SaaS is helping service-led firms with a broad range of customer orientated tasks. Supporting service excellence, SaaS provides a more personalised buyer experience; allowing your business to gain deeper insights into your customers’ needs, and style your service accordingly. But investing in SaaS is about more than supporting customers through the initial sale, it can also help you to foster repeat business and maximise bang for buck.
As all successful business people know, acquiring new customers is important, but retaining them boosts profitable growth. So, while it can be tempting to concentrate on making new sales, giving attention to your existing customers is essential if you want to keep your business thriving. Moreover, as it costs six to seven times more to obtain a new customer than to keep an existing one, using all the tools at your disposal to retain a larger percentage of your business, for a longer life cycle, is just good sense.
Of course, for retention levels to increase, you need to continually improve the customer experience, address any customer service issues, and strengthen brand loyalty. But how can SaaS help you to do this?
- Value for money is crucial, for you and your customers. SaaS creates a more stable cashflow for you, with services provided on a pay-as-you-go basis. And, you only ever pay for what you need. Subsequently, you can choose to pass some of this cost-saving onto your customers; keeping you competitive and making them less likely to look elsewhere.
- SaaS encourages the simplification and standardisation of business processes, allowing you to service your customers better. These improved business procedures boost proactive customer support and satisfaction levels, and as such, increase the chances of repeat business.
That said, according to management consultants Bain & Company, 60-80% of customers who describe themselves as satisfied do not go back to do more business with the company that initially satisfied them. In fact, with so many competitors vying for your customers’ attention, it can be tempting for them to take their business elsewhere if their needs weren’t met, or – even if they were – they just don’t remember you.
So, if you really want to focus on retaining customers, you’re going to have to up the ante. Which takes us to…
- SaaS helps you to stay connected, with proactive follow-up starting immediately after the sale when you contact each customer to thank them for their business and ask them if they are happy with the service received. Of course, where there are any problems, SaaS can also help you to establish automated processes to deal with these quickly and easily.
- With improved access to information and enhanced insights, SaaS makes the provision of ongoing post-sale communication and support much easier. For example, with SaaS, it’s simpler to track and predict when a product might require replacement, so you can contact your customers just before they need to make a repeat purchase.
- But it shouldn’t all be about sales. SaaS applications can also be used to help connect with customers on a more personal level; for example, to send a quick email or text to wish a contact happy birthday. This helps you to build an emotional relationship and decreases the chance of them going elsewhere when they do need something.
- SaaS also supports continuous customer service upgrades, making it easy to deploy seamless, frequent, automatic improvements that enhance the customer experience. And you can use SaaS applications to keep in touch with buyers and tell them about these enhancements.
In a competitive world, customer satisfaction and retention could make all the difference between success and failure in the long-term. And, while these benefits are impressive individually, the best way to maximise ROI is through one integrated Service Manager Solution.
To find out more about how you can increase customer satisfaction and retention by switching to a SaaS Service Management Solution, speak to a member of our team on 01942 261 671 or email firstname.lastname@example.org to find out more.