Technically speaking, when a customer subscribes to your service, they perform the initial investment. They are investing in your service because it meets a need, solves a pain, gets a job done, or all of the above. On the surface, their investment is monetary in nature – monthly recurring revenue.
But a customer’s investment in your service goes beyond a monthly financial transaction. They also invest their confidence that your service will make them more successful – more successful in their immediate job, more successful as a team, more successful to the C-suite and overall more successful as a business. Depending on the nature of your service, they could also be instilling trust of their data, their processes and their financial livelihood in your offering. For instance, if you provide a human capital management service, then all of the payroll and personal information they entrusted you with.
With the continual increase in competition within the SaaS industry and very low barriers to entry, customers could just as easily stop paying you and start paying someone else. And if there is no clear business benefit, then the value of your offering quickly starts to diminish.
That’s why customers have to become an investment in time – your time. You need to call or email them, schedule meetings and generally stay in touch. Don’t wait for them to contact you when there is a problem. Engage with them on a regular and personal basis. Calling them up to ask if their Thanksgiving was enjoyable is not a bad idea – those Hallmark events will always give you a reason to call – but calling them to ask about their Thanksgiving AND inquire as to why they haven’t used your service in the past three weeks shows that you have an invested interest in their success with it.
What if you could understand how they are using your product while they are using it? What if, when you call or email you could delight and surprise them, with the right insights of their business and how the value of your service is, and can better, meet their needs? What if you could call them with a great offer to renew, long before their renewal date comes due?
What if you could invest as much in your customers as they have in you?
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