The world is officially closed.
The coronavirus pandemic has affected various variables in the supply and demand equation, resulting in an unprecedented economic slowdown.
Businesses across the globe are facing the heat as consumers are channelling their spending towards things that are crucial to their survival.
It’s time SaaS companies start re-thinking about the business-customer relationship they have been building over the years. It’s time they make some room for flexibility and discover opportunities to boost their product’s capabilities.
In this post, we are going to discuss how exactly SaaS companies can shape their services to keep making revenue during COVID-19 pandemic. Let’s cut to the chase and dive into the content!
5 Ways SaaS Companies Can Boost Revenue During COVID-19
Here are some of the best ways SaaS companies can boost revenue during COVID-19.
1. Provide Flexible Plans to Counter Increasing Cancellations
As we mentioned earlier, your customer’s needs have undergone a dramatic change during the COVID-19 pandemic. Unless subscribing to your services is an essential need for survival, they are not going to shell out any money for you. There’s no need to frown, though. It’s the right time to bring in flexible plans for your services so that subscribing to them doesn’t hit the customers where it hurts the most – their bank accounts.
2. Close Attention to Existing Customers, Closer Attention to Unique Customers
You will need to figure out ways to keep your existing customer base intact while making better arrangements for unique customers. This is in order to prepare for the post-coronavirus period where the customer’s intentions would have slightly shifted towards subscribing to essential services only. While the previous point will help you in reducing the cancellations, the next point will help you draw the attention of unique potential customers.
3. More Promotions and Incentives Across The Funnel
SaaS companies can only boost revenue during COVID-19 by getting more leads. This is made possible by the exciting promotions and incentives provided to unique potential customers. These promotions and incentives have to be distributed strategically across the funnel to not let the potential leads leave.
4. Double Down on Communication with Customers
Communicate, communicate, communicate! It’s the best time for SaaS companies to double down on communicating their support for the consumers. It’s the best time to show that they care. Re-model your advertising strategies to show your solidarity with people who are doing their best to survive through the pandemic.
Desperate times require desperate measures. SaaS companies need to understand that features alone are not going to pull them through this economic slump. They will have to add the value to the product and provide value the customers deserve. Let us know what you think about the present state of SaaS companies around the world. We’d love to hear from you!