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Modern-day software-as-a-service (SaaS) enterprises are racing to acquire new users and convert them into paying customers. The rush is great for the industry, but it has also left many organizations looking at only half of the picture.
Case in point: The extensive focus on gaining new paying customers but not so much on post-sale constructs — including customer success, customer care and professional services — could not only improve customer retention but also help grow the business at the same time.
When organizations are not paying enough post-sale attention, opportunities to upsell or cross-sell to existing customers can be missed. In many cases, they can even fail to notice the risk of churn and end up losing their customers. According to Mckinsey, if an organization manages to handle these aspects to perfection and ensures customer retention, it can see 20% growth every year without having to add even one new customer.
Currently, most SaaS enterprises depend on heuristic rules and human experience (combined with intuition and guesswork) to ascertain customers’ health scores and direct retention and upsell efforts toward them. This is not only unreliable but also prone to bias, leaving a major gap to be filled.
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StepFunction drives customer retention with data
Founded in 2020, California-based company, StepFunction, is working to solve this challenge. The company’s ML engine ingests and learns from a wide range of customer behavior signals — product usage …