Finding the business opportunity in an economic downturn

Top concerns of SaaS businesses

Facing economic instability

It's natural for our minds to gravitate towards a state of hibernation. We think that by settling down and bracing against a storm we're best positioned, particularly as businesses, to navigate our way to the other side. Often however, it's these periods of instability that drive commercial success for those with an eye for opportunity.

Whereas when everything is booming, a business that's already doing reasonably well can ride the proverbial wave, an economic downturn has a tendency to expose inefficiencies. Lots of organizations will cut spending, stop any investment projects and simply seek to maintain the status quo.

Most SaaS businesses are aware of the opportunities available in the market, but many are unsure how to implement strategies to grasp them. However, courtesy of post-pandemic evolution in technology and customer behaviors, the moment for grabbing commercial opportunities and running with them in this space is now. In this article we look at the top concerns SaaS businesses have, and how to pivot for sustainable subscription success.

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Those with their eyes set firmly on success will discover a space that's primed for trimming the fat, streamlining processes, spotting gaps in the market and gaining a competitive advantage.

The cost of change

Take a proactive approach to solve the cost dilemma

Between the Pandemic and other global events that have affected the rising cost of living and everything else, the cost of making changes to software or implementing new strategies is the number one concern. Many know they need to make a change to go to the next level of success, but they’re tentative about doing so. As a result, they keep kicking any significant expenditure down the line, hoping that things will become more economical next year.

The problem with this mindset is twofold. Firstly, things aren't really getting less expensive as time goes on. Secondly, while those businesses are waiting, they’re also usually bearing the cost of a significant technology overspend because of an accumulation of redundant elements within their tech stack. Furthermore, this leaves businesses exposed as competitors who are looking ahead make the changes and investments that will put them ahead of the game technologically and in terms of customer experience.

In short, the perceived saving that these organizations are making is likely to be much more expensive in the long-term.

The risk of change

Minimize risk by staying informed

Sitting still and maintaining the status quo is also a risk, but it's a passive one instead of an active one. Caution is no reason not to make improvements when you have information that shows tangible benefits. That's why you need to find a partner who can provide you with the information, demonstrations and answers you need to show that they can minimize any risk and maximize the opportunity with the right software.

At keylight, we know that migration is a risk that clients are concerned about, which is why we offer a program tailored not to interrupt critical functions.

The impact of change on speed

Choose the right technology for change

Speed is an essential part of an agile subscription business—that’s speed of service as well as implementation speed when it comes to responding to gaps in the market. However, in businesses that have adapted legacy platforms, technical obstacles, costs, and risks often get in the way. That puts both existing and potential customers at risk of being scooped up by a competitor.

A flexible business system like keylight doesn't just deliver at speed but also saves money in an economic downturn. Sophisticated, mathematics-backed data models can automate subscription processes end-to-end and simplify user onboarding for every team. Any changes in business strategy, be it customer journeys, products, or strategic price adjustments, can be made in minutes, not months.

The impact of change on scalability

Understand scalability and limitations

It's natural to think it's better the devil you know, and in a subscription business that's doing fine, where you know the billing tool's capacity for scalability, it can be tempting to stick with what you've got. Wouldn’t it be better to do better than "fine" though?

Many subscription platforms emphasize their capacity for scalability, but what are the limitations to functionality and to solve the growing complexity in subscription processes?

keylight was created with two of the most fundamental elements for scalability

Research and development
Having been a system integrator for subscription businesses for over eight years, in keylight we created a platform that's built specifically for evolving subscription requirements.

User-centric design principles
By putting users first, keylight is designed to enable users across all business areas, so that all usability issues and technical workarounds are naturally resolved.

SaaS businesses are in the limelight

Tackle challenges with the right technology partner

It's widely reported that the Pandemic accelerated digital and technological evolution, delivering around seven years of advancement in a matter of months. It's not just technology that changed in that time and ever since, but people as well. Customer behavior, buying behavior and working behaviors have all shifted fundamentally, and with that SaaS businesses have been catapulted into the limelight.

Customers, partners and team members expect more from their digital experiences than ever before, and the pace of change isn't slowing down. However, as an exciting marketplace, this is still an arena in which subscription businesses can differentiate themselves through standout service, user experiences and offers. All you need to make it happen, is the right platform.