Hi, I run a small web business selling software as a service (subscription based). I am relatively new to the market, though have been gaining traction against the long time players with a more nimble approach and professional product. Growth is happening, but it has been slow going for the past year.

I recently got word that a major competitor is going under next week. Because all of their customers are potential customers for me, I want to know how I might be able to snag some of their customers as they close their doors. The competitor has about 10x as many subscribers as I currently have, so even gaining a small portion of their customers would be a gigantic boon.

I was thinking of offering a big discount to these customers to persuade them to sign up with me, but am not sure this is the best option. I am new to entrepreneurialism, and am just looking for some creative ideas for how to best handle this situation. Thanks.