Retention is one of the main challenges tech companies face. Keeping customers after their initial contract ends can be difficult if decision makers do not clearly see the value in using your product. That’s why SaaS companies need good account managers.
The main job of an account manager is to help the customer grow. Account managers must do all they can to ensure each customer is using the product to its highest capacity and is achieving maximum results.
The most powerful customer retention tool is a business review. Even though business reviews can vary widely among different companies, the primary goal should always be the same: to create and demonstrate value to the customer.
Here are the key elements you should incorporate in your business reviews:
1. Provide knowledge
Think about how you use your smartphone. Are you taking advantage of its full capacity? Probably not. If you’re like most people, you probably use your phone to accomplish a few specific tasks, but you might be surprised to learn what else it can do. Some of the features you don’t know about might really help you.
This is also true for your customers. In every business review, you should share knowledge about the product. Educate your customers on the best ways to use your product and ensure that they are using it to its fullest capacity.
2. Share best practices
If one of your customers is having success using your product in a certain way, share that technique with other customers. Your customers often will surprise you with their creativity. Remember that a rising tide lifts all ships.
3. Explain upgrades
Most SaaS companies are constantly adding new features and improving their products. Ensure that your customers know about these new features or upgrades. This brings more value to your customers and presents upsell opportunities.
4. Follow up
Sometimes, account managers don’t realize how much information they’ve shared during a conversation. Allow time for your customers to implement what was talked about and follow up with them. If possible, show them the success your recommendations yielded.
Create visuals they can share internally. Every customer loves to see positive results. Plus, this will increase your credibility and improve your relationship with your customers.
Business reviews are a valuable tool for your customers. Account managers can help customers grow their businesses by showing them small ways to use SaaS technology more effectively. This will contribute to your customers’ bottom line, which will inspire loyalty and boost retention for years to come.
For more information on XANT, please check out our “Accelerating Sales through Science” video,
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