Developing a new Service (SaaS) product isn’t as easy as it sounds. It involves a lot of time, efforts and definitely costs which as a founder, you are liable to endure.
The work starts from envisioning the idea to chalking out the plan and a tremendous amount of efforts and time needs to be put in before the business is launched.
Before an entrepreneur launches his SaaS business, he makes sure to get his work done and covers all aspects for it to be successful and give the required rate of investment(ROI). ROI is a very important measure of the growth of any business. It becomes relevant as your business grows without deviating much from its expenses. In order to reach this position, the business must have all the resources to safeguard its activities to ensure maximum profile and sustainability.
Listed below are some ways which will help you in reaching that level of safeguarding where you can grow your SaaS business and also maintain your active ROI:
Follow a customer-centric approach
Customers are the soul of any business so it gets important to provide them with the right amount of support. For any software business to keep growing, the customers must be completely happy and satisfied with the services and this is something which shouldn’t be taken lightly.
If we talk about statistics, according to a survey conducted by Oracle, 9 out of 10 customers have quit companies because of unsupportive customer experiences and support. This survey emphasizes the relevance of having an accessible support structure for customers in need.
You can consider using a customer-centric technology for better customer experience. Tools like Zendesk, support hero etc. may prove useful in providing seamless support. The right set of tools can also ensure a faster and hassle-free feedback process. Additionally, a support team should focus on a client-centric approach where all potential customer issues, feedbacks, and complaints are handled courtesy and patience. A venture’s value, goodwill and growth depend a lot on how customers feel onboard and how effectively their queries are handled and resolved.
Prioritizing data security
When running software, a significant amount of data is gathered, acquired and generated. This generates a requirement of responsibility towards the data as in today’s digital world, data is considered a precious commodity. A lot of studies show that companies lose millions on average as a result of data breaches.
Now we know why it’s so important to protect you and your customer’s data. There is a scope of data theft internally inside a firm too, which is why one should also take steps to ensure all protections internally.
There are also system crashes and internal glitches which your systems and servers can fall prey to. For such unforeseen events, it’s important to have a sturdy backup or a solution ready so that in cases of any crashes or failure, you can quickly bring back your SaaS product and avoid customer dissatisfactions. Along with proper backup, monitoring and maintenance on a regular basis are required to keep data safe and secure.
Efficient training and customer service
Proper and thorough training is very much required for the smooth running and growth of a SaaS business. A well-trained group of professionals can also act as backups in the absence of other team members or in times of any contingencies.
In any new venture, it becomes a necessity for people to know how to use the system and products correctly so that customers can receive the best possible service. A team must be able to take up and resolve customers issues from scratch. Training is one of the best ways to ensure your products get the right push with the right resources.
Focus on QSR (Quality, Service, and Reliability)
Quality, service, and reliability are 3 very important things which are needed to grow ROI for any business, where SaaS isn’t an exception.
There is a constant pressure on businesses to develop products which serve the need of the end users. The architecture of a product is like a pillar and if it’s done well, you can be sure that it’s going to be reliable and competent. Creating a good product isn’t always enough. You need to follow that up with good post-sales support and customer service. Make sure to always be available for your customers to secure a company’s growth.
Digital marketing makes all the sense
Digital marketing is the need of the hour. In SaaS business, digital marketing plays a key role. To make sure your potential customers buy and download your products, you need to be able to use digital marketing tactics very efficiently. If we look at the Statistics, out of 7 billion people on earth, 3.4 billion of them use the internet so this form of marketing ensures high chances of viewership and sales. Digital marketing open ways for a huge market to play with and you can reap the benefits of correctly marketing your product in it.
Let’s look at some useful digital marketing strategies:
- Content is king: Content can upgrade the entire look of your software. To get people’s attention, a quality content plays an important role. It may be in the form of blogs, articles, audios, graphics, videos, infographics etc.
- Prioritize the emails: Have a large database of your subscribers and send relevant mails on a regular basis but make sure not to spam their inbox. Right amount of emails at right intervals plays a vital role in generating good traffic to your blog.
- Mobile marketing is the present: In order to target customers switching their focus from laptops or desktops to mobile phones and tablets, you as a business must ensure that your product or website is mobile-friendly so that the content displays well on handheld devices.
- Realize the power of Social Media: Social media is the major source of sales and promotions in the current world. Twitter, Facebook, Instagram, Pinterest and Tumblr can take your product to a global level and increase a great customer base.
There are various tips and tricks floating on the internet for entrepreneurs to make a cut in highly-competitive environment. We have highlighted and included the most rational, practical and applicable tips for you to practice and take you towards your goal ROI.