A combination of market forces has combined to ignite the rapid growth of the SaaS and broader Cloud Computing market. The growing interest in these “on-demand” service alternatives to traditional, on-premise systems and applications has also created bigger challenges for aspiring SaaS/Cloud solution providers.
The economics of the SaaS/Cloud marketplace make it critical that these solution providers increase customer retention to maximize their profitability in order to sustain their businesses.
Customer-driven enterprises are leveraging the power unlocked by customer data in order to increase customer retention while growing the lifetime value of their installed base. With Gainsight, your business can leverage customer intelligence and automation to increase customer retention, identify upsell opportunities and reduce unexpected churn.
Increase customer retention rates with Gainsight’s powerful solution
With the rise of the subscription model, B2B businesses are shifting their focus onto ways they can increase customer retention and reduce churn. Successful customer retention relies on a satisfactory customer experience, which needs to be proactively delivered by the service provider. Here are some ways you can increase your customer retention rates:
- Know your customer lifecycle. Send outreaches at key milestones in the customer journey, such as upon completion of onboarding, to get a feel for a customer’s sentiment and confidence with your product. Then, provide them with the appropriate resources or service to get them engaged and finding value from your product.
- Close the loop on customer feedback. Address negative feedback promptly to solve the problem and make a good impression. Nurture happy customers into advocates.
- Monitor customer health scores. This provides an important view of real-time customer health based on product usage and survey results. React quickly to dips in health scores to right them.
- Don’t overpromise during the sales process. When a customer signs their contract under the impression that your product will deliver results it’s not built to deliver, they get disappointed. This makes them very likely to churn. Work with your Sales team to determine what constitutes a “good fit” for your product and focus on those prospects.
- Create a plan for success and see it through. Collaborate with your clients on their desired goals and create a plan of action. Identify key account holders so you can assign accountability and check with them regularly.
