The recent pandemic had been a powerful force towards transition. Amid forced digital transformation and remote work environments, Micro SaaS business and businesses undergo a significant move. The general picture of the growing demands for SaaS is far from favorable. A reduction in customer count, retained accounts, and a decline in subscriptions give you the idea of what SaaS companies are facing.
However, amid the COVID-19 crisis, this industry surprisingly proves specific opportunities to prosper. Many micro SaaS niches that continue to thrive in this new normal. For each SaaS provider to succeed, emerging technologies and business trends need to be understood and made more agile.
How SaaS Companies Cope Up
Although SaaS companies have done quite well as a sector compared to some industries, it is not smooth after the pandemic. Most SaaS companies are now looking to diversify revenue sources. Some found several sub-sectors in the industry with the distinct promise that will help SaaS companies to survive. SaaS’s role in health care is expected to expand as cloud services provide vital ties between medical professionals and patients.
Often in a crisis, new trends & developments emerge. Because of the pandemic, telemedicine, video conferencing, team collaboration, and e-learning apps see tremendous mobility and help for customers.
Here are some ways how Micro SAAS businesses are coping up in the wake of the pandemic.
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Rise of Telehealth
Experts believe that the telehealth platform-as-a-service technologies will undoubtedly remain a trend after the prevalence of the pandemic. The explanation for this is clear. SaaS medical applications make it easy to switch to remote healthcare that many have been going for a long time. People minimize the risk of disease transmission during trips to the physical clinic, reduce running expenses, and control vast volumes of schedule requests. Scheduling an initial medical appointment is much simpler and quicker than using the conventional method.
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Remote Tools For Collaboration
Another significant shift is the complete transition to remote jobs. Companies who have not been prepared for this shift now see the value of project management and remote collaboration software in their industry. That could be an excellent chance for remotely-focused SaaS startups.
Nevertheless, several SaaS providers have not been ready for such a dramatic rise in demand. The video conferencing tool, Zoom, had obtained 200 million unique users in March 2020 when the pandemic was rampant. The spike leads to some significant privacy concerns. Hackers were able to access chat rooms and even seize Windows passwords based on newly discovered bugs. Zoom has now taken steps to address these problems, such as allowing only passwords to enter the rooms.
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Artificial Intelligence
The collection of activities to be tackled with Artificial Intelligence (AI) is very comprehensive in the coming years. It includes too complicated problems, areas that need to opt for forecasts, and those that could not be handled without Artificial Intelligence. It also implies areas with a significant volume of new data forms and different chatbots.
Experts expect that nearly 40% of companies are going to use different AI solutions by 2021. This evidence and the simplification of data collection validate the AI growth hypothesis. Major corporations such as Tencent, Google, and others are all active in this advanced process. Moreover, this fact and simplifying data collection confirm the theory about AI development growth.
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Mobile-First Approach
Nearly 72% of people will use mobile devices to access the internet in the next five years. SaaS models and solutions can bring forth flexible features for mobile devices. While this prediction has been made before, the pandemic has not changed this situation. Several vendors are working on producing a mobile version of their services. With mobile device users’ growth, there are all possibilities and demands for making an effective mobile version of micro SaaS startup and businesses.
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Making Adjustments
Software as a Service is simple to use, easy to implement and manage. That is why many businesses prefer it over on-premise methods. However, this would not necessarily translate to a boost in sales due to the Covid19. When the entire market freezes, technical investment often declines, and SaaS products learn to adapt rapidly.
Big names in the industry like Salesforce, Adobe, and Dropbox expanded the free trial periods and gave more significant discounts. The Cisco online conferencing tool eliminated all time limits and raised the number of participants to 100 in a single call. For those that are just starting with their SaaS business, it is recommended to make amends to ensure that you still provide extended service for your clients without the fear of going bankrupt.
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Finding Weak Spots To Improve
Weak points are things that consumers are not pleased with, such as price, challenged onboarding process, or restricted features. The rapid demand for SaaS services made these loopholes noticeable.
To make sure that you round up any weak spots that your users find, discover them by frequent reviews from clients or conducting polls at any point of your user’s journey. As such, you can address and fix any frustrating problems and deter clients from abandoning your service.
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Improvement In Marketing Tactics
The new trend in the SaaS industry is reevaluating marketing strategy and spending. Rather than spending money on top-funnel advertisements where there is little to no response now, marketers and business owners prefer initiatives for potential leads to long-term content. For micro SaaS businesses, adding meaning to your cross-channel communications can reflect the real value you deliver to your clients.
As a brand, you need to focus on bringing confidence in your customers by supplying them with the right tools to address the problem, provide the correct information, and support customers beyond the norm. Being empathetic and prioritizing customer service can allow the company to stand out and help develop a loyal following.
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Offer Value
Because of the outbreak that resulted in many businesses’ forced closedown, many have to cut expenses to stay afloat and thrive in their niche industry. People are also more mindful of where they invest in or what product they purchase. So, a micro SaaS business must offer value to customers.
Many Micro SaaS businesses are finding new channels to communicate with their target audience effectively. You can use newsletters, find time to check-in with clients, and even teach clients how to connect easily with you. Endorse the measures your company is taking as a solution to the pandemic. Inform your consumer that the barrier to remote contact will not adversely affect your business’s work quality.
Final Thoughts
Cloud computing providers and advanced technologies illustrate the flattering rise in global IT investment. The SaaS industry is also likely to expand further even after the worldwide outbreak of Covid-19. As more people and businesses turn online, many are now discovering the importance and value these micro SaaS businesses are offering. For those in the industry, one can expect that it will still flourish and remain relevant even after everything return to normal.