Understanding time to value (TTV) and how to track, measure, and reduce it is crucial for the success of your SaaS business.
In the SaaS industry, the phrase “time is money” is the ultimate truth that helps your business succeed. We live in a time when customers are overwhelmed with various options available in this competitive market.
B2B SaaS enterprises mostly choose tech solutions or investments based on the credibility of the brand or product. However, they also opt for a product or service that solves their problems and provides value in the quickest time possible.
According to Hubspot research, 33% of customers get frustrated by having to wait and repeat themselves to multiple support representatives. If your company doesn’t deliver value or solutions quickly, customer churn is inevitable.
Modern consumers are looking for value and solutions, but they are also looking for a faster time to value (TTV). Customers expect a quick return on their investment. The faster you convince users they’ve made the right decision, the sooner you can reap the benefits.
You must understand what time to value is (TTV) and how to track, measure, and reduce it. It is a highly effective way of Value delivery in enterprise SaaS to beat customer churn and attract more customers to your business.
In SaaS enterprises, time to value is one of the key metrics that help measure the amount of time it takes, from when your customer purchases to when they start to get value from your product or service.
The faster you provide a solution to a customer’s problem, the better their customer experience (CX). You can use this metric as one of your USPs to differentiate yourself from your competitors and retain them for the long term.
Customer Onboarding is the most crucial phase of your customer journey as this phase is an opportunity for you to guide them and show the actual value of your product. A strong customer onboarding strategy is necessary for continuous value delivery to create a better customer experience(CX). It helps you understand your customer’s perspective and eliminate all the points of frustration.
Customer satisfaction not only results in faster time to value (TTV); but also positively impacts your business growth, considerably increasing your customer lifetime value; it impacts the annual recurring revenue (ARR).
One of the goals for onboarding is a shorter time to value. You can achieve this by eliminating steps that are not necessary or required immediately. It will help your customers reach the value they are looking for quickly. It will also help you to prevent them from churning.
Most SaaS enterprises use a value-based delivery model that includes various strategies to measure time to value (TTV). Firstly, you must define what “value” means for you and your customers. However, it may vary depending on your product or services and your customer’s specific needs.
The strategies you can use to measure time to values by tracking the time it takes for them in these aspects:
Faster time to value plays a massive role in reducing customer churn. Here are a few ways to help you reduce your Time to Value (TTV) to prevent customer churn and encourage them to a long-term relationship.
Monitoring your customer’s usage pattern is crucial for effective customer onboarding.
This insight will help you know what features they are using more, where they are getting stuck, and where they are going wrong.
It will be helpful to strategies and provide accurate solutions to custom’s problems and help you efficiently engage with them to improve their customer experience(CX).
In SaaS enterprise value delivery, it is essential to personalize the customer onboarding experience to help minimize the time to value. You must pay attention to the customer journey and Guide them throughout the onboarding process. Make sure to personalize resource content relevant to the customers and their goals.
As we discussed above, it is essential to provide relevant resources. It is also crucial to structure it. Resources must be structured to educate the customer with features that will help them achieve their goals rather than serving them with all the knowledge.
It will allow them to use their bandwidth to achieve their goals with a clear path without getting overwhelmed by your articles and tutorials.
You must test the user acceptance of your product before and after you launch it. Also, try using your product from the customer's point of view. Even the slightest blip can consume a lot of time for new users.
This practice will help you identify any obstacles and remove them from your product.
You need to map out the personalized customer onboarding journey and avoid irrelevant steps for each customer's specific needs without overwhelming the customers.
Enterprise SaaS platforms must provide a clear pathway that helps roll out solutions in phases to deliver a higher level of understanding of the platform before customers move forward to the next one.
Enterprise SaaS platforms must have a great product design and user interface to enhance your user experience and the perception of the value you deliver with your product.
Your UI needs to be simple with a minimalist design that is easy to navigate through your product with the help of personalized content.
Customer retention is the ultimate goal for customer success managers, but they need to understand, measure, and deliver a shorter time to value. Educating your customers and providing them with a quick solution to eliminate friction helps you with continuous value delivery.
Building a long-term customer relationship requires you to minimize your time to value with the help of an effective onboarding process with various touch points you make with your customers.
For an effective onboarding platform for your SaaS enterprise, you need to go for the best customer onboarding platform to help your customers achieve their goals by shortening the time to value and securing their loyalty.
Learn the key components of effective resource management for implementation.
Learn the advantages of a good customer onboarding tool and how it can impact customer onboarding.