Any B2B SaaS company must have a strong focus on customer lifetime value since it is simpler and less expensive to keep existing customers than to get new ones.
Businesses have started to recognize the importance of acquiring customers and the fact that not all of them has the same lifetime value to the brand. This is because customer data have gotten more sophisticated in recent years, and the value derived from each data point has evolved. It might be as easy as changing the payment cycle from monthly to yearly, or as difficult as completely reworking existing customer service procedures, to increase B2B Customer Lifetime Value. Concentrating on CLTV shows that customers are satisfied with the brand. Since this takes time and patience, it is crucial to measure customer lifetime value over an extended period of time.
Onboarding Process Improvement
Onboarding is an essential part of customer success, to ensure no effort is spared in ensuring sustainable business growth, because it is the place where customers actually engage with the product and where businesses can make a great positive impression.
Having a strategic onboarding process is extremely crucial for B2B enterprises so that new users keep coming back for more B2B customer lifetime value.
Now, this onboarding process can be improved by making it as easy and fast as possible by simplifying the process with walkthrough guides, interactive how-to videos, wrapped tutorials, and other content helping customers in fulfilling their goals. The personalizing onboarding sequence is another step that should be considered by tailoring it to the buyer persona. Here the focus should be on the value of offering communication from the start and customer health score monitoring on the basis of customer behavior.
High-end customer service offering
Plans for business growth and increased retention goal, demand quality customer service. As a Salesforce research on the State of the Connected Customer revealed, 89% of customers are more likely to make another purchase after having a good quality customer service experience. Therefore, offering high-end customer service becomes crucial for having loyal long-term customers. To boosts customer retention and increase customer lifetime value, top-notch customer service can be attained by offering omni channel support. Serving with this support will help businesses to outreach customers irrespective of the medium they are using. Another option is regularly monitoring social media, which is where customers locate their choicest brands first, when a customer reaches out on social media, be it to ask for support or leave a complaint, they expect fast responses. Supporting business infrastructure with a strong knowledge base presents the brand as the expert and this can be done by offering customers access to self-service articles, tutorials, video guides, and supporting documentation.
Common pain-point detection and solutions offering
This strategy emphasizes customers’ feedback and identification of the most frequently recurring issues that customers reported. Once the most relevant complaints are spotted, brands have to prioritize these depending on the frequency of occurrence.
Product Roadmap Sharing
A complete comprehensive mapped outline of a product offering over a timespan is another source of building brand credibility by customers. It is not solely an internal strategy guide and execution plan but it works as a commitment towards customer goals, making it crucial to be shared both internally and externally. Sharing product roadmaps with customers is a good technique that helps customers in understanding products better. It is important for the business to explain the intrinsic value of a product’s features and how it will add value to the customers. When it comes to sharing a product roadmap with the customers or potential buyers, it must be entirely focused on the benefits that particular product will bring to the customer lifetime value.
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