Attracting and gaining customers and making them loyal to our brand so that they remain our customers- is the greatest goal of any business. Loyal customers are more profitable for business. They provide positive feedback and help in marketing your brand. Through loyal customers, businesses can gain new customers through referrals. So, increasing customer retention rate becomes fundamental for all businesses.
Some of the entrepreneurs from SaaS industry shared their point of view on increasing customer retention rate. Read to get insights on increasing customer retention rate for saas startups.
Shayak Mazumder, Co-founder, Eunimart
The rate of customer retention can be increased by:
- Value-based pricing
- Ensuring that customers unlock value the fastest
Robin Das, CEO of Brandintelle
Here are certain things you could do to increase customer retention rate-
- Invest in research and build the product experience best suited for your target audience. If your audience is CXO's or millennials, the entire experience from no of clicks to the colour themes matter more than you can imagine.
- Hear from your customer. Build continuous feedback channels via chats, NPS surveys and user interviews and let your customers speak.
- Be clear on your products core value proposition (CVP). If the CVP resonates with the customer then the likelihood of the retention is high.
Pramod Gummaraj, CEO, Aprecomm
Each customer is unique. As Aprecomm is a B2B Player, Account based Strategy has produced incredibly superior results. Engage your Customer Support Team and Post Sales Teams to have regular interaction with the customers. Try to get some testimonials and feedback from the customers at regular intervals. This feedback should drive part of your product innovation and requirements. Aprecomm believes in delivering high quality products and have built a strong customer support team to enable high customer retention.
Arjun Gupta, Founder, Courseplay
Identify your core metric and protect it at all costs. As a B2B SaaS platform, the adoption rate, i.e. the percentage of the number of users online in the month against the total user count, is the single most important number for Courseplay and we are in a battle of life and death trying to get it to 100%. This metric is the single biggest factor to decide if the customer is going to come back or not. There will be other factors also, but since you asked for only one tip, if users are using the platform, the client will not be able to point any fingers at you. So find ways to get users to log in every day to keep reaping those sweet B2B SaaS bucks.
Shreyan Gandhi - Director and Co-founder, Comket Solutions
The most effective way that works for us is constant innovation, we’ve found that providing them with additional services results in a high retention rate, because then the consumer gets something they weren’t expecting and they also have something to look forward to. Along with our Tap1ce card we provide our consumers with sharable QR codes&Links that will enable them to share their profiles over long distances. They can also use our QR generator to generate QR codes for other links as well. And we’re going to keep adding features that will help us achieve a greater retention rate.
Sarvagya Mishra - Co-founder & Director, SuperBot (PinnacleWorks)
Customer retention relies on two very important factors which include:-
- The quality of the product/service you are offering.
- The relationship you maintain with them.
In the absence of either of the two, customer retention becomes a big challenge. The product/service relies on the hand of the development team. But if the product is good and still the client isn’t retained then it could be due to a communication gap, which is a grave issue. In which case, it is imperative to have a strong communication channel in place that covers all their queries 24x7, collects their timely feedback and improves upon them. These two when sustained would help maintain a healthy relationship with the clients and boost the customer retention rate.