How SaaS First Time Founders Should Think About Brand Loyalty
SaaS founders know that much of their success is down to their subscription-based business model. They realize that the more they interact with their brand, the more likely their customers are to buy their product and stay long term. Companies use various tactics to keep customers interested in their product, such as offering a certain percentage as an annual subscription and getting them to maintain enough data to make migrating to a competitor’s brand a little annoying.
That’s why you create a lock-in time, you have a customer success team in your support team and so on.
One of the best ways to make your customers feel that your business is building for their needs is to show that the entire company fully understands them.
You can start building a customer-centric team by sharing data at all levels and proactively monitoring customer health and change. If every member of your team has access to the data and can use the features, you can make the most of this opportunity.
A customer-centric approach focuses on helping your customers in the long term by using repeatable procedures to grow their business.
Give your customers a positive customer experience and encourage customers to stick with your brand long enough to develop a genuine sense of loyalty.
By recognizing what your already satisfied customers need before they even realize what it is, you can be on the way to keeping them happy. Manage your employees with the right level of commitment, from customer service representatives to product managers to sales representatives.
Use customer behavior data to predict what your customers are likely to want, and then offer them what they want.
By using the ability to collect data about your online visitors and customers, such as age, gender, age group, location, income, educational level, etc., you can better understand what motivates them to buy from you.
Brand Loyalty Infographic
Today’s access to data about your target audience has evolved from a one-size-fits-all-one-message approach to a brand that delivers a personalized, engaging experience.
This gives businesses the opportunity to engage consumers exactly where they are, with the right message.
Just like the product you sell, a healthy content strategy helps solve your audience’s biggest challenges and allows your brand to establish itself as a thought leader by giving you a voice in the most important conversations with them.
Customer loyalty is incredibly important to your business because it helps you increase your sales with a simple marketing plan that focuses solely on recruiting new customers.
In fact, regular customers spend on average three times as much as new customers, and loyal customers five times as much. NPS tool that sends brand performance surveys by email and asks customers for feedback while they visit your company’s website. [Sources: 7]
You can then use this information to better understand the likelihood of customer loyalty. There are so many ways you can do this to strengthen your relationship with your loyal customers, but there is no giving up.
The NPS (Net Promoter Score) is important because it tells you how many customers will recommend your product to other major customers. Customers who are eager users of your products and services are important because they are more likely than others to become promoters of the product.
Peer-to-peer recommendations are a great way to build brand awareness and get qualified leads.
Brand Loyalty Infographic
Customer loyalty is deeply rooted in building trust, which can be difficult in an online forum, but is important in SaaS.
As your product grows and changes, it’s important that your customers track how you update it and adapt it to their needs.
Customers are more engaged when they see the team working hard to make frequent improvements, and the product is not just stagnant. Sending emails is not only effective, but also effective because it strengthens trust in your team and customer base. [Sources: 0]
Demand for SaaS solutions is at an all-time high, but customer loyalty is still of enormous value to companies. After all, so many companies are considering SaaS options that even if they don’t decide, five more are waiting and ready to sign up.
Loyal customers keep your business stable, and the wild fluctuations that fill your profit and loss account are a clear expression of a lack of customer loyalty.
When you satisfy your customers, a constant stream of revenue is generated, making it easy for you to grow your business. Whether you are a businessman Market oriented (SaaS) or eCommerce is all about how you make your customers happy and satisfied.
A loyalty program is a program that encourages customers to return to the company they bought from over and over again. When customers are loyal, they share their positive experiences with friends and colleagues.
If they are loyal, loyal customers spend more and convert more frequently, which in turn leads to higher sales.
Transparency is going to be another element of brand loyalty. I have seen some SaaS startups that publish their financial performance publicly even though they are a private company and it is absolutely not something that they have to do.
However, this way they show the market that they are not afraid of sharing their story with customers and even competition and get everybody excited with growth.
Depending on what is your business, there are different ways you can build brand loyalty.
Feel free to share your story and how you are on your way to build a strong brand loyalty practice.
Sources:
[0]: https://www.getbeamer.com/blog/create-loyal-customers-for-saas
[1]: https://www.teamsupport.com/blog/customer-loyalty-essential-saas-companies
[2]: https://www.hatchbuck.com/blog/brand-loyalty/
[3]: https://blog.totango.com/2019/01/the-6-best-ways-for-building-saas-customer-loyalty-fc/
[4]: https://www.crazyegg.com/blog/top-7-ways-build-brand-loyalty-2/
[5]: https://www.freshworks.com/live-chat-software/live-chat-support/brand-retention-loyalty-lesson-blog/
[6]: https://medium.com/@paldesk/ecommerce-loyalty-programs-how-to-foster-customer-advocacy-25b74ba6687d
