Retaining customers should be one of the top priorities for SaaS businesses. Subscription-based services fully rely on the money made from the subscription and having customers cancelling subscriptions at fast rates definitely means a loss for the business.
Combatting churn and retaining your customers relies on different strategies, which can help keep customers loyal for as long as possible, and avoid them going to your competitor at some point. Here are some of the ways you can do so.
Introduce retention incentives
While some of your team may be working every day with the goal of reaching new customers and letting them subscribe, the other part of the team should be working with the goal of retaining them.
Like the sales or marketing employees get incentives for selling more, can also get incentives for retaining more of them. Your product team can get involved as well, to keep motivated and engaged.
This will make your SaaS business a clear goal that you and your team are working for daily. Retention incentives are also one great way for boosting customer satisfaction generally. As every employee will be caring for the customer just like you.
Onboard customers properly
There are many practices that you can follow to onboard customers properly. Clearly, you need the platform to introduce itself to every new client, while having a great interface.
Making a great impression during onboarding and letting them know what matters for them most inside your platform is also a great way to help retain customers, starting at the moment they sign up.
This is why many businesses get to personalize the onboarding experience for each customer. By knowing their business and researching it thoroughly before any onboarding meeting.
Work with customers as a partner
Engaging with them and working with them as a partner is not an easy thing to do. As it requires long-term dedication. It is still a great investment thought, as it pays off when it comes to retaining customers as long as possible.
This can start by facilitating communication between you and the client. With all the channels they can expect. You may also need to make them feel special by having a dedicated person as a contact.
You should also learn their goals and discuss them periodically, to ensure they are taking full advantage of the features of your SaaS platform.
Reassess your pricing periodically
Customers can be leaving your platform for many reasons, and one of these reasons can be that your pricing is not good.
To ensure you are retaining more customers who want the best pricing, make sure you assess your pricing periodically. Then have a look at competitor pricing and features to compare the value you are delivering at the price to other competitors.
