Customer Retention in the time of COVID-19. 2020 in review.
Until a larger firm does a big study here are 3 insights from nine diverse SaaS/Subscription businesses I talked with as they review 2020 and look ahead to 2021 planning.
1. Adjusting Expectations - 7 of 9 adjusted their retention expectations in the course of 2020 (unit, revenue, or both). This allowed them to model more accurately and, interestingly, greatly improved team morale by putting something achievable back on the table. 6 of 9 were on track to achieve their 2020 retention goals.
2. Appreciating Symbiosis - 8 of 9 offered some type of pandemic-specific assistance to customers. Whether unique pricing options, new/free services, and even resource sharing--nearly everyone appreciated the centrality of their customers and the ongoing relationship--and then took meaningful action. It reminds me that "You can't pay for training like that." [ quote credit to Jenny Veach Harding, SPHR :) ]
3. Advanced Leadership - 9 of 9 agreed they're part of a more capable and dynamic leadership team as a result of their 2020 challenges. Specifically, they made hard choices, on short timelines, and with imperfect information.
A special thanks to those who hopped on a quick zoom with me.