Boost Gross Retention & Net Retention: Leave A Mark

In 2023, the global customer experience management market is expected to be worth $41.8 billion. To compete, businesses must focus on providing excellent customer experiences that keep customers returning. It’s not enough to acquire new customers; you need to keep them happy and engaged for your business to succeed. That’s why gross revenue retention and net retention are such vital metrics to track.

Improve Your Net Revenue Retention Rate

Before we delve into the details of revenue retention, you need to understand that the retention of customers is directly proportional to revenue retention. Those who want to retain their revenue must first work on their customer retention.

Use In-App Notifications

As your freemium users continue to use your product, they will inevitably hit roadblocks that require a paid subscription to overcome. You can nudge them towards upgrading by using in-app notifications to show these users what they are missing out on. To maximize this tip’s effectiveness, ensure your in-app notifications are highly visible and impossible to ignore. You should also consider using A/B testing to find the right notification frequency and content mix.

Drive Account Expansion

Once your users have upgraded to a paid subscription, it is essential to drive account expansion by getting them to use more features of your product. Contextual in-app messages are a great way to promote new features to your users, as they can be targeted based on how they use your product. To ensure that your contextual in-app messages are effective, ensure they are relevant to the user’s current context and offer a clear value proposition. You should also consider using A/B testing to fine-tune your message strategy.

Use NPS Surveys

Net Promoter Score (NPS) surveys are a great way to identify potential churners before they cancel their subscription. By surveying your users regularly, you can get feedback on their overall satisfaction with your product. If you see a dip in satisfaction scores, you can reach out to these users directly and try to address their concerns. In many cases, this will be enough to prevent them from churning.

You should consider using NPS surveys as part of your overall churn prevention strategy. If you combine this tip with the others on this list, you will be in an excellent position to keep your Net Revenue Retention rate high.

Also read: How To Improve Your Net Dollar Retention Rate In SaaS?

Improve Your Gross Revenue Retention Rate

Use Interactive Walkthroughs

Interactive walkthroughs are an excellent way to guide users through your product or service. You can help users understand how to use your product or service and improve customer retention by providing a step-by-step guide. Additionally, interactive walkthroughs can onboard new users, show them around your product, and help them get started quickly.

Use Reminder Models

Reminder models are a great way to increase the free trial to paid conversion rate. By reminding users of the benefits of your product or service, you can encourage them to upgrade to a paid subscription. Additionally, reminder modals can highlight features that users may need to be aware of or enable users to take action.

Track In-App User Behaviour

By tracking in-app user behaviour, you can uncover areas of friction and address them quickly. Additionally, this data can be used to improve the overall user experience by making changes to the product or service. By tracking in-app user behaviour, you can also identify power users and provide them with additional support or resources.

Use Self-Service Support

Self-service support is a great way to assist users quickly and boost customer satisfaction. By providing a knowledge base or FAQ, you can help users find answers to their questions without waiting for a response from customer support. Additionally, self-service support can onboard new users, show them around your product, and help them get started quickly.

Also read: What is Net Revenue Retention in SaaS and How to Calculate NRR?

Which Is The Best Tool To Track And Improve NRR & GRR?

That’s SubscriptionFlow. Why?

– SubscriptionFlow provides a clear overview of your business, including data on customer churn, MRR, LTV, and more. This data can be used to quickly identify areas of improvement and take action to improve your retention rate.

– SubscriptionFlow provides a detailed analysis of customer behaviour, including data on how customers use your product or service, what features they use, and more. This data can be used to improve the overall user experience and reduce customer churn.

– SubscriptionFlow offers a range of features to help you track and improve your retention rate, including customer segmentation, customer journey mapping, customer health scores, and more.

Book a demo today and learn how to increase SaaS revenue as we get nearer to 2023.