In an industry with exponential growth, it is hard for SaaS companies to stay ahead of the competition while avoiding high churn rates. This blog post unpacks how CRM software can help you provide a delightful customer experience every time.
Software-as-a-Service (SaaS) companies often struggle to stay on top of their administrative tasks, maximise subscription sales, and stay ahead of competitors. Facing a 92% startup failure rate, SaaS companies often face significant challenges due to the complexity inherent to their offerings. Such problems include a lack of responsiveness, a poor subscription process, and unorganised files, which can make it harder to gain new leads and keep existing customers.
Thankfully, Customer Relationship Management (CRM) systems are incredibly useful for SaaS companies as they are an efficient way to manage subscription services and customer relationships. Not only will a CRM system help streamline your business, but also keep you up to date with sales insights that can help your business grow.
With increased competition, the SaaS industry is expected to grow 21.7% in the next year. As such, it is important to differentiate yourself from your competitors. Below we explore one of the biggest challenges within the SaaS industry and how the right CRM software can help you overcome it.
Does your SaaS company suffer from high churn rates?
Churn rates indicate the rate at which customers stop doing business with your company. Despite the marketing and sales effort that goes into winning over a customer — it cannot stop there. SaaS companies provide rather complex business offerings that can be difficult to translate over your website and through marketing. Customers often have to interact with your brand before finding out the full extent of your offerings. With rife rivalry and fast turnaround times, it’s imperative for you to stand out from the rest of your competition.
To remain successful, you need to onboard every single new customer and make it easy for them to contact your support team and receive adequate assistance when needed. Customers need personalised experiences to feel valued, as well as be allowed to provide personal feedback to help your company grow. Not only that, but you need to maximise your customer's lifetime value by continuously offering solutions for their ever-changing needs by upselling,cross-selling, and allowing them to have their own autonomy.
How can CRM software assist you?
CRM software assists by providing a suite of powerful customer service tools that deliver a consistently pleasing experience to delight each and every one of your customers. It can offer you a better way to manage sales and customer relationships while streamlining and automating processes within your company. Not only will this speed up internal processes, but also allow for better customer experiences.
You can use your CRM software to retain existing customers by offering tailored promotions and early access to new features, ultimately assisting in long-term sales cycles to make them more efficient and effective. An example of this is offering a discount code to loyal customers or a discount code for customers who review your services. This shows that your brand appreciates their loyalty and is willing to reward customers who interact with you.
CRM systems can store and analyse customer data, making it easy to identify opportunities to upsell or cross-sell. This data can be used to provide customers with personalised features and upgrades that are more likely to convert. This is especially valuable in highly competitive markets, like the SaaS industry.
Furthermore, CRM software can assist your business in streamlining and aligning your processes and departments. Instead of using separate tools, all of your data is on one singular platform, allowing room for more efficiency and better user experiences. This software can be used to automate systems that will turn users into paid subscribers.
How Huble Digital can help
CRM software provides a suite of powerful customer service tools to help you avoid high churn rates and disorganised data. We can help you design, implement and optimise an existing first-class customer experience that’ll be worth sharing.
In the words of Roy Forbes, Chief Growth Officer of Compleat Software and longstanding client: “Huble Digital helped us pool our data and improve our marketing and sales activities considerably. They’re an incredible partner to work with.”