In light of the pandemic, each industry had to make pertinent adjustments in their operations, and SaaS companies had to initiate measures that would ensure their survival – one of them being customer success. Since attracting new customers may seem out of reach right now, retaining old ones is a key ingredient in boosting customer retention rate.
HP states that business continuity should begin within the organization, which entails ironing out telecommuting strategies. Once everyone on the team is fully equipped with the tools, connectivity, and coaching to communicate effectively with one another, they can then set out to do the work they need to do.
In this case, here are five fail-proof ways to reduce customer churn or improve customer retention.
Do not take onboarding for granted
Reducing churn starts from the onset of customers choosing your product or service. First impressions matter, and you need to begin with an impactful onboarding process. This sets the stage for customers seeing the value of your product or service to their own business.
You will get to align your offering with their specific goals, and this personalization gives them a better customer experience as they will sense that you are also willing to help them make the most out of what you are giving them.
Pro tip: Onboarding framework
Communication is a two-way street, and to communicate proactively means that you do not wait for customers to reach out first. As a SaaS business, your primary modes of communication are through email, phone calls, or live chats on your site.
Data analytics will help you determine which avenue is best to meet customers where they are. Giving customers a subtle nudge reminds them of your presence, and also introduces them to other features they may not have been aware of, or have simply forgotten about.
You will also be able to give them concrete solutions, or walk them through the steps to make the most out of your product or service. This both improves their experience, and as a result, customer retention rate as well.
Given the fierce competition out there, you could lose out to someone newer or better. This is why you have to give customers a reason to continue trusting you.
You can consider offering discounts, promos, and loyalty programs that convince them to stay on board. Research from McKinsey found that customers value convenience, personalization, and usefulness above all else.
These incentives and rewards should come at the right time. You can offer them when a customer’s subscription is about to end, or when you foresee that you may not be what they are looking for to convince them that you can provide something that they will eventually need, or to simply incentivize and reward them for sticking around.
Discounts and free upgrades could be especially useful right now in the midst of the pandemic.
Customers may have their reasons for withdrawing their support or no longer continuing their patronage. This could be for any number of reasons, but there is no use speculating.
To find out the truth – which will then help you improve – you need to bite the bullet and get to the bottom of this.
You can create a feedback loop through surveys or rating forms as this demonstrates your dedication to improving according to what customers really need. Thanks to technology, you can even get these results in real-time through the help of chatbots or live chat features.
Involve the whole organization
While the Customer Success team is the mover and shaker in reducing customer churn, you should still involve the rest of the organization.
You may not think that some teams can contribute valuable feedback, but transparency within the organization helps realign everyone with your main goals. Business 2 Community stresses how each department should be given a chance to share their insight.
Expanding on our previous point, feedback from colleagues is just as necessary. Everyone from finance, to sales, to marketing, support, and product development can offer unique insight and perspective based on their areas of expertise to help you fine-tune your strategy and ultimately improve.
With these fail-proof tips, you can see customer churn slowly vanish and a welcome boost in your customer retention rate instead.
About the author
Alexa Martin: Tech enthusiast. Gamer. Blogger. Music Lover. Always updated with the latest upbeat trends in social media, gadgets, game releases and chic fashion.