We're facing unprecedented times in our modern economy. With more people than ever working from home and remotely, and an increased reliance on online services, we're seeing just how trends in digitization and connectivity are playing out, and what it can mean for the future of business.
While some business may go back to the way it was before, many companies are adapting and making changes for the long term. Industries that have been heading towards increased connectivity and digitization are now doing it at a rapid pace.
Here's how we see the trends in digitization and what it means for the future:
Collaboration, productivity, and automation are more crucial than ever
As more teams will continue to work from home, and organizations become spread remotely, the majority of companies across all industries are looking to increase digital solutions rapidly.
A focus put on business productivity, team collaboration, and especially automation has been at the forefront of tech trends for some time. But we now see just how crucial these elements are when we're thrown many new obstacles at the same time.
When it comes to SaaS businesses, integrations are now crucial for survival. Ensuring that all your systems can pull data from various places and then synthesize them into one source of truth means that you don't have to take time sifting through information to find the keys to your decision making.
It means being able to be adaptable - which is imperative when the future may be uncertain. Integrations, connectivity, and a system in which team members can collaborate around even while working on a distance will prepare SaaS companies, or even traditional businesses working towards digitization, for whatever may come next.
Customer experiences and service are at the heart of SaaS trends
Many businesses are having to pivot their messages, or even their offerings in order to keep customers. Putting customers at the forefront of your priorities isn't new - but it's certainly more important than ever.
One of the best ways to adapt to our current era, is by ensuring that your SaaS business is on top of customer information and data - especially when it pertains to billing cycles and renewal periods.
When there is uncertainty with the future, many companies' gut reaction is to pull the plug, and save costs. But if you can show your customers that you support them, and that you're on top of their needs, you are in a better position to get them to hold on.
The businesses who are continuing to put customers at the center of their operations, and lead with empathy and support are finding a renewed sense of loyalty and trust. Customers will never forget how you continued to service them in trying times, and will reward you again when times are good.
When you have control over your entire subscription lifecycle, providing great customer experiences is less about administration and trying to get every little fee you can, and more about listening, caring, and building long-term relationships that will be way more lucrative.
Businesses best leverage data for their own growth
If companies didn't have a handle on their data before, they are likely struggling now. The companies who understand their KPIs, measure and track customer success, and can understand the metrics that can indicate future churn or future opportunities are now leveraging that data to not only weather this storm, but come out the other side stronger.
As a SaaS business, you may find yourself having to pivot your messaging, your offerings, or how your internal processes are done, but you've likely taken these decisions not just on gut instinct or feelings alone. Always confirm what you may already know with data, and use it in your best interest to continue to grow your business. Or, if you need to make snap decisions that have not been verified yet, you should be using comparative data to ensure that you've taken the right path.
Businesses all over the world may be hurting right now, but there's also a lot of companies who are finding that there are new opportunities to improve connectivity and integrations, strengthen customer relationships, and use the new data being acquired to adapt, pivot, or at the very least continue to hold strong - even when times are tough.