Have you considered leveraging user behavior analytics to identify the root cause of churn?
SaaS founders are using behavioral analytics to boost user retention and improve the overall sustainability of their businesses. If you’re struggling with high user churn, gaining access to valuable user insights can make all the difference. With the right behavioral data at your fingertips, you can begin to make informed decisions about product development.
Let’s take a step back and break down what user behavior analytics is in a SaaS context.
Behavioral analytics is a method for collecting and analyzing qualitative and quantitative data. This approach enables founders to understand how users interact with SaaS products and why. When SaaS founders have access to treasure troves of behavioral data, they can begin to establish the common traits and characteristics of consistently active users.
Both qualitative and quantitative data have a role to play in understanding the behavior of users. Access to both forms of data helps to paint a clear picture of user behavior and gives you the necessary insights to make informed decisions about product development.
Here are just a few critical questions that behavioral data can help you to answer:
Once you have access to user data, it’s essential to ask the right questions. To squeeze value from the data and use it to inform your product strategy, you must review the data objectively. Ultimately, behavioral analytics will help you to learn about what your users want, desire, and find challenging. This will give you the building blocks to strengthen your product-market fit.
While regular web analytics data (from sources such as Google Analytics) offer some insightful data, it often paints an incomplete picture. Pageviews and bounce rates tell you what happens, but it doesn’t give you any indication as to why it’s happening - enabling you to resolve the issue. Customer behavior analytics can prevent you from making assumptions about user behavior.
Here are examples of actions you can track and data you can collect with behavioral analytics:
When you have user data on taps and clicks, you can see what is driving users to take specific actions inside your SaaS product. It can help you to understand what features users value the most and which features they often overlook. For instance, you can see whether users are engaging with call-to-actions inside the SaaS product and trying out new product features.
At the same time, monitoring taps and clicks will allow you to see whether users are repeatedly clicking (otherwise known as rage clicking) on different elements of the application. If users are struggling to navigate the product and unlock value, this could indicate ineffective user onboarding. Ultimately, you can draw conclusions based on the user data you receive.
Behavioral analytics solutions will enable you to follow your users as they navigate through the SaaS product. As you compare and contrast the data, you may begin to notice similarities in how users navigate the application. This will give you a solid understanding of the order in which users move from one product feature to another and what they spend their time on.
With the support of a tool like Raaft, you can seamlessly collect user feedback to refine user experiences and prevent churn. If you have a burning question for your users, you can utilize our on-page surveys to collect feedback. Raaft can save customers with retention flows and help to reduce SaaS churn. This is a critical tool for those firmly committed to SaaS growth.
Tracking mouse movements and scrolling can enable SaaS founders to see which product features attract the most attention - and what is ultimately ignored. After reviewing this data, you may notice that users are ignoring or missing a product feature that’s crucial to unlocking the full value of the SaaS solution. Insights like these can inspire user-centric product development.
Behavioral analytics can steer your SaaS product development in the right direction. If you are struggling to establish product-market fit and need to understand why users are failing to unlock value from your solution, it’s time to explore behavioral analytics solutions. These are often a game-changer for SaaS businesses wrestling with low customer retention and high churn.
User and entity behavior analytics (otherwise known as UEBA) is a form of cyber security process that monitors the normal conduct of users. This can detect any unusual behavior and deviations from regular user behavior. While UEBA is not applicable to reducing SaaS churn, it’s one example of how companies use behavioral analytics to monitor the conduct of users.
Raaft enables you to view customer actions in real-time and draw insights to lower customer churn. Our dashboard contains all your customer’s actions (with real-time notifications) inside your retention flow to ensure you never miss a beat. The dashboard is designed to help you quickly identify key trends and understand why customers are choosing to cancel.
SaaS customer churn analysis is a process of identifying why customers are cancelling their subscription to your service.
User retention is the lifeblood of any SaaS business. If your subscription base resembles a leaking bucket, this can present a major obstacle to growth. A sticky subscription base is critical to the success of any healthy SaaS business.
How does your SaaS churn rate shape up against the average churn rate for SaaS?
With Raaft, you can collect feedback from customers who have used your product and offer them custom responses to keep them around longer. Improve your customer experience and lower churn.