Growth & Success Measurement for SaaS Subscription Businesses

Customer Retention—A North Star System of Growth & Success Measurement for SaaS Subscription Businesses

Customer retention rate is the cornerstone for B2B and SaaS businesses that helps them determine revenue and other financial operations. Many business owners and merchants seem to find themselves in the dilemma of juggling between retaining customers, churning customers, and the cost of new customer acquisition.

If merchants start to work on their customer retention, half of their problems can already be solved and a huge amount of capital can be saved rather than spent on customer acquisition. Research and surveys, it has been revealed that discrepancies in the billing system of merchants lead customers to slip away and look for a competitor with better options.

In this article, we are going to look at the 6 solutions that you can leverage to enhance your customer retention rate by choosing the right subscription management platform for your customers.

Let Your Customers Pay For What They Consume

In order to deliver value to your customers, many merchants have adopted the billing model that charges customers for what they consume. It is a very magnetic offer to consumers who do not want to spend any extra amount but rather pay for what they use.

If you have just started a business, you can use this billing model. It will not only help you in retaining customers but you will also be able to acquire more customers. Customers who churn due to pricing issues such as high pricing tiers or similar to that can be offered with this model.

Do not let your customers turn to your competitor, rather offer them this pricing model that suits their interests better.

Multiple Payment Gateways and Payment Methods

According to research, 55% of customers say that they leave the store if they do not see the payment method or payment gateway of their choice. Apart from this, this is also the cause of a higher cart abandonment rate in eCommerce and B2B businesses. Having multiple payment methods or payment gateways to offer to your customers will increase the trust and worthiness of your business.

Here is the catch; to scale the business and make it more user-friendly you can offer your customers with local payment gateway or payment methods. Offering geographical payment flexibility to the consumer base attracts more customers from that particular area leading to high potential revenue along with wide coverage.

You can take examples like QIWI in Russia and Sofort in Belgium – they are payment gateways that work in the peripheral areas. Businesses with local payment gateways tend to have more customers as they offer convenience to the customer with fewer transaction fees and easy payment transfers.

To make this a part of your billing system, a subscription management platform can help you integrate this feature into the infrastructure of your business. SubscriptionFlow provides customized features for payment gateway integration in which you can leverage the APIs to get integrated for your customer base.

Send Transactional Emails

There are tons of emails that merchants or business owners gave scheduled on a weekly, daily, or monthly basis. The thing that matter is what kind of emails are being sent to the customer. Are they useful to the customer? Are they exciting and intriguing enough?

If any of the above-written elements are missing in your email copy then it is likely to have fewer opened emails. Transactional emails are the savior and this type of email has content that is useful and of value to the customers. You can create customized transactional emails that guarantee you a few things such as:

  • Opportunity to offer personalized product recommendations
  • Offer support
  • Offer deals on milestones
  • Opportunity to build and strengthen relationships

While you send transactional emails, you can include the content that gives them suggestions for upselling or cross-sells products. Using email integration with your billing system, you can customize multiple emails and send them.

SubscriptionFlow provides MailChimp integration with the billing management system that you can utilize for sending emails and customizing them. Getting it integrated with the subscription management system will also help you in sending other emails to your customers seamlessly.

Their personalization and triggering message entice customers and this way you can get actionable output from them.

Use Data From The Self-Service Portal To Check-In With Customers

A customer self-service portal can serve you a great insight for studying customer behavior. Using the feature of the self-service portals for your customers enables you in giving them recommendations for the related products or products in the high tier.

Not only it helps in eliminating the number of tickets, and dependency on the support team but it also reduces the frustration of the customers which can lead them to leave the product for good.

SubscriptionFlow provides the feature of a self-service portal to both customers and merchants that enable the users to access their account information and other related operations.

Schedule a Demo!

Schedule a demo with SubscriptionFlow to achieve all these features for your B2B and SaaS business. Being a customer retention platform, we offer agile customer retention features that help businesses to improve and upscale their business.

Our team will give you a walkthrough of the software that will give you a detailed insight into the benefits you will get by using our product.