Do you know, by revenue, Microsoft is the largest provider of SaaS services with an 18% market share? Salesforce is in second place with 11.5% share and Adobe is third with 6.7%? All put together they make one-third of the world’s SaaS revenue share and the reason why they stay on top is because of their customers.
Customers can make or break a company.
Whether you offer a great product or a service, you should make your target customers satisfied with the overall experience. If not, they will stop using your service and move to other service providers.
Every customer is acquired with great effort. You would have marketed in all channels based on the Ideal Customer Profile and spent so much time and money to create awareness, interest, desire, and action.
The hardworking sales team would have had both a pleasing and strenuous journey in closing the deals.
So much effort was made to get a customer because you believe you have developed a great offering that should be useful for your customers.
However, if you do not hold on to such a spear netted customer, you are losing the whole gamble.
You may need to constantly invest in marketing campaigns which only rises your expenditure.
So how would you retain your existing customer at a low cost?
How do you make sure they renew their subscriptions?
Here are some professional tools you can rely on:
#1. Implement Pro-Active Feedback Using a Customer Success Team
The job of the sales team is done once the deal is closed. But the relationship between the company and the customer begins after that.
The customer would want to know if everything that was promised before the sale is kept.
Hence indulge in a pro-active feedback strategy.
Maintain a Customer Success team and transfer every customer’s profile to them and let them be in touch with customers periodically.
But before you transfer, inform the customer about the Customer Success team that would handle the after-sales support because many customers tend to question the sales representative in case of defects or trouble in operations as they are their primary reference.
Let the Customer Success team engage your customers with feedback on sales and products. In case of any malfunction, you need to make sure it is addressed with high priority over your long term customers. This gives a good first impression on after-sales support.
#2. Communicate Regularly Using Emails and Instant Messages
Every relationship is built on healthy communication. It is the key to bonding.
But many people think it is required only for personal relationships.
What we say, you should love your customers too!
Imagine if you are just a start-up and your first client is your friend or relative, wouldn’t you take extra care in providing the best for them?
Think every customer that way.
Show your love.
Communicate festival greetings, season greetings, updates, new launches, achievements via newsletters or an instant message.
Be in touch and be alive for your customers.
Because when they think of upgrading or renewing, they would think of how interactive you were during the whole period.
#3. Build A Community Using Social Media
As of 2019, the average daily social media usage of internet users worldwide is about 136 minutes per day and is expected to grow 20% by 2021.
Hence leveraging on these platforms will certainly build a customer community. Your customers may skip your newsletters or instant messages but an attractive social media post would get their attention.
Design your posts in such a way that you inform about your new offers or discounts they get by renewal.
And don’t forget to include a call-for-action link.
Reply to their questions and comments in a friendly way for better bonding.
#4. Video Post Their Testimonials
Posting your customer’s photos, videos in the form of testimonials would make your customers feel they are valuable to you.
A short video byte on what they think about your product and how useful it is would help other customers to learn and influence their buying decision.
Moreover, you can share these videos on social media platforms which could get them celebrated and they might want to stick with you again.
#5. Use CaaS When They Are In Renewal Page
Let’s say you have made every effort to make your customers land on your renewal page, now how would you influence their renewal decision or even up-sell?
Studies say, most customers stick to their previous packages and don’t want to spend more.
In such a case, more than just presenting the benefits in the form of content, convert the communication into an interactive experience.
You can do it sincerely with CaaS.
Once your customers pop into subscription pages, OSEs involve in pro-active communication by greeting them with a warm message.
If the customer is not sure of their subscription package or not aware of the benefits of the long term packages, the OSEs would explain like how your salesperson would and chat with them in a friendly and professional way throughout the purchase.
They could also answer all other questions and concerns of the customers in little time so that customers don’t move away.
This type of solution is beneficial for both the company and its customers as the buying experience is built by humans and not Chatbots.
Studies say, if it takes $1 to get a new customer, it takes only $0.3 to retain a customer.
And as an added bonus if the customers are truly happy with your product, the revenue you generate from their referrals is 25-45% more than the expense spent on marketing.
A smart business owner should stop spending on marketing more once they develop their customer base because happy customers are the company’s best brand ambassadors!
If you are looking for more knowledge about CaaS and how we deliver a 25% increase in conversion rates in 30 days reducing the overall Cost-per-conversion, visit Chat Metrics and view the video.
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