The 5 Reasons SaaS (Software-as-a-Service) Customers Churn | Dan Martell
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Are you worried about the amount of people that cancel every month from you SaaS? In this video, I talk about the top 5 reasons you have high churn in your product and how to fix them.
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What's your churn?
If you don't know this number, get it.
Better yet, do you know why they're churning?
When I was building my company Flowtown, we had a 12% monthly churn.
That meant that after only 8.3 months we had lost ALL of the customers we had worked so hard to attract & convert?
Just so you know, that makes for a HORRIBLE business.
Your goal should be 8% PER YEAR (for B2B SaaS)!
So if you're bleeding customers, what do you do?
It comes down to one (or all) of these 5 things to ensure that you're doing everything you can to keep customers happy and sticking around for the long term.
Now, if you sell to VSB's (Very Small Businesses), know that your customer's failure rate (ie. going out of business) - #5 on my list - will definitely impact your growth.
I learned that one from Gail, the CEO of Constant Contact - the first public SaaS company EVER!
Her insights were invaluable...
... and inspired this super simple strategy that can drastically cut down your churn rate.
At the end of the video I share the key tag you should be marking your most âat riskâ customers withâ¦
â¦ and how doing so sends a clear signal to your customer success team to step in and save the day!
Once you watch the video, leave a comment and let me know where you're going to dive in next.
What are do you need to spend some time to help retain paying customers to help re-invest profits into your growth!
Can't wait to hear from you.
Dan âreducing the churn burnâ Martell
Don't forget to share this entrepreneurial advice with your friends, so they can learn too: https://youtu.be/gBRxAK_olEY
ABOUT DAN MARTELL
âYou can only keep what you give away.â That's the mantra that's shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who's raised more than $3 million in venture funding and exited not one... not two... but three tech businesses: Clarity.fm, Spheric and Flowtown.
You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It's also helped him shape the future of Hootsuite as an advisor to the social media tour de force.
An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You'll find not only incredible insights in every moment of every talk Dan gives - but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away.
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Led Digital Marketing Efforts of Top 500 e-Retailers.
Worked with Top Brands at Leading Agencies.
Successfully Managed Over $50 million in Digital Ad Spend.
Developed Strategies and Processes that Enabled Brands to Grow During an Economic Downturn.
Taught Advanced Internet Marketing Strategies at the graduate level.
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