Thoughts on SaaS product that differentiates solely on price?

I'm building a SaaS product in a market with lots of existing and well-known products from Google and Amazon, etc. I'm aiming to offer a similar service but at a significantly lower cost (about 50% cheaper than the cheapest option out there).

To be honest, I won't be able to match the quality / performance / reliability of the existing products, so I can only compete on price. Most of the SaaS advice suggests going for a niche market and delivering value, but I'm doing the opposite. I think a lot of indie hackers who are pre-revenue and more price-sensitive can benefit from this.

Have you tried launching a lower priced alternative to an existing mature product, and how did it go?