Increase Customer Renewals Using These Strategies
For many businesses, a renewal rate is a significant percentage that indicates client satisfaction. Measuring your renewal rate in SaaS is very critical to the success of your business. Finding a strategy to achieve a good rate involves two important factors.
The Web is flooded with various tips and hacks to improve the management and organization of businesses. For many SaaS companies, they need these strategies for their clients to boost retention and increase SaaS renewal contracts.
Most of them focus on outstanding customer service and offering the best products. However, there are other simple yet valuable factors that will help increase customer renewals. Here are some of them.
Measure customer engagement
If your customer is not using what they subscribed for, chances are, they will cancel it. However, if they can experience the value of your service, you can guarantee that they will extend their partnership with you. Measuring your client’s engagement is significant in keeping them. Contacting them is the best option to know how you can serve them better.
Prioritize the most utilized feature
Most companies keep on improving their products and services for understandable reasons. Be careful not to focus on the least important features that only a few clients are using. Use analytics to determine the features that are most functional and then improve them. If they depend on certain features and functions, they will most likely keep the account.
Provide rewards and surprises
You can surprise your customers by giving them something that they don’t expect. This strategy has been proven to increase customer satisfaction. You can think of something related to your brand or product but make sure that it will create an impact. You can provide them with extra storage, free features, or even a discount.
Don’t wait for the renewal date, try these simple yet valuable ways to increase customer renewals and see the difference.