There are several ways that a software company can apply to catapult itself straight to a big exit. One of the easiest ways to do this is by finding a market gap that everyone overlooks because they deem it too small to matter. Completely fill it in with your SaaS, and you will have your turf in your field of business.
In this podcast, Coviance Founder and CEO Omar Jordan share the story of how he cemented his company in its industry with over 425+ lenders and still counting. He discloses the winning strategies he stumbled upon by going against the grind with host and B2B SaaS sales coach Matt Wolach. Take the road less traveled and instantly differentiate yourself from your competitors!
Podcast: Scale your SaaS with Matt Wolach
Episode: Episode No. 260, “How to Launch and Scale to Success Quickly – with Omar Jordan”
Host: Matt Wolach, a B2B SaaS sales coach, Entrepreneur, and Investor
Guest: Omar Jordan, Founder and CEO at Coviance
TOP TIPS FROM THIS EPISODE
Automate to Save Time and Human Capital
What makes the software industry awesome is that it puts the power of automation right at people’s fingertips. Thanks to technology, a process that was once several weeks turns into a meager few hours. This is why software businesses should always strive to automate their processes.
Innovating leads to a ripple effect of benefits. It translates to an overall better experience as services turn faster and easier for both customers and staff. It also helps avoid slowing sales down when there’s a human capital shortage. This is highly critical as stopping your sales can be the deal breaker of your bottom line’s momentum.
Make Products Affordable Initially to Get Feedback
Have you ever noticed how some big-name brands used to offer their unique products at almost no cost? It feels like a rip-off. They weren’t doing it because they had a lot of money to throw around. They were simply building a reputation.
If you’re entering the SaaS market for the first time and no one knows who you are, consider temporarily offering what you have for free. No, you’re not turning your business into charity or settling for less. Sometimes we need to give first before we can receive. Also, remember that customer feedback helps finetune your product.
Keep Punching Back Against Failure
Failures are not just inevitable; they are necessary. It is not something to flinch away from. Instead, it is meant to be embraced. Reverse engineering failure reveals what you should be doing. As entrepreneurs, we’re not only experts in making money or building products. We’re also professionals at failing.
It doesn’t matter how long a software founder has been in the game or how many companies they built. Everyone fails. You can plan as perfectly as possible, only for the entire operation to blow up because of an unknown factor. In the words of Carlton Fisk, “It’s not what you achieve. It’s what you overcome.”
Understand When to Quit
While determination is an excellent virtue beyond business, knowing when to throw in the towel is essential. Giving up doesn’t mean quitting an idea altogether. Sometimes, it’s a matter of hitting the brakes and recalibrating. Reframe your thoughts into something else if it’s not working out.
Omar states that entrepreneurs need to listen to their customers. He explains that the market will tell you if they would wait to buy your product. Customers not using your software, even if it’s completely free, is a giant red flag you must pay attention to. To win the war, you must learn that some battles must be surrendered.
Surround Yourself with the Best
When it comes to hiring employees, Omar is all-in at the strategy of acquiring the best talents. He’s not one to compromise when choosing people for his team. As a result, many of his employees are passionate individuals who want to help.
Motivational Speaker Jim Rohn once said, “You are the sum of who you surround yourself with.” This is also often the case when it comes to business. Omar advocates onboarding the best, as it truly allows him to scale his business and visions. It positioned him in the vantage point of being able to see higher peaks to conquer
Problems Encountered as a Customer are Market Gaps
We’ve all had bad experiences when dealing with a company as customers. Sometimes, it’s not even the fault of the company. It’s just the limitations of the industry itself. The good news is that your headache as a customer could turn into your asset as a CEO. Omar built Coviance in the same way. He saw a problem as a customer, which helped him turn his service providers into his customers.
Sometimes Less is More
Many would-be software founders’ knee-jerk reaction is to go big or go home. It sounds cool, but it’s also why many startups die. They get devoured by the more prominent competitors after the most significant clients. Coviance became successful because it had a different answer than everybody else. While the rest were busy vying for the 80%, it secured its hold on the remaining 20% of the market.
The Best Salespeople Are Your Customers
Nothing beats word-of-mouth marketing. The most effective promotion will always come from your customer’s testimonies, so go the extra mile when dealing with your customers. Jordan paints a good picture of this concept. He states, “Me on stage doesn’t make as big of an impact as me on stage with one of our customers on a panel or panel of our customers speaking about the product.”
[11:16] “We always say we’re not done yet. Right? We tackle one island, and what’s the next island we’ll go conquer. And we really do it for love of process, love of community.”
[14:21] “Your best champion, your best salesperson, is your customer today.”
[15:55] “The beauty of entrepreneurship is its ups and downs. And you just learn how to deal with the punches and get back up and keep going. Keep punching back. It’s fun.”
[10:53] “You do not want to ever stop sales because it’s not always like a spigot that you can just turn on and off. And so I always preach, do whatever you can to not stop sales.”
[14:10] “You got to give it to somebody. Have somebody using it. So you can get the feedback, you can improve the product, and you’d create some trust within your marketing.”
To learn more about Coviance, visit:
You can also find Omar Jordan on LinkedIn at: https://www.linkedin.com/in/omarjordan/
For more about how host Matt Wolach helps software companies achieve maximum growth, visit https://mattwolach.com/