5 Ways to Improve Customer Experience in FinTech SaaS Products

August 8, 2019

5 Ways to Improve Customer Experience in FinTech SaaS Products

When it comes to software as a service (SaaS) recurring revenue is crucial to long-term success [1], and the only way you’re going to experience recurring revenue is by creating a customer experience that not only meets but exceeds their expectation.

The importance of customer experience

There isn’t a business out there that doesn’t rely on a high-quality customer experience to succeed. The well-known saying that “the customer is always right” may not apply in every situation, but it’s not far off the mark.

Most business owners know that happy customers are intrinsic to success and that increased revenue rarely occurs without an excellent customer experience.

Increased upsells, renewals and referrals, coupled with a reduced churn rate are vital ingredients in the formula that increases revenue and profits.

Many SaaS enterprises see the lions share of revenue per customer come after the initial transaction occurs. [2]

This would suggest that the process post-sale is of vital importance, with upsets and renewals being key to the success of the business.

With all of that said, the following five factors should be considered when looking to increase the success of the customer experience in SaaS products.

Before anything else, you have to define the journey

What does my typical customers' journey look like? This is the first question you should be asking yourself.

By this stage, you should know your customer avatars and will be looking to map out the journey for each of the different customer avatars that you have. Many companies only have one or two avatars, while others have more. It depends entirely on your business.

A critical mistake that many businesses make when embarking on this process is ending the mapping procedure once they reach the purchasing stage and a customer is created.

Continuing the process throughout the onboarding procedure and on to the upsell stage and even potentially renewal will provide you with a complete picture of the customer experience.

You should be creating this map from the perspective of your customer, but don’t forget to include any processes that you feel are applicable from the viewpoint of the company, as these may help later on in the process when you have to identify potential issues.

Analysis of the journey

Now that you have a definite idea of the journey you would like your ideal customer to take, it’s time to compare the perfect scenario with the data that you already have on your current customer's journey.

Where does it differ? Why?

Take a closer look at the metrics you have available to you, such as the volume of customers at each given stage of the journey. Is there a falloff between a customer trialing your service and crossing over into becoming a paying customer? How do the figures stack up when you look at upsells and renewals?

Are there particular areas where customers look like they’re falling away from the process? Are certain upsells outperforming others?

A detailed analysis of the current customer journey in comparison with your defined ideal customer journey will give you the first indications of where your process can improve.

Problems aren’t the end of the world, what matters is how you deal with them

There is no business out there that can claim to have no customer problems. No matter how successful or innovative, there are always going to be problems.

It’s how these problems are dealt with that make all the difference.

Why are users contacting your customer service department? Examining the reasons could provide you with a trend that can be easily identified and dealt with.

One of the most critical problems that any business can address is the reason potential customers exit the process when they do.

The customer is always right

As I said earlier on in this article, the well-known saying that “the customer is always right” perhaps isn’t true in every case, but when it comes to addressing problems with your service the first port of call should always be the views and opinions of your customers.

No one’s product is perfect, and there’s always scope for improvement. Your customers can help you with this, exposing flaws within your system and providing valuable opportunities for you to address them.

When users contact your customer service department you’re not only being provided with the opportunity to solve an issue for a customer in an efficient fashion, you’re also being provided with information that can help you hone your product and service in future.

There could be patterns that emerge in the feedback you’re getting from customers, and it’s this kind of information that you should be acting upon.

Implementing changes

For many, this is a tricky step to take. Researching the information that your customers are giving you in the form of feedback is fine, and defining the journey your ideal customer takes through your sales process is essential, but unless the information you glean from this research is put into action, it isn’t worth anything.

Taking those steps to change important elements of your business can be difficult, especially if the information you have is pointing towards changing something that you think works well.

For some, the answer is employing the services of a company which is not only experienced in this field but which can also apply the kind of clear-headed thinking required to carry out this process effectively.

Here at DLT Software, we deal with companies offering all manner of services across numerous industries, and our experience puts us at the forefront of the industry. If you feel that employing the services of a team of professions is the best option for you, then we’d encourage you to get in touch today.

This process is about taking you out of the mindset of the business and putting you in the shoes of a potential customer.

If you do the work, and more importantly, follow through on the actionable points, you’ll see an improvement in customer satisfaction.

[1] https://azure.microsoft.com/en-gb/overview/what-is-saas/

[2] https://www.crazyegg.com/blog/27-customer-retention-strategies/

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