Customer Feedback Tools (Key Benefits For SaaS Companies)

Customer feedback tools play a critical role in collecting, sorting, and analyzing customer data.

Churn
December 1, 2021

Customer feedback tools play a critical role in collecting, sorting, and analyzing customer data. To collect feedback from SaaS users at scale, you must have access to automated solutions capable of asking for feedback at pivotal moments in the customer journey. When you unlock customer insights, these can help to reinforce a user-centric approach to product development.

Are you leveraging solutions to collect user feedback? There’s never been a better time to begin exploring the growing range of customer feedback tools on the market for SaaS companies. If you’re serious about further establishing product-market fit, you must collect user feedback In this guide, we will break down all you need to know about customer feedback tools.

What are customer feedback tools?

Customer feedback tools help you to collect user feedback by utilizing the power of automation. When it comes to collecting user feedback, timing is everything. To get the most useful insights, you must think carefully about the timing of your feedback requests. Fortunately, feedback tools automatically extend opportunities for customers to share their thoughts at the right moments.

For instance, user feedback can offer cancellation insights. When a customer decides to cancel their SaaS subscription, an effective user feedback tool will make it easy for a user to tell you why they are leaving. Raaft enables SaaS users to choose from preselected motivators to tell you why they decided to cancel their subscription quickly.

What are the best tools for collecting customer feedback?

Raaft is a must-have customer feedback tool for SaaS companies firmly committed to reducing churn. The faster you obtain user feedback, the quicker your product development team can refine the SaaS product to improve product-market fit. When a SaaS product fails to meet the target market’s needs, this can quickly result in rapidly rising customer churn.

Learning how users feel about your SaaS product - through a mixture of quantitative and qualitative feedback - is vital to building a user-centric product. SaaS companies with high user retention do not treat users as an afterthought. Successful SaaS companies recognize that user feedback should inform product development and drive teams towards product-market fit.

The average annual churn rate for SaaS businesses serving large organizations varies from 6-10%. The average annual churn rate for SaaS businesses targeting SMEs is 58%. To get a handle on customer churn and increase retention, you should utilize feedback tools that can automatically collect quantitative and qualitative data. With the support of the right data, you can begin to make user-centric decisions on product development to bolster the value proposition.

What types of customer feedback can you collect?

To understand your customer’s motivations for canceling, you must collect quantitative and qualitative data. If you want to get to the bottom of why your customers are leaving and begin to actively address specific issues, you must ask customers to identify the primary reason why they are canceling. This is easily achieved using Raaft’s preselected motivators.

Submitting feedback should not be a complex process. You need access to customer feedback tools that make the process of providing feedback feel seamless. If your customers are already feeling frustrated by your SaaS product, the last thing you want to do is bombard them with a longwinded feedback process. Raaft prioritizes simplicity in these crucial moments.

You will be rewarded with actionable insights if you take the right approach. Our team of developers has produced an intuitive solution that’s specifically designed to maximize the collection of high-quality feedback. You need tools capable of collecting feedback from even the most disgruntled customers - as these SaaS users will likely have invaluable feedback.

As Bill Gates once said, “Your most unhappy customers are your greatest source of learning.”

What is the best way to get feedback from customers?

The best way to get feedback from SaaS customers is to leverage automation tools that do all the heavy lifting for you. While personally following up with each customer might add a personal touch, this is rarely practical for a SaaS company trying to scale. Customer feedback tools offer repeatable and scalable solutions to collect valuable user insights.

How do you monitor customer feedback?

Raaft offers real-time analytics - enabling you to view your customer actions and feedback to draw insights and lower your customer churn. The Raaft dashboard centralizes your workflow by displaying key customer actions inside your retention flow. This allows you to quickly understand why SaaS users choose to cancel their subscriptions.

How do you organize customer feedback?

Using the Raaft dashboard, you will see several key data points, including:

  • How many people enter your retention flow
  • How many people are canceling
  • The most popular motivators for those who leave
  • The most popular motivators for those who stay

When a customer cancels their subscription, our intuitive tool will ensure you never miss a beat. Based on the customer feedback collected by Raaft, the dashboard will identify the motivation behind their decision to cancel. Every time someone exits your retention flow, Raaft will send you an instant notification.

When you look at customer feedback data over some time, you will begin to see trends and patterns in the motivations for cancellations. Once these become clear, you should refine the product development strategy to address the core reasons for cancellations. If these are simply left, this may prevent you from improving customer retention and reducing churn.

We believe Raaft has a place in every SaaS customer retention strategy. Raaft is well-positioned to help you collect user feedback and combat customer churn. If you are serious about reducing churn and want practical tools to deploy, we strongly recommend taking our solution for a test drive.

To boost customer retention, you need to get the right systems to prevent churn and drive customer retention. Try Raaft for free today!

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