SaaS leaders: Use customer insights to accelerate growth during a downturn
Summary
Many startups are feeling the pressure in today’s uncertain economic climate, but for SaaS companies, the next 12 months could present major opportunities for growth: 70% of small and mid-size businesses (SMBs) globally are reporting higher investments in technology this year, according to Gartner Digital Markets. Companies are making buying decisions faster, too: In 2021, 35% of SMBs took three to six months to complete software evaluation and purchase; that figure jumped to 47% in 2022. Buying decisions have also become more self-driven as businesses refer to multiple sources to research software. Therefore, it’s essential to clearly communicate the benefits of your product and develop use cases tailored to the challenges businesses are facing. Free consultations with software analysts, websites or magazines of professional or trade associations, feedback from peers and colleagues, and product trials play an important role during the consideration phase.