B2B SaaS i.e. business-to-business Software as a Service, is one of the burgeoning areas of the tech industry – already, it’s estimated that around 78% of companies operate solely on the basis of B2B SaaS.
For any SaaS vendor, effectively marketing your product is king. One of the most important parts of any marketing strategy is customer retention. In such a specialised industry, losing or holding on to customers can be the difference between devastating losses, and long-term growth for your company.
So, if you want to learn more about the best customer retention strategies for B2B SaaS vendors, just keep reading!
Educate your customers from the outset:
Only when your customers are comfortable with using your product will they want to keep availing of your services, and the faster they learn about the product, the more comfortable they will be with using it. So, put every effort into training your customers to use your product.
Create video tutorials from beforehand and make them freely available on your site, and conduct one-on-one or mass training sessions over video conferencing. Send out personalised welcome emails to emphasise that you care about them in particular, and circulate newsletters to keep them engaged. Apart from making them comfortable with the product, this extra effort will show clients that you are committed towards creating the best possible experience for them.
Incorporate customer feedback:
When you receive any negative feedback about the product you’ve poured effort into, it’s easy to get disheartened, or go on the defensive. But, as in any service-oriented industry, the client is always king. Always encourage customers to provide feedback and constructive criticism, and go the extra mile to prove to them that their voices are being heard. For example, message them personally whenever you’ve released an update addressing an issue that they’ve raised, to let them know that you’ve taken care of their concern. If customers feel appreciated, they’ll be significantly more likely to stay on with you.
Keep track of warning signs:
Don’t let yourself be taken unawares by the sudden departure of a valued client; if you’re watchful for some tell-tale signs, you can identify and address issues before your customers up and leave.
Some of the warning signs you should keep an eye for are:
- The client hasn’t logged on to your software in the recent past.
- They have been searching for information on cancellation policies on your website.
- They aren’t responding to your communications, or using your platform less.
If you see that a client is exhibiting such behaviour, don’t hesitate to reach out to them and ask them what’s wrong. It might make for an awkward conversation, but it’s better than losing the client entirely!
Keep lines of communication open:
Keep talking to your clients to stay abreast of their issues and show them that you care. Schedule regular meetings, and send out newsletters and marketing emails. If they ever reach out to you with any issue or to schedule a meeting, respond as soon as you can. If possible, create a live chat feature on your website. Always track customer engagement, and get in touch with a client whenever you notice a drop in the engagement from their side.
A proactive communications strategy won’t just keep existing customers happy; it opens up new opportunities to cross-sell and upsell that’ll do wonders for your organisation’s growth rate.
Optimise your platform’s UX:
If customers run into any difficulties with using your platform, chances are that they’ll simply switch to one of your competitors without wasting time. In fact, a survey by Accenture concluded that poor user experiences were responsible for nearly 50% of customers abandoning one organisation to take their business elsewhere.
To pre-empt this issue, put every effort into ensuring that your product is as intuitive, easy to navigate, and user-friendly as possible. Any investment you make into creating a good UX at the beginning of your venture, will be repaid tenfold over the long run in terms of customer retention and the costs saved by preventing customer churn.
Extract information from exit interviews:
Whenever a client does decide to cut ties with you, it’s terribly disappointing, but you can still use this temporary setback as a learning opportunity for future growth. Make every effort to get to the bottom of what caused this particular client to leave: having to note down all the flaws of your product is never an enjoyable experience, but if you manage to identify and fix these flaws, it will only cut down on the number of exit interviews you have to conduct in the future!
Good customer retention strategies act as a springboard for the prospective success of a B2B SaaS vendor. Customer churn is a real threat to any business; one study found out that avoidable customer churn results in losses of more than $130 billion each year.
By making use of these energetic customer retention strategies, you can keep your customers happy, and your bottom line booming. We hope you enjoyed learning about the best customer retention strategies for B2B SaaS vendors!