Currently, every business, whether it’s online or offline, has gotten affected severely because of the coronavirus outbreak. Even though some SaaS companies are making a considerable amount of money during this pandemic situation, for others, it’s nothing but a lousy period which they are hoping to end quickly. Now experts are saying that SaaS companies that are finding themselves in a hard position need to change their strategies at least for some time. Because according to them, company management needs to think more about retaining customers than focusing on growth, which is not going to happen for the next few months. Here are some steps through which SaaS companies can change their focus on retaining existing customers.
Changing Growth Mindset To Retention
Even though any company’s primary focus should be to get maximum growth because that’s the only way to get ahead of competitors. However, sometimes some situations demand fewer activities from us, and that includes shifting focus from growth to retaining existing customers. After looking at the current situation, the majority of the SaaS companies need to focus on only one thing, and that’s maintaining the maximum percentage of existing customers because that’s how they can survive during the pandemic situation.
Proactively Listen To Customers
Even though existing customers of your company haven’t changed, their mindset has definitely changed because of the current situation. Every company needs to follow its customers mentally by considering what they want during this crisis time. However, this can be done by proactively listening to existing customers and their demand.
Ensure Your Employees Are Safe
Everyone is afraid right now, and that includes employees working in your company too. Employees are considered as the major asset of any company because of the infinite value they add daily. Some of them might be stressed about financial problems. If possible, the company will have to reduce such burden by helping them in some ways, whether monetary or non monetarily.
Adopt Flexibility For Customers
Some customers might not be able to pay their monthly subscription fees because of the current pandemic, and those companies who know how to tackle this problem will retain their customers’ loyalty for sure. If some customers are not able to pay and want to extend their current payment plan, then allow it since it will retain your customer, plus increases the company’s goodwill.
Deepen Relationship With Customers And Managerial Persons
Everyone is looking forward to seeing a person who will lead a company in the right way, and during this time of crisis, a person who tries to solve problems of others will increase his/her goodwill. A company adopting various programs or schemes under a top managerial person will be able to interact with other employees and customers. Through these programs, the relationship between customers, managers will surely get better, and during the time of crisis, it would be considered a significant achievement.