If you lead a company that needs recurring revenue and customer success to grow, such as a subscription-based infrastructure as a service (IaaS), software as a service (SaaS), or financial technology (Fintech) company, retention matters a lot!
With that in mind, let’s look at one of the most overlooked strategies that’s highly effective at increasing customer retention:
Customers now expect round-the-clock support.
The only practical way for startups and small businesses to achieve this is by
- Eliminating friction from sales and support
- Investing in automation
- Creating amazingly helpful self-service educational resources such as how-to videos, troubleshooting wizards, and knowledge articles,
- Building communities for peer-to-peer support (with some limited professional moderation
- Hosting webinars and other live virtual events to help customers better utilize their product or service
Which of these strategies have you found to be most effective at reducing churn and increasing customer retention in your IaaS, Saas, or Fintech startup or scaleup? Let me know in the comments.
And if you need to increase your SaaS, FinTech, or IaaS customer retention, be sure to enroll now in our free 7-day eCourse: Go-to-Market Strategy 101 for B2B SaaS Startups and Scaleups.