How to improve customer renewal using videos?

If you are a SaaS trying to boost your customer experience and in turn decrease churn, then there is no defense for you not creating brand videos for your product. Studies have shown that increasing your customer renewal by a mere 5% can increase your profits exponentially by 25-95% for your SaaS.

A great way to do this is by using appealing videos, which is why the number of businesses using videos as a marketing tool has increased from 81% to 87% in recent years, with 83% of marketers admitting that videos have a good ROI.

Source : profitwell.com

“The average client retention rate for personalized SaaS videos is 35% higher than for non-personalized ones.”

Customer Retention Strategies using Video Marketing

Source : avangate.com

1. Sharing brand announcements:

Important updates about the release of a new product or new features in the existing SaaS can be shared via engaging videos by the customer success manager to immediately grab the attention of your current clients and increase the chances of renewal.

2. Increasing customer loyalty:

Constantly connecting with the customers through videos to promote, inform and educate them about your SaaS product or service will help in keeping them updated and in the loop, and will improve product adoption and customer success.

3. Increasing customer retention rates:

Video marketing, especially through explainer and how-to videos, can prove to be the most important strategy to convince customers to stay with the brand, in establishing a long-term connection with them, furthering customer loyalty, and reducing churn. For more insight watch this video.

64% of the consumers admit to making a fresh or recurring purchase after engaging with a video by the SaaS company.”

Source : profitwell.com

Top Customer Acquisition Metrics Tracked by SaaS Businesses

Metrics Percentage
Website unique visitors 84 %
Number of new trials or Free Sign Up 66 %
Conversion rates (free to Paying) 56 %
Customer acquisition cost 56 %

How to use videos to retain and renew customers?

Source : avangate.com

1. Onboarding Programs:

Onboarding is essentially the backbone of your future relationship with the customer as it eases the customer into the process of getting acquainted with the SaaS and by providing them with the tips and tricks of adopting the product in a better way.

It not only provides a warm welcome and provides valuable data to the customer, but it also helps in demonstrating the benefits and the features of the SaaS, thereby building customer loyalty and advocacy in the future.

Onboarding videos help in this process as they can improve customer allegiance and eliminate the potential frustration caused by difficulties that occur when a person uses a product for the first time.

The success of such videos is measured by the quality of the video which affects the behavior of the user after sign up.

2. Building Trust:

a. Product Reviews

Product Review videos not only help in instilling instant trust in your customers initially and but also keep the faith going, and aids in renewing and retaining them as these videos subconsciously establish a human connection as you watch another human being reiterate and reinforce the benefits of the SaaS to the customer.

b. Customer Service and FAQs Videos

While dealing with the issues that raise the most customer tickets, FAQ videos are made for customer success and the most asked questions are answered. Customer support videos are similar and address problems faced by the user. These videos greatly help in increasing customer retention.

c. How-to Videos

Critical in converting users to loyal customers, a how-to video is what keeps a customer going. They explain upgrades on the product, how to use previously launched products, or even answer frequently experienced problems, thereby severely shrinking the churn rate.

d. Testimonials by leaders

Testimonials videos vouch for the company and the product, especially if these clients are leaders in the field. Clients being interviewed, sharing their experience helps build trust like nothing else does as it gives a peek into the actual solutions the product provides. These videos also showcase your work, therefore proving to be a welcome mat to the new leads.

e. Academy Course Videos

They impart exhaustive information not only about the product and the brand but also about the field that the product comes under.

They are highly useful in improving product usage as they help simplify complex concepts and the execution of your SaaS product. They can be added to your website as academy courses and keep your customers engaged and loyal to your SaaS. Here is a breakdown of the top SaaS Academies and their secrets.

f. Webinars

An active webinar strategy can change the face of a SaaS company, thereby increasing retention. According to research carried out by Demio, 78 of the brands in Forbes’ The Cloud 100 2019 list run webinars for their audiences.

Engagement of customers, working with primary industry stakeholders, increasing brand awareness, producing new leads, and showcasing the product are just a few of the gains of broadcasting SaaS webinars.

3. Social Media Outreach

a. Podcast videos on social media

A lot of SaaS companies conduct podcasts to amplify brand visibility, increase engagement and improve customer renewal. This content helps in generating enough organic traffic as these podcast snippets are pieces of relevant and appealing advice from thought leaders in the field.

b. Personalized videos

Personalized videos are used to directly earmark the users and tell them that you care about their allegiance with your company. A brand can improve its customer retention metrics by using targeted customer engagement.

These videos are usually personalized with the recipient’s name along with an effective call-to-action, thereby effectively generating customer satisfaction and driving retention.

Source : invespcro.com

Use Video and screen recordings as a supplement to your services

Source : lifesize.com

SaaS companies have been adversely affected by the COVID-19 pandemic. Instead of in-person meetings, businesses had to come up with quick solutions to work on stay-at-home strategies to sell and promote their SaaS.

As more companies have started to rely on video conferencing services it has become imperative to plan out and create small snippets of screen recording videos to showcase the workings and benefits of the sass UI quickly for addressing questions by leads and current clients on video communication.

These screen recordings can also be embedded in the website to increase customer lifetime value.

Source : invisionapp.com

Final words

Source : custify.com

A recent survey by Invesp has established that 70% of businesses admit that it is cheaper to retain a customer than to acquire a new one. A superb onboarding experience, goals setting for customer relationship marketing, customer advocacy, improving product experience, and helping customers see more value in your partnership are all essential company targets for customer renewal.

And they can be optimized through videos, as videos provide a sure-short way for any SaaS to improve customer success and trigger customer renewal.

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