For a SaaS company to succeed, revenue is not everything. You need more than the numbers to make a mark- a killer product, a great team, awesome support, and a problem you are solving efficiently. With this, you can expect sustainable growth by retaining new customers and bringing in new ones. So, to make sure your customers do not go- the two things you can bank on our customer support and product success.
In-product
marketing is the key here to making your product known to the audience and
making sure it is sold. With in-product marketing, companies can create highly
personalized campaigns that will improve the user aspects of customers who love
them. In-product marketing also creates product-related content that caters
directly to the customer. Customer interactions can be tracked to gain valuable
insights and feedback.
In-product
marketing is effective when the product or service has a large customer base
and there is the significant ability or scope to up-sell, cross-sell, or increase the portfolio. This can help boost revenue and improve customer retention and
conversion. A product marketer bases on marketing, sales, and product
performance. Your product forms the base for a SaaS company’s sales program or
marketing goals. This is why in-product marketing is essential for business
growth. It is the base for the pricing and will be beneficial in maximising
profits.
In-product Marketing: Taps the Power of Established Customers
Relying on the
power of established customers is what in-product marketing does best. With
in-product marketing, companies can-
·
Up-sell/cross-sell
products and services: It is known that 80% of all revenue is generated by 20%
of customers. Also, the expense of retaining these customers is approximately
10% of the cost to acquire a new one. This makes cross-selling a supremely viable
option as a customer has a higher level of trust in the brand and is more open
to trying new products and services. Cross-selling and upselling are regarded
as great metrics to decipher customer interest in the product or company. If a
customer is not happy, the chances of buying or signing up for an allied product or
service is less.
• Gain attention: Customers have short
attention spans and so when they like a feature, it will keep them involved and
engaged. With features, they can see the benefits of products, their uses, and look
at them as good options. When customers feel involved, the chances of retention
are more. Gaining the attention of a customer is possible when the customer
experience is optimally created for the best benefits. To gain attention and keep
them invested, it is necessary to make them like and understand the product.
When they understand a product, it becomes easier to use it and derive value.
·
Improve
targeting and placements: Companies can analyse and access different points and
workflows that customers can use within the product. Assure maximum visibility
and grab customer attention. The right targeting is essential to maintain a
good framework for campaigns to work. Targeting will improve prospects for the growth of customers and the company. To get the right customers who will be
benefited from the product, the right targeting is required. When the target
customers are defined, it will become easier to create a marketing strategy for the best results.
5 Ways In-Product Marketing can generate High Growth in SaaS companies
To generate high
revenue, customer companies can keep certain tactics in mind. These tactics
will encourage high growth and give customers satisfaction to improve
retention. These best practices will go a long way in enforcing customer loyalty
and satisfaction. Some of them are as below-
Buyer Persona-based Marketing Strategy
The first step of
any customer journey
is making the buyer persona. In-product marketing makes you understand your
customer challenges, pain points, and issues. Keeping these buyer personas in
mind you can enhance how the customer feels about the product. Buyer personas
will help companies understand the exact psyche of the buyer to best address
his issues. This will create a resonance in product and marketing content.
Messaging Matters
Sometimes clients
or customers may receive highly confusing information. Sending the right
messaging is therefore important. Making sure that the right information is
sent across to the client is important. What is the product about, what does it
solve, what is the USP, etc. uniqueness of the product should be kept in mind
while telling clients about the product? Segmentation here is especially
important to make sure customers get the right tone of the message and are able to
clarify and meet specific sets of people.
To Think like the customer
Many companies
typically face the common dilemma of “how much and how often to campaign” to
avoid overwhelming existing customers. It is important to focus on the customer
experience and introduce relevant campaigns at the right product pages in the
product lifecycle. It is also prudent to give customers the chance to opt-out
when they want to. If they do not feel associating with the company, it would
be wiser to know the reason why. Ask them their opinion and create customised
plans to redress their problems.
Evaluate technology potential
The company’s
technology must be evaluated to understand the various ways to bring the
campaign to customers. Technology must be flexible enough to make the campaign
work and mould based on customer feedback. The main motive of in-product
marketing is to make sure customer profiles are taken into important
consideration. Establishing a strong synergy between teams will make in-product
marketing a success. The technology and tools used must be evaluated to make the
product in line with the latest trends. AI, machine learning and other ways to
harness big data can be used to understand the depth and potential of tech-savviness. If technology can tap into details on customer profiles, it becomes
easier to segment them and retain them.
Feedback Counts
Feedback is not
just complaints. It is a two-way communication channel that will support and
help companies grow in multiple ways. Your product must be well received in the
community and when customers face an issue, they must feel free to talk about
it. Chat support or live support will be extremely helpful in understanding
what customers want and why. Your feedback strategy should be supremely
supportive of your customers and take their issues into account. It is
important to take feedback objectively instead of like a troll or remark.
Social media can be extremely powerful here to deliver the right feel about the
product to customers and encourage growth.
Once the campaign
for in-product marketing is done, companies need to derive metrics based on
important factors like-
> Did the campaign achieve its
objective?
> Were customers able to view,
click-through and complete their purchase?
> How many customers dismissed the
campaign?
> How did the conversion percentage
measure up against a previous, similar campaign?
> Did customers provide feedback/voice
complaints by calling the support team?
Bottom Line: Key to Customer Retention
In-product marketing offers companies a direct, highly effective way to gain and retain customers, drive up-sells and cross-sells, and realize the most value from their perspective and established customers. Your products may evolve over a period and so will the process. A good specific process will be helpful in reaching business goals and making sure that customers are happy and satisfied with whatever products or services the SaaS company has to offer.
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