![]() Additionally, existing customers are at least 40% more likely to buy from you again than new customers are likely to convert. ![]() While it may seem drastic, acquiring a new customer can be anywhere from five to 25 times more expensive than retaining an existing one. By offering temporary reductions in price, or in some cases, putting a hold on payments all together, they effectively helped reduce churn. The SaaS organizations that’ve seen growth didn’t just adapt their service and product offerings around their changing customers’ needs they listened and adjusted their billing structures. Knowing this, our SaaS business focused on customer care by emphasizing trust and cultivating loyalty. As research from McKinsey & Company suggests, how companies responded to customers’ needs determined the strength of their relationship ties post-COVID. But as more and more businesses were being forced prematurely into the digital space, SaaS companies had to respond creatively to remain resilient. The agility of SaaS organizations, coupled with their ability to deliver on-demand goods and services safely from a distance, has made SaaS businesses uniquely positioned to handle the shockwaves caused by COVID-19. While many industries faltered, many SaaS companies surprisingly experienced growth. Seemingly overnight, businesses were forced to adapt and face adversarial conditions head-on. In January 2020, when news of a novel coronavirus started to break, it was impossible to fathom the magnitude of impact it would have on the global economy, let alone our lives. How Can Businesses Stand Out and Inspire Customer Loyalty?
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