As generative AI apps like ChatGPT become increasingly more abdunant, startups will need to fulfill a new expectation that products should be intelligent and conversational. But to do so, companies will need to merge their data science teams with their core engineering teams. Thus, allowing data sciencetists to help optimize the product's end-user experience.
A cancellation flow is a sequence of automated steps a customer goes through when signaling they will churn. A well-designed cancellation flow is critical for SaaS companies to help retain customers. When setting up the flow, be sure to have it identify the specific churn intent, offer personalized solutions, and automatically alert your customer success team.
Customer Success Ops is essential to building an effective customer success strategy. Establishing a standardized workflow helps to create a consistent customer experience and improves the productivity of CSMs. Even simple steps like revisiting welcome emails and communicating within a Slack group can have a meaningful impact on your team's operations.
Silicon Valley Bank recently reported a $1.8 billion loss and is raising additional capital by selling stocks. Now, dozens of VCs are advising their portfolio companies to pull their assets from the bank or at least diversify where they hold their capital. But some customers are having trouble transferring funds out of their accounts, while client support phones are reportedly down for some holders.
Doing more with less is a common theme in today’s economic environment. As a result, efficiency is top of mind for founders. Not only for their operations but also thinking of ways to use it in their messaging. To better understand how B2B SaaS founders can do this, I spoke with Prem Kumar, the CEO, and co-founder of Humanly.io.
Here are the key takeaways from the latest SaaS Weekly Growth Story. 1) Frame your product messaging through the lens of Maslow’s Hierarchy of Needs. 2) Use your product’s data and analytics to establish your company as a thought leader in your industry. 3) Build a partnership channel to help scale pipeline generation and improve your product’s stickiness.
How do you reach $100K in ARR before building a product? You start by writing content that garners a community of hand-raisers (an engaged audience base). This is exactly what Adam Schoenfeld did to launch Keyplay.io into the fast lane.
Adam's secret to growth was creating a feedback loop between his LinkedIn following and his Newsletter. By publishing 'zero-click content' on LinkedIn, Adam drove new subscribers to his newsletter, which in turn helped him collect more research to write better content. This distrbution strategy also opened up partner opportunities that helped further expand Adam's audience and reach.
Retention significantly impacts a SaaS company’s growth rate, profitability, and valuation. By achieving a best-in-class retention rate, companies can grow three times faster than their peers and achieve better capital efficiency. In this article, discover the benchmarks and key insights from ChartMogul SaaS Retention Report.
During times of economic uncertainty, companies across all industries look to double their focus on existing customers. As a result, retention has moved into the spotlight as SaaS companies maintain their growth rate through expansion. In this article, discover the seven ways to make customer retention and loyalty the center of your growth strategy.
Employee referrals are a great way to source quality candidates for a new role. By establishing a referral program, hiring managers can incentivize employees to become brand ambassadors and streamline the recruitment process. This article walks you through the dos and don'ts of employee referral programs and how to enhance it with technology.
Stock-Based Compensation (SBC) is a long-debated and controversial topic in the tech world, and its overreliance within the industry has led to renewed scrutiny on long-term profitability. When used effectively, SBC can offer meaningful human capital benefits, such as retention, hiring, incentive alignment, and cash conservation. But an overreliance can start to backfire during less robust market environments, especially when there is a sharp decline in a company’s share price.
Breaking News! OpenAI has just released the ChatGPT API called GPT-3.5-turbo. The newest edition to OpenAI's API is considered to be the 'most advanced language model' and is available at 1/10th the price of the current GPT-3 model. Striving for first mover advantage, many companies are already using the ChatGPT API, inlcuding Instacart, Shopify, Snapchat, and Quizlet.
A Product-led Sales (PLS) motion has been a key driver for Figma’s rapid year-over-year growth. But to be successful at it, the company paid close attention to understanding when sales should reach out to new users. And that meant using product usage data to prioritize product-qualified leads (PQLs) and signal when a user was more likely to convert to a higher tier.
For example, Figma analyzed which product behavior correlated with an upgrade, and when two or more 'behavior signals' were triggered, the account was passed to a sales rep. As the sales team outreached to users, decision-makers at the same company were targeted with content around the value of Figma. This multi-threading approach, combining a top-down and bottom-up sales motion, helped the company increase sales velocity and deal size.
As we approach the end of the first quarter, we can begin to reassess our expectations for this year. Should we adjust our assumptions for 2023 or have they been spot on so far? To help with that review, we’ve curated predictions made by three thought leaders in the SaaS industry that could give us insights into what could just around the corner for B2B SaaS companies.
Based on data aggregated from 130,000+ customers, here are a few marketing data themes HubSpot saw in 2022. (Hold onto your seats for this one). Across all industries, email open rates declined by 12.9%, while email opens dropped by just under 4%. However, web conversions saw an 11% increase and the number of inbound leads went up by 6.6%. This article walks you through a few highlights from HubSpots marketing report, which I downloaded [here](https://drive.google.com/file/d/1moLbItiRbWa2DuI6xHNveYubdztXmBmx/view?usp=sharing).
To 'break the ice' with new accounts, companies can use intent-based marketing to target warm leads rather than cold prospects. This strategy can help companies increase the effectiveness of their outreach without breaking the budget. By using customer intent data, marketing teams can craft timely and relevant messaging to prospects who are more likely to convert into qualified leads. This article walks you through the different types of intent data to include in your marketing emails.