You’re a Customer Success leader in a B2B SaaS organisation.
You probably know about the importance of customer retention.
In case you don’t—here are two pretty standard, and stand out, facts:
- It’s (4 to 9x) cheaper to retain and up-sell customers than to get new ones ✅
- A 5% growth in retention can lead to a 25% growth in profits ✅
Key takeaway? Keeping your customers has never been more important when it comes to growing your bottom line.
But how do you best go about it?
By increasing customer engagement, of course. Are you aware of the business value of increasing customer engagement?
No? Here are just three of the main benefits. Pay particular attention to the last one! 💡
- You boost Customer Support and Success: When customers have the opportunity to interact with each other, they share best practices and get more from your product. What’s more? Engaged users often answer each other’s questions—meaning your customers can easily benefit from each other’s knowledge while reducing pressure on your team. Finding a way to interact with your customers on a one-to-many, rather than simply a one-to-one, basis is also imperative—think online community.
- You build better products: By increasing engagement, you are fuelling interactions about your product amongst the people who use it everyday. This creates a feedback loop that allows you to continuously improve your product based on users’ requests and suggestions, and keeps your customers informed and up-to-date on any product updates or changes.
- You increase... customer retention: Think about it, more engaged users are maximising the value from your product and having their queries quickly and definitively resolved by people they trust. Not only are they less likely to churn, some will even become your brand ambassadors.
So what does this mean? Increased customer engagement lets users share best practices with one another, get the most from your product, and give you invaluable feedback on it—increasing their likelihood of sticking around.
Hope that’s all clear. Now you want to drive customer engagement, right?
Well, look no further than our eBook—SaaS Customer Success: How to Keep and Grow your Customers. Download it for free now and find out the practical steps you can take to increase user engagement, facilitate customer self-service and unlock a whole host of measurable (yes, that's right!) Customer Success metrics that will increase your bottom line. 💪