How To CopyCat A Business & Win? (SaaS)

A first of its kind SaaS/Software has launched in the B2B space. They are 12 months old and are doing quite well.

I would be the 2nd in the world to launch the same business model.

However, I want to make sure I execute properly as I have this fear I won't do as well if they're already doing so well with first mover advantage.

At the same time, I am confident too because I see other SaaS companies out there that are carbon copies of each other (Eg. for email there's N MailChimp, ConvertKit, GetResponse, etc)

There are 100K-500K potential clients in the specific niche they're targeting, they already have 1K clients. The software relies on network effects, so the more people that join.. the stronger/better the experience is on the platform

Any advice on doing well as the 2nd player in the market? (eg. better offer/price, better features, etc)

If you try to beat them on price then you won't be profitable imo. Can the service run long enough to survive until it becomes profitable? It's a tough question and you will get the answer once the biz gets running. There's no other way. Pricing is always tricky for any biz.

As for features, can't say anything since we don't know enough about the service itself. You will have to do an extensive research and think like a customer.
You can run a small survey within the people with similar interests.

My advise would be to get started without thinking much. Make changes on the go. But don't waste too much time on planning etc
Run with what you have ASAP

it may be a duplicate business, but you would stil have key value propositions to your customers/users. It can be as straightforward as a more intuitive user experience or a faster, leaner servers. It doesn't have to be an edge, but it needs to be identifiable to your brand.

I prefer send grid than mailchimp, because sendgrid is more developer friendly - something like this.