Creating a Product Catalog for a SaaS Business

How to create a product catalog for a SaaS Business and things to consider when building it in MonetizeNow

A well-structured product catalog is essential for attracting customers, driving growth, and enabling your sales users. In this guide, we'll walk you through the steps to create a product catalog for your SaaS company, covering how to create products, offerings, and rates, along with some valuable considerations to keep in mind.

Defining Your Target Audience

Before diving into product creation, it's crucial to understand your target audience. Who are your ideal customers? What problems are they trying to solve with your SaaS solution? Tailoring your product catalog to meet their needs is essential for success. Deciding how to structure your product catalog is essential for closing deals, whether this means creating subscription-based models, usage-based models, or even a hybrid model. Luckily with MonetizeNow, there is a lot of flexibility and options for building it out. The first step is to create your products.

Creating Products

Step 1: Define your Core Products

Start by identifying the core software products you offer. These are the central solutions your SaaS business provides. Some key questions to ask are:

  • What pricing structure makes the most sense to drive growth and sales? Do you want to sell subscription products? Do you want to sell in a usage-based model?
  • Are there any one-time products?
  • If selling usage products, are there any minimum commitments?

Once you have identified how you want to sell, you can then start building your products

Step 2: Building the products

Once you've identified your product models, you can then build them in MonetizeNow. Create detailed descriptions for each product, outlining their features, functionalities, and how they solve specific pain points.

Once your products are built, you can then begin to build your offerings.

Creating Offerings

Offerings in MonetizeNow can be thought of as bundles. This is where you will actually set the rates and prices for all of your products. When creating an offering, you may have a 1:1 relationship between a product and an offering, or a 1:Many if you are bundling your products together as a unified solution.

Step 1: Types of Offerings

Determine the types of offerings you'll provide, such as subscription plans, one-time purchases, or customized solutions.

Step 2: Bundling and Packaging

Consider bundling products and services to create appealing packages for customers. Oftentimes you may want to bundle multiple products together for sale where the customer gets a better rate if they select that package. If the customer doesn't want all the items though, you may want to create additional offerings for each individual product.

Once you have built the structure of your offerings, you can now begin to build the rates.

Setting Rates

Rates in MonetizeNow is where you actually set the pricing of an offering. This allows you to customize what the price is, what frequency it will be billed at, and even when sales users can use the Rate.

Step 1: Defining Your Rates

Define different rate tiers and subscription plans to cater to various customer segments. Define what frequency users can sell at. Do you offer Monthly, Quarterly, or Annual frequencies? Do you want sales users to use this rate now, or do you want to set the start date in the future?

Step 2: Define your pricing model

How will your product be sold? Do you have a flat pricing structure, tiered, or even custom. MonetizeNow allows you to define your pricing structure so all your sales team has to do is plug in a number and everything will be calculated quickly and accurately

Other Things to Consider

Make sure you are detailed in your descriptions and naming conventions

Ensure an excellent user experience on your quoting page by ensuring each offering is clearly defined.

Plan for Scaling

Create your product catalog in a way that you can grow with it. You can always recreate your product catalog but can save yourself a lot of headache in the future with amendments and renewals by starting with a strong base built for growth.