#SAAS vendors make subscribing to their platform easy
But too many make it EASY TO LEAVE!
A monthly churn rate of ~2% means they’re replacing 1 in 4 customers every year
And replacing them is as much as 25X the cost of keeping them
Think how much they could save on marketing!
So much more to spend on development of the platform, right?!
More to spend on building their ECOSYSTEM
Because that’s what they’re selling
Once they’ve built their platform, they’ve addressed most of their customers’ immediate needs
Yes, they need to keep evolving, adding new features and updating the aesthetic
IF WE’RE LOOKING AT THE TECHNOLOGY WE’RE MISSING THE POINT
New features might attract a few new customers
They might convince some not to leave
But it’s software as a #SERVICE
They need to do BOTH well
Their platform may be brilliant
But without good help, education and high quality post-sale support, it may remain a mystery to their customers
And IF THEY CAN’T PLAY, THEY WON’T STAY
#SAAS should be like top hotel
Great rooms, fantastic food, excellent activities and superior service
Get them all right and guests will pay a premium for the experience
And they may just come back year after year
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MarshallFloyd – People and Technology – Download our free guide with over 100 tip, hints and ideas you can use to improve your IT.