When it comes to early-stage SaaS startups, having solid priority is a key to success. Especially when it comes to hard times now that COVID-19 outbreak is taking us into an economic recession.
During this uncertain time that COVID-19 or Coronavirus is taking the whole world into another economic recession, what B2B early-stage startups can do so they can minimize the risk of going out of the business and also can maximize their capacity to generate revenue.
This is a very important question that the founders ask me.
Every day we hear the news and many people are affected by the outbreak and making it very hard to plan for the future.
As a matter of fact, many established businesses are affected so hard that they started to lay out workers. Tourism and flight industries hit very hard. Here in Australia, Qantas and Jetstar have lost 90% of their business.
So, planning for growth in this era of uncertainty will be very hard and somehow impossible.
Especially if your startup is in those industries, you need to be very sharp and come up with ways to cut costs for your customers as much as you can!
My suggestion for founders in other spaces that have not hit hard, is to start re-strategize and re-plan now.
You need to switch on a month to month growth plan as the situation with COVID-19 is changing every day. We are living in a very hard time now, however, we had this experience before in 2008 as well when the economy went down because of subprime home mortgages. Now, after 11 years, we are dealing with another crisis which is obviously more dangerous.
Try to come up with ways to add more value at a cheaper price in terms of your service and product offering. This one was no brainer.
Try to have a refresh research on your keyword strategy. Everyone wants to know how things will be affected by COVID-19. So new content strategy based on these sets of keywords can shift the attention towards your content.
Refreshing all your sales and marketing funnels towards the impact of COVID-19 and Coronavirus in your industry is crucial. You can position yourself as a thought leader when it comes to producing content in this space. Not that you are making use of this situation to get attention, but you are actually trying to help your audience to navigate through the uncertainty.
That’s it for now. I come with more updates in the coming days on best practices for startups and founders on how to move forward.