What viable SaaS strategy can you have if Amazon can come at any moment and do the same?
Second, add IP on top that makes the service easy to develop applications for, secure, easy to integrate with other SaaS services, etc. Amazon gives you a service but for the most part they don't build ecosystems.
Third, make it work on multiple platforms, not just AWS.
Fourth, integrate with AWS Marketplace and get their reps working for you.