How to Reduce SaaS Churn?

If you’ve just started to acquire your very first customers in your SaaS business, then churn may not be a big deal for you. But as you get over a thousand customers, churn becomes vital. And gradually it can be a big hurdle in the success of your business.

A high churn rate can put an impact on your company valuation, business growth, and the overall perception of customer satisfaction.

So where does the problem rely on?

High-growth expected SaaS startups think they have figured out every aspect. The path seems clear until churn begins to smack them in the face.

Suddenly, customers begin canceling and leaving at a faster rate than expected. Who is responsible for such flaws? No one will take the blame and that is obvious.

Sales team starts blaming the product team for not delivering whereas product teams blame customer success for not onboarding. Gradually marketing starts to worry about company reputation and growth. This is a common scenario.  

I’ve gone through some survey and what I found is extremely shocking. Here’s the list;

• Bessemer Venture Partners says an acceptable churn rate is in the 5 – 7% range ANNUALLY, depending upon whether you measure customers or revenue.
• Roughly 70% of SaaS companies in their survey had annual churn in the < 10% range, with 75% of those at 5% or under.
• 30% of SaaS providers surveyed have an unacceptable level of churn.

Why do customers leave?

There could be either number of reasons whereas the customer decides to hit that “CANCEL” button, and here are a few of the most common:

They’ve faced a poor customer service experience. That means they might have tried to find help for something and couldn’t get what they wanted.

• They might have had a poor onboarding experience and couldn’t achieve what they were expecting.
• They tried your software and it wasn’t meant for them.
• Your software might cost them a lot

Sometimes there’s no indication that churn is coming as customer cancels without raising any issues. However, there are some signs even before that customer cancels.

Common signs of churn-

• Payment issues: These include late or missing payments; credit card hasn’t been updated, and so on.
• Disengagement with your product: it means the customer doesn’t seem to be engaged with your product. it might include signs like fewer logins, increased bounce rates, etc.
• More complaints: When customers face numerous difficulties or bugs to use your product, they start raising issues and complain against it. This is the biggest sign that your customer is unhappy with your product or services.

Read the main article on Andolasoft Blog.

5 Exclusive Growth Hacking Tips to Grow Your Business

Starting a new business is always an important venture for every entrepreneur, and making it successful is the most challenging object for them. So, you need a flawless and unique strategy to build a successful business. And it is quite likely that you need a roadmap to improve your business sale.

However, increasing the product or business sales ensures your business costs and a move towards profitability.

In fact, there are many ways that can help to boost your business growth. And implementing the proven ideas allow you to reduce unwanted expenditure, enhance productivity, and expand your business connectivity; all of which can together increase the likelihood of more sales.

Let’s consider a real-life situation here-

You have an awesome startup idea and you’re quite confident that it will work. Or perhaps you’ve launched your small business. Now you are searching for some effective ways to grow.

Both the scenario offers a host of challenges. The study says, 90% of small business startups eventually fail. But with some outstanding growth hacking tips, you can count your business is a part of that remaining 10% that succeed.

Building and running a small business can be a monumental challenge. But if you stay up-to-date on the latest industry trends and figure out growth hacking tips, your chances of survival are much higher.

Here, I uncover the simple yet amazing growth hacking tips and techniques for 2019. Utilize them wisely and you will be a true performer.

Business Growth Hacking Tips:

1. Automate As Much As Possible:

Implementing software that automates manually is one of the most important steps you should take to ensure your business maintains high levels of productivity.

List out your needs and decide which type of software would be beneficial for your business. There are loads of software solutions available in the market. However, particularly these two are must-haves for your business:

·         Customer Relationship Management (CRM)

Customer relationship management or CRM is a tool, strategy, or process that helps businesses to better organize and access customer data. You can adopt an all-in-one CRM that includes sales and marketing automation on the same platform.

Managing multiple projects at the same time has become a big mess for all most every organization. But those who are using project management software are away from the race.

So along with CRM, if you are using a project management software, then you are getting an extra bonus. It will help to manage your time, task, and other resources effortlessly.

Small businesses are vigorously selecting this option as it saves time, reduces technology costs, and improves collaboration.

·         Marketing Automation

Marketing automation solutions streamline processes, increase brand awareness, automate tasks, and attract leads easily. With built-in features like email marketing, lead generation web forms, landing page builders, and more it becomes an essential marketing growth hack idea.

Main Article Source:  5 Exclusive Growth Hacking Tips to Grow Your Business – Andolasoft Blog