Looking for some useful SaaS account management tips? Fret no more, we have got you covered.
As an account manager, you play a significant role in enhancing the growth of a company. Even an average amount of revenue will benefit you in the implementation of an account manager.
Not just that, it will generate huge leads for up-sell and cross-sell opportunities, quickly identify account risks, and still tends to one of the vital hacks to minimize churn. To achieve the following, you must need SaaS account management best practices.
Here are 7 such practices that will fetch you a Zero Churn:
Discover Account opportunities via Review meetings
One of the core functions that is catered by an account manager is generating leads. For that, you will have to focus on measuring success, what will be the actions required to do so, and what challenges could be a hindrance.
Come up with solutions for the concern. This only can be possible if you discuss this one-on-one with your employees during a review meeting. With this, you will not only better serve your clients but also reach to the demands of the business.
As Marcus Buckingham rightly quotes it, “The Four Keys of Great Managers: When selecting someone, they select for talent … not simply experience, intelligence or determination. Second, when setting expectations, they define the right outcomes … not the right steps. Third, when motivating someone, they focus on strengths … not on weaknesses. And fourth, when developing someone, they help him find the right fit … not simply the next rung on the ladder.”
Begin with identifying account risks
The first step in this regard will be to develop deep client knowledge. This will give you leverage to identify implicit and explicit account risks. Furthermore, acquiring deep client knowledge will also lead your team to pep up the value proposition to the client.
Determine your churn rate by count and revenue. Once you know where the loopholes are, you can easily calculate the customer lifetime value. That will entitle you with the exact amount you need for the investment of each client.
Customize an account management process
How about you start with a fully customizable account management process. Use a template which demonstrates a functional onboarding metrics, followed by prompt business reviews. Client research is also something that you need to pay need to.
When the aforementioned are followed religiously, you will most likely get a client base that stays loyal to you, they will mostly stick around. Your customer will value your dedication and equate their success to yours.
Better yet, hire an expert who can assess your current account management process. He will be the right person to guide you from doing the worse or at least saving you a fortune.
Remember, you can reach the pinnacle of success only when you are able to develop a deeper understanding of your clients. By reducing the churn rate and increasing the customer lifetime value, you are already halfway through an augmented profit scale.
Your Client’s Journey is your Journey
You heard that right. Simply put, adopting a customer success approach will help you follow your customer through each and every stage of their journey in order to deliver continuous business value.
Your product is better understood to you than them. You have acquired knowledge over the years. Use that information to promote new features regarding your product as they look forward to the long cycle growth.
Effective Communication is the key
Often, communication is regarded as the SaaS account management best practices. And to do that, you can wish to add a hint of personalization, for starters. Nudge more than the traditional cut of pasting a name tag of a customer relationship manager at the hem.
It is more like a practical matter of deploying your customer data to generate personalized forms of communication. For instance, you can ascertain information, ‘we see you have not yet fully explored this feature – ABC in our portal, did you know it is a rather helpful tool designed to curb our the churn rates’?
Renewal Process is just a Cakewalk
You must consider that renewals these days should not be just about paying a subscription fee, it should be inclined towards future growth. You should see it from the point of view of an awaiting opportunity for you to upsell the customer on the merits of their future needs.
Tell your clients about any recent improvements or added features into your service, let them be aware that you can grow alongside their business too. From an enhanced functionality to a revamped scalability, you can diligently showcase how this product can stay integral and test time.
Initiate Upsells and Cross-sells
When it comes to initiating cross-selling and upselling campaigns, you can refer to the detailed customer data to prioritize resources. This can center on utilization rates, targeting engagement on key decision-makers, uptake numbers within an account.
Your data should tell you which of your clients meet your requirements and who can exactly target the right people with the given account. Meanwhile, you can focus on creating an engaging presentation, as you stay perky that it is going to reach the right audience at the right time.
Additionally note that, if you get the message right then you can successfully provide the much-needed impact whenever and whenever the situation demands.
SaaS account management best practices for customer retention should be more like a promise for the future. It starts with maintaining and gaining a detailed understanding of the customer, their existing stance along the journey. Also, their future potential is important too.
To compete in today’s cut-throat market, it is of high pertinence that you continually use prioritizing, customizing, and timing key customer messaging to portray this loyal customer’s knowledge. With the right data, your SaaS account management could in fact become a matter of celebration for maybe the coming years of partnership. 24
Simran hails from the content marketing backdrop with extensive knowledge in blogs, articles, and technical whitepapers in the non-fictional domain. She uses her ‘gift of the gab’ to explore new possibilities on her way and to make an exquisite impact on her readers. In her spare time, she likes to read journals on artificial intelligence or play with her cute kittens.
Published June 04, 2020, Updated December 30, 2020