Did you know that customer success can build a fort for SaaS companies?
The last decade has seen the rise and rise of SaaS models. Customer retention has replaced acquisition as the primary GTM strategy for achieving high valuations and long-term SaaS growth.
The pandemic, too, was a driving factor in the hyper-growth of SaaS businesses. It indeed made us understand how customer retention is more important than acquiring a new client. A study says that if you retain 5% of your customers, then it will ramp up your revenue to 90-95%. (Source)
But customer retention in a SaaS-based model needs a fresh approach.. A customer’s choice to stay with your company is not based on a single transaction. This intent is built over multiple interactions and experiences. This is where a customer success plan and team places customers at the center of everything you do. And that’s the very front and center of a retention-led SaaS growth strategy.
Why a robust customer success team is essential for SaaS customers
Customer success and increase in customer value is the subject that is directly proportional to each other. A sound customer success strategy begins from gaining a deep understanding of the customer – their business goals, objectives, constraints etc. Then, a customer success team must work backwards to create strategies, KPIs and metrics and execution processes to ensure that those goals are met with the resources on hand.
As SaaS customers start to see real success with customer success (see what we did there?), they achieve maximum value out of their investment. Customers’ business agendas and constraints remain top priority to enable SaaS growth.
Designing victory for customers: the ingredients of ReBid’s customer success teams
Managing customer accounts successfully is a lofty responsibility. Building trust in the SaaS offering and its capability in meeting the customer’s business goals must be embedded in the culture of customer success for SaaS growth.
It requires bridging the gap between the customer and the SaaS product team.
But how does one fill that gap? By building a customer success team that has the accurate skills and mindset. Over at ReBid, we prioritize the following skills to make sure that our customers maximize their investments with just the customer success mindset and interventions they need.
- Problem solving mindset and approach: It’s all about ensuring that users of the product are successful and have a frictionless experience. To do this, Customer Success Managers (CSM) should be able to view every problem as an opportunity to deliver improvements.
- Communications: Customer success teams are literally the bridge between customers and product owners among other moving parts of the SaaS company. Having on-the-ball, clear, quick and responsive approach to all communication is essential for customer success teams.
- Leadership: Customer success managers frequently find themselves in positions of leadership, often having to influence product and delivery without the authority of reporting relationships. Every CSM member must be able to guide, encourage, and influence tactfully, irrespective of job titles and positions.
- Empathy-led relationship-building: CSMs are typically the customer’s biggest advocates and voices within a SaaS set up. To be able to bring a customer-forward approach and ensure that the SaaS company acts on it, CSMs should be able to build deep empathy and a strong relationship with customers and other members of the organization. Often, CSMs are required to go beyond the transactional elements of customer relationships. Being able to deliver on such conversations with empathy is an essential CSM capability.
- Ear to the ground: Customer trends, business trends, and needs are constantly shifting, especially in the post-pandemic, pre-recession times that we are living in. A good team of CSMs has an eye on industry, business and technology trends to be able to take on a consultative approach with customers and product owners alike.
Customer success: The ReBid approach for SaaS growth
We enter customer relationships with a threefold perspective:
- Identifying the exact value your business can achieve with ReBid
- Designing use cases to meet your business objects and the identified value
- Strategic and executional collaboration end-to-end to maximize your ROI
Our team of onboarding transformists ensure that ReBid platforms quickly and seamlessly integrate with your existing stacks, teams, workflows, compliance needs and culture. Our empathy-led technical expertise puts your goals and constraints at the front and center.
We collaborate with you closely to establish your specific ReBid adoption goals aligned with your business priorities. We build a unique strategic roadmap that covers advisory on ReBid use cases for your business goals, and introduce product features and technical best practices to make sure you get there quickly and seamlessly.
In order for your teams to get the most out of ReBid products, we conduct trainings, webinars, and regular product and feature updates.
The doors at ReBid are always open. ReBid transformists are just a call or email away to answer your technical questions, with their wealth of technical knowledge and product expertise.