have bought, which can help in understanding user preferences and trends.
- Demographic Data: Information about users such as age, gender, location, etc.
- Social Media Listening: Monitoring social media platforms to gather what users are saying about the product.
- Customer Support Interactions: Understanding user issues and feedback through their interactions with customer support.
- Competitor Analysis: Studying competitors to identify gaps and opportunities in the market.
Sprout24 conduct extensive analyses of various elements associated with each SaaS vendor’s product in order to generate insightful contextual data.
These data then proves invaluable for prospective SaaS buyers by answering real-world questions that the SaaS vendors might not necessarily cover.
Understanding Contextual Data of SaaS Product:
First things first. To make sense of any data, we must first understand what we’re dealing with. So, what is contextual data?
It’s data that provides additional details about another piece of data.
In the realm of SaaS, it offers insight into how and when an application is used, revealing its effectiveness in various scenarios.
Let’s deep-dive into this concept.
Importance of Contextual Data: Contextual data shines a light on the otherwise dark corners of the software uses. It uncovers how users interact with an application, their usage patterns, and even their frustrations. This information is critical for SaaS buyers, as it paints a realistic picture of what to expect when investing in a particular solution.
Practical Applications of Contextual Data: Imagine having a bird’s eye view of all the actions users take within an application. That’s essentially what contextual data provides. From the frequency of usage to the most popular features, this data is invaluable for organizations looking to make sound decisions on SaaS investments.
Delving into User Analytics Tools: User analytics tools, such as Google Analytics, Mixpanel, or Amplitude, are essential to any SaaS provider. These tools help us track user behavior within an app, revealing insights into the features users engage with the most, the duration spent on different screens, and the frequency of user return.
This data helps us understand how users are interacting with the software, highlighting its usefulness, usability, and appeal.
The Power of In-App Surveys and Feedback: In-app surveys and feedback forms give users the floor to express their experiences. By directly soliciting feedback, we get to hear about what users like, what they don’t like, what features they want to see added, and other relevant information.
This direct line of communication is invaluable and helps us understand user sentiment toward the SaaS product.
Generating the Contextual Data of SaaS Product:
You might be wondering how we gather this rich, informative data. Our process is meticulous and data-driven, blending advanced technology with human expertise.
Here’s how it works:
1.Software Testing and Review
Our team of proficient software testers and reviewers thoroughly examines each SaaS product.
They simulate real-world scenarios to identify the strengths and weaknesses of each application. Each action taken within the application is logged, creating a wealth of contextual data.
2. User Reviews and Feedback
In addition to our own testing, we gather reviews and feedback from actual users of the SaaS products.
This first-hand information offers a unique perspective, providing insights that may not be captured during conventional testing.
3. User Testing and Its Significance
We conduct structured interviews and casual focus group sessions to understand how users interact with the software.
These user testing sessions offer insights into the decisions users make while navigating the application, revealing potential roadblocks or strengths that may not be immediately obvious.
4. Analyzing Purchase History
For SaaS products offering in-app purchases, tracking purchase history becomes a wealth of information. By identifying what items or features users are willing to pay for, we can gain insight into user priorities and perceived value.
Tracking how these trends change over time or in relation to other factors further enriches our contextual data.
5. Demographic Data and Its Role
Understanding who your users are is just as important as understanding how they interact with your software. Gathering demographic data such as age, gender, occupation, location, etc., gives us a clear picture of the user base.
Knowing the contexts in which they use your app can be crucial in understanding user needs and expectations.
6. Social Media Listening
In today’s interconnected world, social media platforms have become a hotspot for user feedback and discussions.
We monitor these channels closely, keeping an eye out for valuable insights that users may share about the SaaS products.
7. Learning from Customer Support Interactions
Every interaction with customer support is a learning opportunity. By understanding common issues or queries, we can identify areas of the application that might need improvement.
This feedback is crucial in refining and improving the user experience.
8. Competitor Analysis
Keeping an eye on the competition can offer significant insights. By analyzing what’s working (or not working) for similar applications, we can better understand the expectations and needs of potential buyers.
This analysis aids us in offering superior guidance to SaaS buyers.
Utilizing the Contextual Data of SaaS Product:
Now that we have gathered and analyzed a wealth of contextual data, how do we put it to use for SaaS buyers?
It’s time to turn the data into actionable insights that can guide SaaS buyers in their decision-making process.
1.Leveraging User Analytics
The data collected from user analytics tools helps us understand the most and least popular features of a SaaS product. By communicating these insights to potential buyers, we guide them towards a product that matches their requirements.
A product with frequently used features likely has a good user interface and meets its users’ needs effectively.
2. Utilizing User Feedback
The direct feedback from users provides us with insights that can be crucial for a potential buyer.
By sharing this information, buyers get a firsthand account of what to expect from the product, aiding them in making an informed choice.
3. Implementing Insights from User Testing
The observations made during user testing sessions can greatly impact a buyer’s decision. By sharing these insights about user interactions and decision-making within the app, we can prepare buyers for the user experience to expect.
This information influence the buyer’s software choice significantly.
4. Insights from Purchase History
Purchase history often highlights the value users derive from a SaaS product. By sharing these insights with potential buyers, we can help them gauge the product’s value for their needs.
For instance, a feature frequently paid for is likely to offer substantial benefits.
5. Applying Demographic Data
Understanding who primarily uses a product can be crucial in deciding whether it fits a particular team or company. By sharing the demographic data of users, we offer potential buyers a sense of whether the software is popular within their industry or among similar user groups.
6. Harnessing the Social Media Insights
The feedback and discussions around SaaS products on social media channels can significantly influence a buying decision.
By sharing these insights, we keep potential SaaS buyers updated about user sentiment towards the product, which can help them anticipate the reception the product might receive within their own team.
7. Insights from Customer Support Interactions
Sharing the information derived from customer support interactions helps potential buyers anticipate any challenges they might face with the product.
This proactive approach helps SaaS buyers be prepared and can influence their choice.
8. Competitor Analysis
Insights derived from competitor analysis can guide buyers towards a product that stands out in the market.
By highlighting what’s working for similar applications, we provide potential buyers with a benchmark to compare their options, helping them make a well-informed choice.
Enabling effective SaaS Procurement with data:
The process of generating and using contextual data to guide SaaS buyers is a careful blend of AI technology and human input. By collecting data through multiple channels, analyzing it, and turning it into actionable insights, we provide comprehensive guidance for SaaS buyers.
Whether it’s understanding user behavior, anticipating challenges, or comparing options, our approach to contextual data equips buyers with the information they need to make the right SaaS investment.
For SaaS Vendor:
For getting your product analysed; you can submit this request form.
You can also schedule meeting with our SaaS vendor relationship team from here.