Conversational data gives you the deep context about your consumer’s behaviour that no other data reveals. Keeping track of conversational data is essential for customer retention. Insights provided by conversational data are valuable for your SaaS business. Your business depends on the revenue from existing customers. To retain them you have to use more than just product usage data.
Everyone uses product usage data for customer retention. You may have heard of churn rate, usage frequency, time spent using products, etc. Product usage data converts your customers into numbers. It is a quantified approach. It will tell you where the problem lies. In order to retain customers, you need to understand the reason behind the problem. You can convince the customers to stay only when you recognize and fulfil the needs and solve their problems. This information is beyond the limits of product usage data; it requires conversational data. Conversational data helps you dig deep about your customers. It assists your business in presenting an empathetic solution that will be more effective. It is not about quantity but quality.
Conversational data plays a huge role in customer retention. Conversational data is unstructured data that you cannot find easily. You have to take the help of machine learning and AI to understand the customer’s needs emotionally. Conversational data will help you to realize why the customers are leaving your SaaS business and going to the competitors. It will also help you analyze future trends.
For instance, you notice customers above the age of 40 are churning quickly. You have the numbers with you. However, you don’t know why. After getting the full report with CRM, product usage data and conversational data, you understand that your interface is too complicated for audiences above 40 years of age. Most of their interaction is with simple and minimal design pages. Now you can work on the interface and improve your product. For creating your customer retention strategy, you need a 360-degree view of the relationship between the customer and your business. Conversational data completes the circle and also helps you understand the hidden aspects.
Conversational data is not easy to manage. It is valuable for your business, but it is unstructured. You can find the formulas for product usage data and calculate them yourself. But if you want an actionable report, you need the help of professionals who will collect the conversational data, organize it and present it to you, in a readable manner. You will get all the necessary data served on a platter. You can use these insights to formulate better plans. If you waste time figuring out the analytics yourself, you might lose customers. Adaptive Pulse will help you save time and retain customers. We will provide the reports with product usage data, CRM and even conversational data and help you understand your customer and reduce the churn rate.
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