In today's rapidly changing and uncertain economy, B2B SaaS enterprises are no exception to facing unprecedented challenges. The COVID-19 pandemic, economic recession, and increasing competition are just a few factors that have made it difficult for companies to survive and thrive. In such challenging times, it's more important than ever for B2B SaaS enterprises to focus on customer centricity.
The emergence of COVID-19 has triggered a profound shift in the SaaS industry landscape. However, these shifts are permanently altering how a SaaS company does business.
B2B SaaS Companies are moving from traditional customer onboarding that uses hard copy documentation to secure digital solutions that allow onboarding customers remotely, improve the customer experience, lower costs, and shorten time to value.
According to Wyzowl, 63% of customers consider a company's onboarding program to purchase a SaaS solution.
SaaS companies have started focusing on providing a customer-centric approach to their project and task management activities helping newly remote employees to deliver an exceptional customer experience with customer-centric tools. It involves designing products and services around customer needs and preferences and putting the customer experience at the forefront of business decisions for better prioritization.
In this economic uncertainty, focusing on customers that bring more revenue to the business is essential. SaaS companies can achieve this by improving their customer onboarding experience and shortening their time to value.
The product-centric companies are now adopting a customer-centric approach to retain long-term customer relationships that increases their monthly recurring revenue. B2B SaaS Companies need to have customer-centricity objectives that promote customer-centric culture at an organizational level to provide an exceptional customer experience that encourages customer retention.
B2B SaaS enterprises require customer centricity at scale to differentiate themselves from their competitors, improve customer satisfaction and loyalty, drive revenue growth, and build a strong brand reputation. Companies must have a solid resource management strategy to share relevant resources to each client's specific goals to help them achieve their time to value faster. According to research, highly engaged customers purchase 90% more frequently than disengaged ones, spend 60% more per transaction, and generate three times as much revenue annually.
So now that we know why there is a need for customer centricity at scale, let us dive into the challenges B2B SaaS companies face.
B2B SaaS companies face a unique set of challenges that are not encountered by other types of businesses. The fast-paced, rapidly changing nature of the tech industry means that these companies must constantly innovate to stay ahead of the competition. They must also work hard to acquire and retain customers, who may be fickle and quick to jump ship if a better option becomes available.
One of the biggest challenges for B2B SaaS companies is ensuring that their product or service is aligned with the needs of their target market. This requires a deep understanding of the customer's pain points and an ability to create a solution that meets those needs. A solid go-to-market strategy, including a clear messaging framework and effective sales and marketing tactics, is essential.
Another key challenge is maintaining customer engagement and ensuring that customers continue to derive value from the product or service over time. This requires a strong customer success function that can proactively identify and address any issues or concerns that may arise.
However, for customer-centric B2B SaaS providers, this poses a multi-dimensional problem; when there are hundreds of enterprise clients, each with N number of use cases, each use case depends on multiple product features.
B2B SaaS companies face unique challenges, such as constantly innovating to stay ahead of the competition, aligning their product roadmap with the needs of the target market, and maintaining customer engagement over time.
However, how to ensure in a scalable way that the product roadmap priorities align with the diverse and evolving business priorities of all these clients in different stages of the customer journey across different verticals?
Addressing this challenge at scale will require an organizational-level single source of truth platform to address several questions to deliver a customer-centric approach in project management (with a click of a button).
Look at the example above that addresses all the challenges an organization faces while catering to each client's requirements.
RAG status is a visual method businesses use to track the progress and status of various aspects of their operations, including customer use cases, projects, and clients. RAG stands for Red, Amber, and Green, with each color representing a different level of progress or status.
RAG status can help businesses quickly identify areas that require attention and take corrective action to address any issues or problems that may arise. It allows companies to communicate with their clients and stakeholders more effectively by providing a clear and concise overview of the status of various projects and initiatives. It can also help to build trust and confidence in the business, as clients can see that their needs are being taken seriously and that progress is being made.
CogniSaaS is helping B2B SaaS enterprises overcome the current challenges, which have made it more critical than ever for businesses to adopt a customer-centric approach. It assists B2B SaaS companies to attain customer centricity at scale to align more with their client's business priorities. It also allows companies to prioritize customer needs and achieve higher customer success.
Would you like to find a comprehensive solution for your customer onboarding and implementation requirements? You can schedule a free demo or get an exclusive consultation from our customer success team.