Valuable SaaS Customer Retention Strategies from the Experts€¦ · retention strategy: […] When...
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www.2checkout.com twitter.com/2Checkout linkedin.com/company/2checkout instagram.com/2checkoutinc As a SaaS company, your ability to generate future growth depends mainly on your ability to retain existing customers. Here are some first-hand tips and strategies for effective customer retention, straight from the experts. Valuable SaaS Customer Retention Strategies from the Experts facebook.com/2Checkout.2CO Daniel Steinman Chief Evangelist, Gainsight Val Geisler Chief Email Optimizer, Fix My Churn Robert Skrob President, Membership Services Inc. Aazar Ali Shad Head of Growth, UserPilot Ellie Wu Sr. Director of CX Transformation, SAP Concur Ken Johnson Co-founder/CXO, Churn Buster Jeff Snyder Kristen LaFrance President, Elumynt Former Head of Growth and Community, Churn Buster Shep Hyken Customer Service & Experience Expert, NY Times Bestselling Author Annette Franz Founder and CEO at CX Journey Inc., Author and Keynote Speaker Bri Adams Customer Success Team Lead, ChurnZero You need to segment your customers because you can’t afford to treat them all the same. Then you can map out the journey that you want to take those customers on. Finally, you can create a health score which is simply a leading indicator so you don’t have to wait 12 months to measure retention. […] If you do these three things and do them well, I guarantee you that you’ll improve your retention numbers. I want you to think about transactional emails as part of your retention strategy: […] When we provide delight in the little moments, we open up opportunities for connection and a deepening of trust between brands and customers. Understanding your ‘Membership Math’ numbers is now more important than ever. While some subscription companies have their CPA, MLV and retention rates, few use them in their cash flow forecasts. […] Subscription businesses will thrive based on how they use their KPI’s to project cash flow. To increase retention, I’ve always focused on two things. One, providing more value and education up-front when the new users come in. Second, providing sticky features so that the users think twice before they churn. Reducing churn is usually seen as a cost center, so while you are designing retention strategies, keep an eye out for revenue opportunities. Hone your understanding of your ideal customers and the problems they trust our companies to fix in order to make money, save money, and/or reduce risk. Here’s a quick win for SaaS companies looking to reduce payments-related churn: wait two or three days before you notify customers of billing issues. Sounds crazy, but simply retrying the card-on-file can clear well over 10% of missed payments. The customer experience should feel personal in every way. Ask for feedback constantly and show how you’re putting their feedback into action. Your customers should feel like you’re tailoring your product or service to their needs. From the very first touchpoint, through the lifetime of a user’s subscription, you need to create a holistic experience that gets ahead of ‘dangerous’ moments. It’s about predicting and proactively responding to points of friction. For any subscription model, renewal begins the day the customer starts their subscription. […] Don’t confuse repeat business with loyalty. Repeat business without loyalty means you are at risk of losing the customer to similar solutions over competitive issues, such as price. The most important thing any business can do to retain customers is to spend time understanding customers. Customer understanding is achieved in three ways: listening (feedback, data), characterizing (personas), and empathizing (journey maps). If there is anything you can do to be flexible […] do it. They’ll remember those thoughtful gestures and the vendors that genuinely showed up for them during their time of struggle. When all is lost, the easier you make it for someone to end their subscription with you, the more likely they are to come back or stay.
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As a SaaS company, your ability togenerate future growth dependsmainly on your ability to retain existingcustomers. Here are some first-handtips and strategies for effectivecustomer retention, straight from the experts.
Valuable SaaS Customer RetentionStrategies from the Experts
facebook.com/2Checkout.2CO
Daniel Steinman
Chief Evangelist,Gainsight
Val Geisler
Chief Email Optimizer,Fix My Churn
Robert Skrob
President,Membership Services Inc.
Aazar Ali Shad
Head of Growth,UserPilot
Ellie Wu
Sr. Director of CX Transformation,SAP Concur
Ken Johnson
Co-founder/CXO,Churn Buster
Jeff Snyder
Kristen LaFrance
President,Elumynt
Former Head of Growth and Community,Churn Buster
Shep Hyken
Customer Service & Experience Expert, NY Times Bestselling Author
Annette Franz
Founder and CEO at CX Journey Inc.,Author and Keynote Speaker
Bri Adams
Customer Success Team Lead,ChurnZero
You need to segment your customers because you can’t affordto treat them all the same. Then you can map out the journeythat you want to take those customers on. Finally, you cancreate a health score which is simply a leading indicator so youdon’t have to wait 12 months to measure retention. […] If you do these three things and do them well, I guarantee youthat you’ll improve your retention numbers.
I want you to think about transactional emails as part of yourretention strategy: […] When we provide delight in the littlemoments, we open up opportunities for connection and adeepening of trust between brands and customers.
Understanding your ‘Membership Math’ numbers is now moreimportant than ever. While some subscription companies havetheir CPA, MLV and retention rates, few use them in their cashflow forecasts. […] Subscription businesses will thrive based on how they use theirKPI’s to project cash flow.
To increase retention, I’ve always focused on two things. One, providing more value and education up-front when thenew users come in. Second, providing sticky features so that the users think twicebefore they churn.
Reducing churn is usually seen as a cost center, so while you aredesigning retention strategies, keep an eye out for revenueopportunities. Hone your understanding of your ideal customers and theproblems they trust our companies to fix in order to makemoney, save money, and/or reduce risk.
Here’s a quick win for SaaS companies looking to reducepayments-related churn: wait two or three days before younotify customers of billing issues. Sounds crazy, but simply retrying the card-on-file can clearwell over 10% of missed payments.
The customer experience should feel personal in every way. Ask for feedback constantly and show how you’re puttingtheir feedback into action. Your customers should feel likeyou’re tailoring your product or service to their needs.
From the very first touchpoint, through the lifetime of a user’ssubscription, you need to create a holistic experience thatgets ahead of ‘dangerous’ moments.It’s about predicting and proactively responding to points of friction.
For any subscription model, renewal begins the day thecustomer starts their subscription. […] Don’t confuse repeat business with loyalty. Repeat businesswithout loyalty means you are at risk of losing the customer tosimilar solutions over competitive issues, such as price.
The most important thing any business can do to retaincustomers is to spend time understanding customers. Customer understanding is achieved in three ways: listening(feedback, data), characterizing (personas), and empathizing(journey maps).
If there is anything you can do to be flexible […] do it. They’llremember those thoughtful gestures and the vendors thatgenuinely showed up for them during their time of struggle. When all is lost, the easier you make it for someone to endtheir subscription with you, the more likely they are to comeback or stay.
