Tracking customer data and behavioral analytics is vital to the success of any business-to-business (B2B) software-as-a-service (SaaS) company. With rapid, industry-wide global growth, personalization and product localization are more important than ever to give you an edge over the competition. The following are three ways to analyze your customer data to help tailor your product for a specific market:
Put the ‘Service’ in SaaS
One of the most important behavioral analytics to track is churn rate. Client loss is often a result of something very basic and overlooked: happiness. HubSpot, for example, relies on what it calls the Customer Happiness Index (CHI) to minimize its churn rate. By keeping track of how frequently its customers use its software and other behaviors, the company can determine which clients are experiencing the highest success rate with its product and which clients may need more assistance to effectively utilize the platform. HubSpot was able to hang onto 33 percent of customers who were once unhappy by tracking CHI.
For SaaS companies looking to expand their business and focus on market penetration, keeping clients happy means providing localized customer service. Just as the product itself needs to be tailored to the local language and culture, so does customer service. As companies go global, it becomes increasingly important to develop both support staff and data centers to accommodate local markets. A personal touch will not only help build long-term relationships with new customers, but it will also help create a positive reputation in a new market.
Track Product Usage
Translating the user interface and workflows, as well as supporting local currencies, can be pivotal to success in new global markets, but you may also need to customize specific features of your product to keep local customers. As the 2014 Pacific Crest SaaS Survey reveals, the fastest-growing companies rely on upsells for success. However, if certain markets utilize your product differently, you may lose out on upsells when high-end features are not utilized. Analytics can help you see how your clients are using your product and how they aren’t. Track data on how customers use advanced options to determine whether certain features are being ignored in a particular local market. You can then tailor your software to the market’s specific needs.
Look for Integration Opportunities
When you introduce your product to a new international market, it can be helpful to have a partner that already has an established client base. Track your customers’ behavioral analytics to determine other third-party products and platforms they utilize, then look for integration opportunities that fit well with your software. Partnering with successful products can benefit your current clients and help expand your business reach in global markets where you have not yet established a reputation.
You can learn a lot about your consumers with analytics, but the information can’t help you unless you are willing to add localization to your product and marketing strategy.
Image source: Bigstock