Today's hyper-competitive business environment makes it increasingly difficult for SaaS businesses to stand out from the crowd. Their goal is to convince customers to choose them over their competitors at all times. A solution to this problem is to demonstrate value to them.
A product's value is not necessarily determined by its price. It consists of the experience and benefits that your customers receive for the price they are willing to pay. Value is the reason why people pay for it. As long as they continue to receive value, they will remain loyal to your brand. It is for this reason that businesses strive to provide an exceptional customer experience in order to maintain long-term customer relationships.
A company's primary objective is to provide value to its customers, regardless of its industry. Most customers who purchase a Customer Success platform do so because their operations are not optimized. It is their choice to partner with you (vendor) in order to accomplish their goals.
Customer value should be your focus if you wish to retain your customers for a long period of time. Aim to maximize value from your product, as well as from your overall relationship with your customers. However, delivering only value is not going to be sufficient. The next step should be to demonstrate it. This article outlines 6 ways in which you can demonstrate value to them and constantly demonstrate your commitment to their success.
1. Utilize customer testimonials to demonstrate value
Research indicates that 88% of people trust customer reviews as much as personal recommendations.
By gathering testimonials and case studies, you can use this to your advantage on your website and social media platforms. For inspiration, take a look at some customer testimonials.
Besides boosting your authority and easing potential customers' doubts, testimonials can also help you differentiate yourself from your competitors. By displaying your track record of success, you demonstrate your value to customers clearly.
In spite of this, many businesses struggle to obtain testimonials for their products and services.
Here are a few tips to help:
- Simply ask for testimonials: Get in touch with recent customers and ask them about their experience while their memories are still fresh.
- Follow up: If a customer doesn't respond to your first email, follow up later. After they have had a chance to form an opinion about your company, they may be more receptive to your request for a testimonial.
- Approach your best customers individually: It is likely that they will provide you with a good testimonial, and the act of personally reaching out to them will strengthen your relationship with them, as well as their relationship with your business.
Be specific when asking for a customer testimonial, as it will help both your business and your client by making it easier for them to provide the information you require.
For instance, you might ask:
- “What’s your favorite thing about our product/service?”
- “Can you tell me about your experiences with our employees? ”
- “What are the biggest benefits you have seen as a result of using this product or service?”
2. Use competitor comparisons to your advantage
As you observe your competition, you can gain a better understanding of what works and what doesn't in your niche. As a result, you will be able to better inform your own strategy for showing your customers value.
Furthermore, you will be able to differentiate yourself from your competitors even if your product or service is identical to theirs.
Make sure you conduct a competitive analysis of each of your competitors in order to determine what your advantage is and how you can leverage it. These differentiators can be used in your marketing materials, on your website, and in your brand narrative.
Ask yourself these questions about your competitors:
- What are they offering?
- What are the features and benefits of their products?
- What sets them apart from the rest?
Nowadays, almost all customers conduct some form of comparison research before making a purchase decision. Therefore, if you can offer any benefits that your competitors do not, it makes it much easier for you to convince and convert your customers - and it is much easier to demonstrate value since you are aware of what customers need and want.
3. Gather and apply feedback
It is likely that many of your customers will leave reviews and feedback, regardless of whether or not they are satisfied. As a way to improve your business, you must collect and use this information. At Toucan we know this better than anyone, being the highest-rated analytics solution for customer satisfaction on G2.
As an example, you may receive a complaint regarding customer service in one of your reviews. The information should be stored in a database so that you will be able to refer to it continuously and improve your business over time.
After that, you can use the information to train your team based on the feedback you receive from your reviews in order to resolve all the issues you have identified. If you take your customers' feedback seriously and have made meaningful changes as a consequence, you can demonstrate your value to them. You can do this by responding to reviews, posting updates on social media, or sending customers an email.
Providing genuine value, building relationships, and delivering the best customer experience will enable you to demonstrate to your customers that you are not just after their money.
It also allows you to remain competitive and eliminates the need for the customer to seek out new ways to satisfy their needs.
4. Maintain a high standard of customer service
You can demonstrate your value to your clients by providing ongoing support and customer service. A positive customer experience is just as important as a company's products or services, according to 80% of customers.
Your customers want to feel valued at every stage of the customer journey, regardless of whether you are selling products or services. Here is an example of customers finding value due to great customer service.
In order to ensure that your customers have a positive experience with your business, you must provide outstanding customer service and address all their customer pain points.
Keeping in touch with your customers after they have made a purchase is one way to accomplish this. By doing so, you demonstrate to your customers that you are committed to building a long-term relationship with them.
Regular email newsletters that include information about upcoming promotions, FAQs, and educational materials you or your team have created are one of the best ways to keep in touch with your customers.
5. Make customer-centric content
By providing your customers with relevant and useful content, you demonstrate your value in an effective manner.
Creating content that supports them throughout the use of your product or service is a great way to accomplish this. It will increase customer satisfaction and enhance customer retention if you can help them make the most of your product.
Consider creating different types of content, such as blog posts, videos, podcasts, webinars, etc., that will help your customers see you as an expert or help them use your product more effectively.
It's undoubtedly a great way to prove your value while providing a great service.
6. Let customers see the value for themselves
You don’t have to show the value of your product if your customers can see it for themselves. The easiest way to do this is with analytics. Having an analytics dashboard in your SaaS application will allow customers to see how much usage they get out of your product and all the insights that you can generate to help them grow their business. The biggest fear customers have when buying SaaS products is value and adoption. With an analytics dashboard to track both, they can check the stats at any time and understand the impact your product provides.
There are two major ways you can get an analytics dashboard within your product. You can either build it yourself, which would take up considerable time and resource away from your original product and could take multiple new hires a few months to complete. Or you can go with a third-party embedded analytics solution like Toucan. Unlike most solutions on the market, Toucan is 0-code and built for business users so you can build a data culture without needing a data team. On top of that, the analytics can be completely white labeled so your customers cannot tell it apart from your core product. Unlike all the other methods on the list with are push strategies, letting customers see the value for themselves is a pull strategy. Always being on top of their mind and letting them understand the value at their own pace makes them more likely to spread the word and review the product.
