Arman Eshraghi, CEO and Founder of Qrvey, hosts a podcast, “SaaS Scaled.” Our latest episode featured Sid Banerjee, Chief XM Strategy Officer, Qualtrics, the leader and creator of the experience management category.

You can watch or listen to the podcast here and we’ve covered some highlights of their discussion below.

How do you show value to prospective customers?

“Oftentimes prospective customers don’t believe that you can show value. So, we concluded very early on that we needed to show them. And so, a big part of how we’ve been going to market for many years is to position the software for value, but then we’re going to say, let us show you with your data. We’ll bring data from your business into our platform, and we’ll prove it to you with a proof of concept. It costs time and effort for us, but in the grand scheme of things, it helps to persuade that prospective customer that the solution will drive value.

“Additionally, with SaaS solutions, every year you have to basically renew that customer to buy at least as much as they bought the previous year, if not more. And so, focusing on showing value to justify using the solution is a big part of how you can build a sustainable and growing business.”

How are you using AI to deliver more value?

“We found that AI allowed us to quickly scale out a wide range of different models to make sense of language and customer experiences. And where we are now is we’re finding that the current generation of AI, which, GenAI, the ChatGPT-type of technologies, is uniquely good not just at recognizing and tagging patterns in language. It’s actually very good at synthesizing insights and even recommendations so that an organization doesn’t have to find something in a traditional analytic view or report. They can have the AI look at all the data and say, ‘This is what you should do. This is the problem. This is the solution.’ So, we’re effectively letting the machine do an even better job of not just finding but remedying a problem.

“And so, we’re now starting to incorporate generative AI into creating more derived insights, not just analytics, and even creating recommendations and suggested actions so that organizations can actually use the machine to not just find the needle in the haystack, but figure out what the solution to the problem is that’s coming up.”

What advice would you give SaaS startups?

“One of the things I would say is that when we started, certainly, Clarabridge, we were not trying to solve a very specific problem. We were trying to solve a general problem. Even though I do believe firmly that it’s important to focus on a value that you’re going to achieve, it’s not necessarily important that you do that when you start the company. Come up with an interesting problem to solve, and then as you solve the problem, figure out how that problem solution is going to drive value. So don’t be afraid to iterate. I think the process of starting a company is very much an agile process. You don’t always get it right the first time.

“This other big recommendation is, because you need to be able to think broadly, go wide and then don’t be afraid to go deep. Don’t be wedded to past decisions when you think about future decisions about the strategy of your company. 

“And then the last thing, I keep coming back to this, but in tech, in software, you have to be mindful of the innovation that’s around us. It’s important to always look for ways to automate, streamline, transform your own software and business with AI, because if you don’t, your competitor will.”

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