How to Be Creative with Retention and Growth Strategies for Your SaaS with SubscriptionFlow

The focus on customer retention is more than it used to be ever before. Just like any other customer retention software, SubscriptionFlow is also introducing some new features that can help users implement their innovative customer retention strategies.

Now, we are more focused on the customer data and the insights that the system extracts from the customer data. SubscriptionFlow cannot only mine the data but analyze it. And based on this analysis, customers are given the score. This score shows the customer’s health. When the user knows the customer’s health, he can curate the customer retention strategy accordingly.

Now that experts are predicting a recession shortly, SaaS businesses need to be more cautious about their retention strategies.

The following are some SaaS customer retention strategies that will surely work even if the economic conditions suffer:

Also Read: Lessons to Learn from Churned Customers for Improved Customer Retention

1. Go for a Non-Linear Approach

Now that we’re suggesting you go for a non-linear approach, you need to understand first what does that mean? Customers expect you to be all-time available for them. So, many SaaS businesses are already integrating chatbots with their customer retention software. You cannot just rely on your customer support representatives. Also, try out the following tips to make your business approach non-linear:

  • Make this personalized so that you have better communication with all your customers. Here, you will need to go beyond knowing what the customer buys and why. Use data sources, and get this data analysed to get the insights that will give a boost to your business.
  • If you are offering one very limited payment method to your customers, then it is wrong. Not all customers prefer paying through the payment method that you offer them. So, it is better to integrate more than one payment method with the retention management platform. Payment gateways allow you to offer your customers multiple currency and payment methods support.

Thereby, the non-linear approach is simply an approach that demands you to facilitate customers the way they want.

2. Go Beyond Feedback Forms

Many SaaS businesses ask customers who are about to cancel their subscriptions to fill out a feedback form. The questions asked in these forms and the customer data help businesses to understand what the customer wants.

Now that experts are predicting a recession shortly, you need to cover the extra mile. Rather than just stopping at the form filling, go to call your recurring customers. And try to convince them to stay on board. Why?

Because in the days of the recession, it will be highly difficult to find new customers so you need to retain the customers as much as you can.  Address the issues that the customers face and accommodate them accordingly. However, feedbacks are the best way to re-engage your customers.

Also Read: Retention Management with SubscriptionFlow – A Platform Where You Get Modified Features for Your SaaS

3. Overdeliver on Your Promise

When it comes to customer retention management, companies sometimes, bring the customer back on board from the verge of subscription cancellation. The churn is probably involuntary. However, there always remains a threat this customer will try to leave once again.

Now that the customer is back, mere discounts and offers are not sufficient to make him loyal to your SaaS product or services.

According to Thomas J. Peterson, “The formula for success is to under promise and overdeliver.”

If you have offered your customers a discount, then try to do more for the customer than this. It is human nature that they love surprises. You can also plan a surprise for these customers to win their trust back.

4. Educate Your Customer Base

Handling customers is not an easy thing. When economies are down, all businesses need to improvise their prices, discount packages, and such things. Communicate with your sales and marketing teams and decide if there are needed price adjustments shortly depending on the changes in the economic conditions.

If there are going to be changes in the prices, then start educating your customer base now. It is high time to strengthen the trust relationship with your customers. They must believe in you that you are not overcharging them for anything. You can also send educational newsletters. Newsletters are more engaging in comparison to lengthy emails.

5. Plan A Customer Advocacy Program

In the days of economic downturn, customers need all your time and assistance. You can develop a community of customers rather than a customer base. And provide your customer community with a chance to communicate with each other. Here, they will be able to discuss their issues. And you can advocate them accordingly.

Customer advocacy programs will keep your customers engaged in a way that their customer loyalty will increase.

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

If you are part of the subscription business industry, and you are looking for reliable customer retention management software, then SubscriptionFlow is the one. The platform is robust enough to fetch data from customer data platforms (CDPs) to the core subscription management system of SubscriptionFlow. Here, the data will be mined, processed, and analyzed based on a defined playbook. From there the recommendations will be made or automated actions will be performed at the GTM (Go to Market) system side. And these actions will be performed based on the health score of the customers—that’s what the retention management mechanism of SubscriptionFlow manages.

If you want to use data insights to retain your customer base, then schedule a demo now for SubscriptionFlow!