As a software company in 2019, you’ve likely made the transition to a software-as-a-service (SaaS) model, replacing your boxed software packages with web-based products.
The transition to SaaS is a smart move. SaaS-based software sales enable your company to sell more products faster online. However, simply making the move to SaaS isn’t enough to propel your business to long-term success. As a software company, you need to plan for the growth of your subscribers’ lifetime value.
Self-service commerce presents an opportunity to create and merchandise new offers that your customers can subscribe to online and modify over time, allowing you to transform customers from one-time buyers into loyal subscribers.
Launch new products and upsell
Self-service commerce experiences enable your business not only to sell SaaS products online but also offer ancillary product lines or give customers the option to increase the services included in their subscriptions.
The beauty of enabling upselling through self-service commerce is that it requires very little overhead. Customers can log in, add new services or features to their subscriptions, and browse other SaaS products they may be interested in — all without the assistance of a sales rep.
For example, major software brands like Microsoft or Adobe allow customers to subscribe to basic software packages online using a self-service model. They can also add users or subscribe to other product offerings to complement their subscriptions (like Sharepoint or CRM in the case of Microsoft), without ever speaking to a sales rep. This process allows the company to grow revenue at a very low cost quickly.
When you give your subscribers the power to control their subscriptions online via self-service, you increase the lifetime value of your customers. They’re no longer engaging your business to make a one-time purchase. Instead, they’re creating a lasting relationship with your company.
How to know when you’re ready to launch a self-service model
To enable self-service for SaaS-based software sales, companies need to start with a technology discussion. It’s important to have the ability to experiment with complex subscription management and collect customer feedback over time. To start the conversation, ask yourself the following questions:
- Does my technology allow me to experiment and introduce new subscription plans?
- Does my technology support the complexity of online subscription management?
- Do I have the reporting and analytics capabilities that will help my product team launch new subscription models, listen to, and model customer feedback?
If you answered no to the above questions, consider best-in-class digital commerce solutions that enable complex self-service, allowing you to test new subscription models over time and quickly collect feedback.
What’s more, the right solutions will give your organization the power to go to market quickly, and start generating sales and loyalty immediately.
In the software business, customer lifetime value is crucial. It’s easy to generate one-time sales online, but real success lies in the ability to create long-term relationships with customers. Don’t wait. Learn how Salesforce B2B Commerce can help your business grow today.