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Posted By Rob Telson on March 12, 2020

COVID-19 Impact on the Business World: Is There a Silver Lining?

corona virusPreview: Rob Telson, Cylynt VP of Worldwide Sales, advises customers about ways to develop alternative methods for revenue generation during the pandemic travel restrictions using Cylynt's data-driven software monetization tools.

As the COVID-19 epidemic continues to dominate the headlines and impact financial markets and world events, we are faced with important business decisions. At Cylynt we are taking this situation very seriously and the most important priority right now is the health and well-being of our employees and their families, customers, partners, and everyone affected throughout the world. 

Impact of COVID-19 Restrictions

Within the enterprise software market and our customer base we are seeing policies being put into effect that are impacting the way we do business. Severe restrictions are being implemented that eliminate all non-essential travel regardless of destination and various events, summits, and conferences are being cancelled or put on hold.

Typical sales activities and the successful closing of business revolves around travel, industry gatherings, and face-to-face interaction. COVID-19 restrictions will certainly impact revenue targets for our customers in the short term and likely the long term as well. Is there a silver lining? This may be an opportunity for software organizations to stretch their creativity by developing new ways of doing business and generating revenue that will not only help bridge the gap until the crisis is over but can also be leveraged going forward to expand the revenue streams generated in traditional ways.

Developing Alternative Ways of Revenue Generation

Using Cylynt's data-driven software monetization tools, customers can continue to generate revenue through alternative channels without getting on a plane or attending a large gathering. One tangible action companies can take to truly impact change is to make more creative use of the data already being collected through your Cylynt license compliance program to drive revenue activity. Cylynt's business intelligence module offers highly sophisticated usage analytics that can help you optimize trial evaluations, discover technical support issues, and address enterprise license agreements.

Leverage License Compliance Data

Cylynt's custom reporting module helps customers make sense of the patterns that emerge from the usage data gathered. It offers multiple summary business intelligence and reporting views of event, case, and opportunity data that provide deep insights, enabling sales and compliance teams to make more informed decisions about addressing non-compliance issues, generating revenue, and staying ahead of the competition.

Here are just a few ways you can use your data to drive sales during these challenging times.

Trial Evaluations

Cylynt can help organizations maximize the value of their software trials by tracking the actual usage of the trial to better understand if prospective clients are using their 30-day trial to their best advantage, how many times the software is being used, and what modules are being used. Application engineers can become involved with active benchmarks and encourage the inactive ones to get started. Salespeople can have a better sense of whether the daily use of the product warrants a push for an order.

License Compliance

Understanding the current usage and deployments of your customers is key to maximizing sales. Many global enterprises do not realize their engineers are overusing their existing software licenses and need to purchase more. Cylynt analytics provide the usage details software companies need in order to understand how many licenses are being deliberately or inadvertently shared illegally, and how many more licenses their customers need to maximize productivity. Armed with this detailed usage data, your company can turn those illegal licenses into additional revenue.

In addition, understanding usage behavior by software type, location, and user type provides valuable insight for developing marketing strategies on actual usage of licenses rather than only by licenses sold.

License Renewals

Cylynt usage statistics can also help companies maximize revenues on an upcoming renewal. Software vendors tend to use upselling tactics to increase adoption and maximize revenue, and especially in the current economic environment, customers are wary of paying for more than they actually need. Having the detailed analytics that reflect actual usage is a good way to prove benefits to skeptical clients who want to pay as little as possible.

Technical Support

Having the data at hand to understand the problems your customers are having, the modules used, popular features, and most common deployments is a key means of providing prompt, knowledgeable technical support, enhancing customer relationships, and uncovering opportunities to sell additional features.

Conclusion

Existing and prospective customer usage data gathered using Cylynt's license compliance software can be leveraged in many proactive ways to understand customer behavior and monetize evaluator, licensed, and unlicensed use. The silver lining in these challenging times where traditional business methods are being severely curtailed is the opportunity to create new ways of generating revenue that will see software companies through the current situation and continue in the future to supplement face-to-face sales and maximize revenue streams.

Interested in discovering who is using your software and how they are using it? Request a complimentary software piracy report from our piracy and usage analytics experts.

CUSTOM PIRACY ANALYSIS

 

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Contact Info

Elisabeth Glover
Marketing Communications
Cylynt
e.glover@cylynt.com

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