Losing your SAAS/Membership customers could be painful, or maybe not.
As the years go by, we must have all noticed the increase in competition in whatever niche we find ourself and this is something everyone can testify to.
This development has also brought a decrease in customer loyalty and an increase in churn rate because they can just jump on the next Ad they see that is for your biggest competitors and then next month, they opt out of your service… Forever.
This is probably a common story for most membership/SAAS platform owners because customers are always looking for the next ‘bestest’ deal.
The biggest mistake you can make will be to lower your monthly subscription fee because they will probably take you less serious when this happens.
Instead, there are other tactical ways you can use to attract your existing customers to stick with you for the longest time while increasing your customer LTV also, which means more money in your pocket.
✅#1 – Your Offer Value
Customers will always love to jump on the best offer, not the cheapest offer so dropping your price as I mentioned earlier will only kill your perceived value. You need to constantly update/upgrade your service, training and even your UI.
This will give your customer more value for their money and they will stick around just because you care for them.
The best way to know what to do next is to always listen to customer complains and suggestions because this is still the best way to understand what your market needs at every point in time.
✅#2 – Tailor your service
Most times people tend to create their service around their imaginary idea and need and this just feels like an achievement but deep down it is hurting your business.
Rather than approach your business this way, it is best to create your solution around their problem. Don’t sell what you think they need, sell what they need. Pause and do a survey, numbers don’t lie.
✅#3 – Backend offers
Every market has a secondary need, something that keeps then looking outside your product or service for a solution. Your funnel may not contain all they need but there are many ways to reach them once they are your customers, this will also increase your revenue.
You need to create offers with your funnels with special packages that solve a particular need. This can be a DFY or DIY offer or even a group coaching and should be mid or high-ticket. You can get this done yourself or even get someone else who is an influencer in your market to do it.
✅#4 – The Customer Experience Journey
People pay for an experience, not just a product. They want the best aspect of your service and also want to feel catered for at all times.
This will require some reliable customer experience and also accountability. They want to know what is going on with your product, they want to feel like they are part of your journey and they want to get to have an easy way to reach you.
This goes beyond emails and FB groups but the actual activity that goes in these mediums is what means the most.
Trust me, the best way to increase your revenue is to decrease your churn rate as low as possible, keep customers in as long as possible and also increase their LTV.
An increased churn rate can really take a toll on your business if you let it.
You can not hold back every customer from leaving your product but you can make sure more choose to stay with you.
I hope you found this post valuable. if you have any question or reactions please leave a comment below.