No one can say for sure if customer acquisition is more important than retention or vice versa. However, your SaaS business needs to work a lot on both segments in order for the whole organization to succeed.
This means that you need a steady influx of new customers and a good base of loyal clients that will be there for you. Let’s take a look at some tips that should help you improve your customer acquisition and retention efforts.
Before getting a customer to sign up for a SaaS product, companies must first work on creating a connection with them.
Other company types, such as eCommerce companies, can concentrate on persuading clients to make a purchase before moving on to developing a deeper relationship with them. But let’s take a look at some strategies that work when you want to acquire new customers in the SaaS world.
Run an ad campaign
You should first try to create and execute a good ad campaign. Be smart with naming when it comes to your ad campaign. Clear and defined names let you save time and focus on the important things.
Then try to utilize manual bidding strategies. This type of bidding takes more time to set up, but it’s well worth it, especially in the early stages.
These are the dimensions you should be evaluating and modifying on a frequent basis:
- Bids: Keywords
- Adjustments to bids: Audience – Device – Timing – Weekday – Location – Age – Gender – Household Income
If these steps sound too complicated for you to handle on your own, you should hire an experienced AdWords agency to do this for you. Experts will save you time and effort that you can use for other essential tasks.
Focus on your customers
Find out who your customers are, where they spend time online, and what words they use to describe their requirements, wants, and experiences.
It’s critical to obtain customer data in order to understand your customers’ intended results, expectations, and hopes as well as what they believe they require from you in order to reach those goals.
You may also inquire about how they found you early in the sales funnel (as a clue to where you can find more clients like them).
Educate your leads
Customer acquisition is far more successful when leads are educated at various stages of the buyer’s journey using automation.
You can give a more relevant, personalized experience to SaaS leads and convert more customers by having educational information in various formats (interactive content, emails, blog posts, videos, etc.) for leads at the top, middle, and bottom of the funnel.
You’ve put in a lot of effort to build a great product and you’ve done your homework to figure out who your target market is. Now is the time for your business to take off. It’s critical to devote just as much effort to retaining existing clients as it is to acquire new ones.
So let’s take a look at some good retention methods.
You should definitely consider sending surveys every now and then to keep your finger on the pulse. A customer experience survey is a crucial data point to track and use for personalizing the client experience. Knowing how the client feels (positively or negatively) and what they want can help you communicate with them and provide what they require.
Needless to say, businesses should use the information they acquire to personalize the customer’s journey whenever they can.
Power of good onboarding
Onboarding is the initial stage in developing a client retention plan.
Developing a meaningful onboarding experience is an investment you make to boost customer retention. Bringing a new customer up to the same level as an existing one costs 16 times more on average.
The goal you’re chasing here is assisting clients in achieving success quickly. For your customers, keep things simple. It will be more useful to streamline the onboarding process by clearly explaining how to utilize your product and emphasizing the value upfront. As a result, the first call to action for the customer should be simple and painless.
Try to be proactive
Using email marketing, social media, and your website to remind clients of the importance of using your program is one method for communicating with those who have stopped using it. For customer retention, 80% of organizations say they use email marketing.
With email marketing and automation, you can provide your consumers with the information or push they need (before they even realize they need it). Maintain their interest in knowing about the latest developments at your organization.
If you leave your customers in the dark, you can’t expect that they will be there to subscribe and extend their business relationship with your company.
Simply put, there’s no way to succeed and make it in the SaaS world if you have inefficient retention and acquisition strategies. Also, don’t think that you can win if you only focus on retention or acquisition.
Your overall business strategy should be comprehensive enough and have methods that win you new customers and satisfy the current ones so that they never think about terminating the relationship with your company in favor of another business.