{"id":6941,"date":"2019-10-08T21:42:58","date_gmt":"2019-10-08T21:42:58","guid":{"rendered":"https:\/\/www.walkme.com\/blog\/?p=6941"},"modified":"2023-05-02T15:47:01","modified_gmt":"2023-05-02T15:47:01","slug":"cx-strategy","status":"publish","type":"post","link":"https:\/\/www.walkme.com\/blog\/cx-strategy\/","title":{"rendered":"How to Design a Winning CX Strategy for SaaS Companies: 6 Tips"},"content":{"rendered":"

\u201cTechnology and software companies spend millions acquiring new customers, yet customer retention is what separates top performers from their competitors.\u201d \u2013 McKinsey & Company<\/a><\/strong><\/em><\/p>\n

There\u2019s no doubt that customer acquisition is a vital part of growth for SaaS companies. But acquisition shouldn\u2019t take over all of your marketing and sales efforts: customer retention<\/a> should be a top priority.<\/span><\/p>\n

Even with a steady flow of new customers, a high churn rate can easily negate revenue growth due to the cost of acquisition. Instead, by focusing your efforts on customer success, you can increase customer retention and build a loyal customer base that will contribute to faster growth.<\/span><\/p>\n

According to an infographic by Invespcro, it costs <\/span>five times more <\/span><\/a>to acquire a new customer than to retain an existing one. Thus, by shifting your focus from acquisition to retention, you can reduce the revenue loss caused by churn. It is also a fact that loyal customers tend to buy more, adding to your bottom-line significantly.\u00a0<\/span><\/p>\n

Fortifying your customer retention efforts requires a solid CX strategy.<\/span><\/p>\n\n

An excellent CX strategy is integral to SaaS success<\/b><\/h2>\n

By now, we all know how important the customer experience is to customer retention. Gartner even predicted that <\/span>81% of companies<\/span><\/a> will compete mostly or entirely based on customer experience or CX in 2019.\u00a0<\/span><\/p>\n

You’re already committed to ensuring exceptional experiences<\/a> for your customers \u2013 right?\u00a0<\/span><\/p>\n

Well, <\/span>80% of companies<\/span><\/a> that participated in a survey\u00a0conducted by Bain & Company believed their customer experience was great. Unfortunately, only 8% of customers agreed.<\/span><\/p>\n

But don\u2019t worry. As a subscription-based business, you have enough opportunities to interact with your customers and improve their experience at each level. <\/span><\/p>\n

Below we\u2019ll share some proven tips to help you design a powerful CX strategy for your SaaS business.<\/span><\/p>\n\n

1. Build a user-focused onboarding program<\/b><\/h3>\n

\"cxHave you ever wondered why some customers churn even before completing a month of a subscription? There are two common reasons for that:<\/span><\/p>\n\n