More than 16,000 SaaS firms worldwide compete with one another in a $160 billion sector. And among various factors, one competition that takes the crown is - attention of the customers. And as a result of audience overlap, SaaS businesses are forced to reach out to the same persona. Not exactly but somewhat similar!
Yet, less than 70% of SaaS companies take product feedback from their customers, who are still in doubt before stepping out of their comfort zone, thereby creating a self-made roadblock in their growth. As a product manager or a SaaS founder or a CXO, you just can't do the job without customer inputs, you cannot enhance your products without asking your customer what they want, and just forget about the user experience, and customer's value.
With this article, you'll learn what SaaS product feedback is, the advantages of surveying your customer using a product feedback tool, and why it is important.
Goals of Collecting SaaS Product Feedback
Providing the most excellent product for clients, expanding the business, and keeping up with the competition are goals for any SaaS firm. And at the end of the day, if you are collecting feedback, there are certain drivers that encourage you to do the same.
To Provide High-Value, Relevant Material
With customer's suggestions for your help articles and even blogs and other resources, you can create content that is valuable and relevant and can bring more prospective clients to your website as well as retain the existing ones. After careful analysis of the feedback and the big dataset you collect, you'll better understand the customers and with a detailed buyer persona, you will be able to create the copies, messaging and content that resonates with them.
To Streamline Product Onboarding
Customer satisfaction is essential after you've established a relationship after a long. in the long term, losing a customer permanently because of trust issue or if they are confused and overwhelmed during our onboarding process. This is the reason why understanding your Customer Experience Score becomes crucial to improve customer onboarding process.
To Motivate New Features Development
SaaS companies are continually improve and enhance their products to remain competitive. And with feedback, your company will learn a lot about the features you introduce to your SaaS, align your product development process with your consumers' desires and improve your team and the overall product. And this is not just restricted to SaaS products but even eCommerce website development companies like Brainvire as we have assisted more than a thousand companies to introduce new features and refine old ones, all driven by our client's customers
To Create Loyalty Customers
Customers will be more loyal and less likely to switch their service providers if they feel heard and valued. And by taking and more importantly, addressing product feedback within the right time, you can not only keep your customers but turn them into your brand promoters.
Aggressive Practices to Use SaaS Product Feedback like a Winner!
Customer success and customer satisfaction are topmost priorities of every successful SaaS company. Following are some of the best practices and Don'ts you can leverage to have a successful SaaS Product Feedback campaign!
Avoid heavy Discounts just to Get Positive Feedback
For SaaS companies, discounts are a deceptive marketing strategy, especially when it comes to getting online reviews. Most of the time, businesses employ them as a desperate measure to increase the number of positive reviews and manipulate the users they already have. In the end, though, the reviews may give away something about your brand that you are not doing at all or may encourage irrelevant audience to try out your SaaS.
...But Don't Forget to Get Listed On Online Review Sites
Even though too much of a thing is bad, but too less and you may be ignoring one of the most important aspect of review marketing, which in today's world is one of the most low-cost, and low HR-intensive strategy to gain new customers.
You can boost your SaaS marketing by getting into SaaS review sites like Capterra, G2, GetApp and others, and build your credibility and authority.
Piggy Back on Scarcity
Increasing your conversion rate by decreasing your free trial duration may appear counter-intuitive. It's because your trial consumers will be under more time constraints. However, one of the most successful sales techniques is - scarcity. Take a look at the customer's product usage and if customers are able to get a hang of your software in just 3 days, you don't have to give away 30 days of trial. You can also increase conversion rate by using website heatmap tools like squidvision.
If done right by referring to customer feedback and in a well-coordinated manner, this strategy can raise the perceived value of your SaaS offering. And that is why, most SaaS applications are either offering a free trial of 7 or 15 days, and those in the 'Control' phase of their business are re-adjusting their pricing columns by replacing the 'Lifetime Free' option altogether!
Sharing is Caring, and essential for Improving
Help the product development team understand what their users want. You can share constructive feedback with your dev team. And it might help them see a missed use case or catch something that isn't operating as planned.
Tell the team about your experience producing a comparable product and how it worked out for you. Sharing product feedback will only improve the product!
Manage Product Feedback Well
The importance of client feedback for SaaS enterprises cannot be overstated. To know what your consumers think, you need to have it. You'll have no idea how they feel, what they like or dislike. This input is critical to developing your SaaS product and maintaining and gaining new customers. It's one thing to ask for feedback; organizing, analysing, and deriving actionable value from it is a completely different ball-game altogether, and this can only be done by a few!
Managing consumer feedback is extremely challenging for several reasons. And that is why streamlining the process is crucial, and that is where automation comes into the picture!
Are You Automating Product Feedback Management?
The foundation of technology is automation. While you are occupied with more vital tasks like resolving your customers' issues or fixing the product bugs, your feedback processes can work smoothly 24 hours a day, seven days a week. And automating SaaS product feedback management is a straightforward formula: accomplish more while doing less.
But, at the very least, when it comes to the customer experience, it's not only about getting your time back. Automation of core business activities by customer success teams with high levels of technical maturity is directly linked to significant increases in revenue. Following are a few things you can achieve by automating feedback:
- Close the feedback loop more efficiently
- Retain consumers that are on the verge of leaving, especially your most valued customers
- Get real-time feedback alerts to the right person at the right time
- Stop negative word going out in the public just to become another PR nightmare
- Manage feedback-driven tasks more efficiently.
- Analyse and take quick actions just through text comments and the mood of customers
Collect, Categorize, Manage, Analyze and then Strategize!
In the absence of real-world data, product teams can only speculate. And only your customers can tell you why they reached out to you, used your tool and what they need.
In today's era, because of the speed at which consumer feedback can be turned into action in SaaS companies, user feedback has become a vital part in product development.
And globally, all companies are now more confident than ever about the fact that they're on the fastest possible route to product-market fit and a bigger market share if they genuinely grasp their target market's issues, frustrations, and needs.