Tag: SaaS Customer

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SaaS

Tips To Winback A Churned SaaS Customer

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SaaS churn is a percentage rate at which SaaS customers can cancel their recurring revenue subscriptions. SaaS churn is known as an essential parameter in the forecasting of revenue. It is also a key to the SaaS metric of historical business performance. The probability rate at which the customers might cancel their subscriptions can be gauged by SaaS churn. However, measuring the SaaS churn can always be complicated with various parameters like high churn rate, low churn rate, variety of customer type, high growth rate, variety of contract MMR value, and much more. The excellent pace of SaaS churn for small businesses can be 3-5%. The more significant company is, the lower the SaaS churn rate is expected.

Why is churn important in SaaS?

The SaaS churn is significant as customer churn is a necessary metric to be tracked, as a lost customer equals lost revenue. There is a severe impact on the bottom line if the company keeps losing its regular customers. It is a vital need of an hour to monitor the SaaS churn rate for the survival of any business. SaaS churn metric is used by multiple companies, from SMEs to large companies too. SaaS churn is one of the key factors to examine and know the right reasons for the growth or drop of your business.

How to retain and win back SaaS customers?

Building a business is simple, but sustaining it profitably is a task. When you think of building your business, you think of a product to be sold to customers and increase the customer base for better sales. But this is just one part of the business. Retaining your customers by using methods like SaaS churn and creating a database of loyal and repeat customers is much more important for generating better revenue. Just as we work to build a new product, we should keep investing time and money in creating dedicated resources to retain existing customers in multiple ways. This is where the SaaS churn metric comes into play.

Let’s look at some methods to win back the customers.

Onboard Efficiently with Top Priority

The first and foremost step to formulating customer retention by SaaS churn metric is by providing them with efficient onboarding. A thoughtful onboarding of customers is indeed a good investment to make for any company, as this is eventually paying off. It is essential to keep things simple for the customer. It is advisable to streamline the process of onboarding your customer by providing them with a clear explanation about the use of a product or a service. The first call to action of any customer should be quick and easy. If impressed, this customer will eventually be one of your SaaS churn customers.

Delivering Easy Help and Instant Assistance

I will never forget my experience of surfing on one site and finding a resource or support to help me with my very frustrating order issues. Therefore, it is essential to have a customer-friendly experience to see everything easy on your website or application. Making it easy for customers to have instant assistance via live chats and well-prepared FAQs will help them arrive at their answers instantly, which might help you retain this SaaS churn customer. This SaaS churn metric can help you gauge the loss of potential customers because of their problems.

Prioritize Customer Success

Being a SaaS provider and a specialist in SaaS churn tracking, it is essential to know the difference between Customer Success and Customer Service. The company should prioritize customer success for better retention and revenue. If you start focusing on customer success, you will automatically build potential customers who are willing to buy more, more often and refer the brand to their customers. The focus on customer success needs to be constant, as helping the customers utilize the SaaS churn solutions is the key for subscription renewal. It is vital to building your team to examine the customer needs and their lifecycle. This team should keep track regularly of customer interface, customer experience of handling different features and improving it for better SaaS churn of customers.

Reward your customer

Thanking your customer in even future by offering something extra can always make them feel joyful, loved and hence they would want to come back to the brand and prefer it more often for the benefits they get after shopping with you. The offering does not need to be expensive; it must be valuable, like reward points, discounts, and some unique offerings for members only. These small activities can be carried out to retain your SaaS churn of customers and have a healthy relationship built with loyalty and trust.

Follow up on your sales.

Every one of us wants to feel special. And especially after registering an issue about a product. We all expect the company to go the extra mile for us and help us with the solutions. Once all the problems are rectified, a courtesy call from the company again to ensure smooth functioning after the issue was resolved makes them genuinely care for their customers. These small actions make a lot of difference and can help you win back your disappointed customer. SaaS churn indeed plays a significant role to generate revenue.

Upgrade the service

Many a time, companies are busy earning and gaining new clients, while other companies may be offering more value to the product in terms of features, additional services, and pricing too. Hence, it is necessary to add value to your services timely by upgrading them with a new feature or some other value addition. Create awareness for customers about SaaS subscriptions to get better benefits and help in SaaS churn the potential customers back to your brand.

Conduct Exit surveys

There is very little to be done to retain customers, and SaaS churn is inevitable in some cases. Sometimes losing a customer can be taken as a lesson too. It is essential to utilize that moment by learning how to improve the process. Asking few helpful questions can undoubtedly give you a good amount of data to study and analyze your SaaS churn pattern and methods to retain.

Summing up

SaaS churn is indeed a great solution to retain your customers and win back the old ones. SaaS churn helps in knowing the worth of potential customers responsible for giving you much more revenue than you are presently earning. As reported above, the SaaS churn methods can be cost-effective too, and you don’t always need to put in a lot of money to win back your SaaS churn customer. Always use the latest tools, solutions, and services like SaaS churn to better your business.

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    Categories
    SaaS

    Tips to get more users per month in the first year of the SaaS business

    WhatsApp Image 2021 08 25 at 6.36.32 PM

    Tips to get more users per month in the first year of the SaaS business.

    SaaS, or “Software as a Service,” is a software licensing and delivery model. It is cloud-based software, licensed via subscription, and hosted centrally.  SaaS products are in use for all kinds of bases and industries.

    Here are some of the tips for growth of SaaS business in the first year-

    Reach Out to Your Network– Start contacting people from your network: friends, acquaintances, current and former co-workers, and ask them for introductions. Ask them specific questions about your product and market. You may feel that they need your product. But it is better to talk to the market and validate the hypotheses.

    Common value proposition– Find a way to get users to see the value in your app in the shortest amount of time. Making the customer understand why he needs your product for providing an awesome experience is important. You may not have enough money. However, you do have one big advantage over more established companies: you have more time. Thus, you can give your subscribers more time than a big company can.

    Leverage the ‘freemium’ model– You need potential users to see the value in what you offer. Offer a free trial. Then, after some time email your customers and ask for feedback. Additionally, ask for a phone number and call them to help you build a genuine relationship

    Use Twitter for Market Research– Twitter can let you know about online complaints. You could reach out to those users directly, and ask them to chat more about their issues so that you understand how to make your product better. Thus, you can do your market research. It also helps to build a list of potential beta customers.

    Use Quora  – It gets answers from people in your target demographic about the product you’re trying to sell. You will get responses for the pain points you are trying to solve. It  helps you to gauge the response by the number of comments and upvotes it receives

    Evolve Customer Development Tools– If you know what an ideal customer profile looks like, create a survey that qualifies your prospects. Ask one leading question that defines the prospects. Once they reply you can ask them for details like their name, e-mail, and/or company name and treat them like a lead.

    Create compelling content and grow your email list- To grow a new SaaS company, the power of content is well accepted. Content along with an email list and a large database leads to more traffic and more money. It is simple to find the email addresses of your prospects. It is also easy to reach out to a high volume of people relatively quickly Alternately LinkedIn messages can yield a higher conversion rate for your business. Try to add value to your subscribers in the first few e-mails. Then persuade them to buy your product in the last one or two e-mails.

    Set the right price for your product– They sometimes ask for less than the customer would’ve been ready to pay. Add new editions of your product, with a nil increase in the price for the current editions. A release with more features can be created later and new customers can be charged more for it. This change has to be communicated immediately.

    Make your offering exclusive– Exclusivity is a prominent strategy for growing a SaaS business without feeling a huge amount of pressure. Psychologically, people want to be a part and not be left out. Create a compelling reason for people to sign up; then get them to share your service with their friends

    Use Betalist– Sites like Betalist help to rapidly generate a list of early bird signups. If the product is liked by the community, hundreds of qualified signups are guaranteed in a matter of days

    Leverage Other People’s Platforms-Find other brands that have an audience similar to what you’re trying to build and bring them over to your platform. The trust so far they’ve built with that audience, can be leveraged by you, as well. Use guest posting for leveraging other people’s audiences to build your own. Many businesses have tried and benefited from this approach.

    SEO– Search engine traffic can also lead to many paying customers

    Run Paid Advertisements– Paid advertising can be an alternative source for getting new customers.

    Leverage Online Communities– Online communities are essentially scalable versions of industry conferences. Interact with like-minded people, offer something of value to them, stay in touch, and potentially get some new paying customers.

    Generate Press Coverage– There’s always a clever way to discover press coverage opportunities. Press coverage helps to discover some impressive link-building opportunities. It also increases your search engine rankings. For example, if a well-read newspaper such about your company and links to your website, you will receive a noticeable increase in search traffic over time, apart from new customers at the time of publication.

    Conclusion

    The strategies differ when the business is in its early stage and when it increases. In the beginning, a lot of effort goes into sending cold e-mails, LinkedIn messages, or crafting paid advertising campaigns. You might be interacting with your subscribers personally, asking questions, and responding to every e-mail. You might visit Quora to source long-tail keywords. You may be writing content around that to generate traffic from search apart from other efforts for business growth. The above tips offer possibilities to grow your business in the first year.

     

    Things We Do Next

    • Our representative will contact you in 24 hours
    • NDA to ensure confidentiality
    • We will collect project requirements
    • We analyze your requirements and prepare an estimation
    • Assign the project & team introduction

      Looking for Cloud Transformation?
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