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- What is the opportunity costs of switching, in the end it's never going to be that I shut off 1 tool and immediately will start using another one. So there is going to be months where you're paying for multiple tools which in some cases can add up in budgets significantly.
- What is the added benefit in productivity, costs, resources that I might potentially save while switching.
- Is this tool going to be useful or not in the future, is there a potential that I need to switch to another tool.
- How is the pricing set up for this new tool and how is that going to scale with future growth.
These are some of the questions that I often ask myself when you need to make the decision to make a change. Let me know if you have any additional questions about it.
Thanks for this awesome response. 96% upsells or referrals is an incredible stat-- congrats to you!
A lot of businesses tend to let customer retention fall by the wayside, putting more focus on acquisition. You clearly understand the value in focusing on the foundation (retaining those customers) first.
Thanks for the link, what an awesome article. You are totally right, social proof is such a powerful tool for retaining your customers. I actually wrote quite a bit about it in this post here: https://www.appcues.com/blog/customer-retention-strategies
Thanks so much for commenting and sharing your success!
We make it a habit to check in with our clients at least 1 time per month. Just a simple email or phone call to ensure the client is happy and to see if there is anything we can do to make our services better. While we're not primarily a SaaS company, our services are very similar to those of an enterprise SaaS and it's important that we don't lose sight of our core value in preemptive customer service.
For SaaS companies with possibly thousands of customers I typically recommend the following:
- Make sure it is easy to collect feedback.
- Make sure you are actually resolving customer support issues (this is where a lot of SaaS companies fail).
- Make sure it's clear what your service is and what it is not.
In our case, we've retained over 96% of our clients and have often upsold or received referrals for additional work from those same clients.
As a catch-all, make sure you're creating social proof that your solution works and that it's clear your customer base is happy. We recently published an article on the subject that you can read here - https://www.folsomcreative.com/blog/marketing-testimonials/
Hi Jess, thank you for the tips. I will check out Fieldbloom. I have Drift installed, but am just scratching the surface of its offering. I will take another look also at Intercom. It has been a minute since checking it out.
A few we're using for Fieldboom (https://www.fieldboom.com) that work really well (disclaimer: I work there):
#1 - First and foremost, have a simple product that gets to the "Aha!" moment as quickly as possible
#2 - Use Intercom to track key product uses (specific features, etc) and email/in-app message "congrats + next step" messages to build momentum
#3 - Use content (blog posts) throughout your onboarding in the right context to help trial users understand what to do next
#4 - Have a VERY LOW average response time for support inquiries (ours is currently 1h 6m)
#5 - Look at what your best customers did during their trial and build your onboarding message sequence around identifying those behaviors in your trial users
Hope that helps :)
Great analysis. Another great analysis to check out from the Acquired podcast: http://www.acquired.fm/episodes/2018/3/25/season-2-episode-5the-dropbox-ipo
I don't pay.
Over the course of the last year or two, Twitter has become my primary source of news (via the timeline and trends, which I switch between Global and US-focused).
I agree with the analysis however that dynamic pricing would work better for them.
I've seen the NYT paywall for years and that hasn't done anything to convert me. The one thing I've noticed is that they haven't even gotten me to create an account (in which you can actually set preferences and ask for emails based on topic).
I wonder if they ever tested something like "Create an account and set your preferences to get 5 extra articles/month for free" vs the current paywall. This would be an easy(ier) commitment to get something of value. For the people that took them up on this offer, clearly, it would then provide a lot of baseline data on what readers want and allow for targeted offers.
One of those millennials that doesn't pay for news here. Get most of mine from news focused newsletters like Inside.com.
Hey everyone - author of the research here. Happy to answer any pricing questions today. :)
Would also be curious to know how the GH community breaks down - do you subscribe to any news outlets online or in print?
Well done @geoffreykeating, now go get married!
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