Operational efficiency is paramount to running a successful business. Within a healthy ecosystem, it can decrease unnecessary costs, and improve work output, while increasing revenue.
According to TechTarget, the concept measures the balance between a company’s input and output. However, since the rapid influence of new technologies, it has evolved to adopt automation, AI and other sustainable innovations.
Firms want to streamline operations cost-effectively without compromising product quality and output.
There’s a myriad of SaaS-based tools to improve business operational efficiency. The aim is to choose the right platform for the job. Below, we’ll look at tools to suit your company’s needs.
Marketing Automation
Marketing automation tools are impressive eCommerce solutions for big and small businesses. Using data-driven results, these tools work efficiently to deliver marketing strategies that perform well in a competitive market.
The benefits of marketing automation software include increased conversion rates, lead generation and accurate data reporting.
PayPro Global recommends automating key business processes to free up resources for enhancing customer experiences. Marketing automation does exactly this.
Email Automation
Influencer Marketing Hub says hyper-segmentation is a big email marketing trend. By utilizing the data available, you can go one step further and personalize your email engagement with customers.
One company that’s doing a great job of personalized emails is Duolingo. It sends a weekly email to its users, charting their progress thus far.
This type of personalization works well for SaaS companies that have access to user data. The same goes for email segmentation. You can base segments on the funnel stage, website activity and abandoned carts.
Subscription Management
Billing is a nightmare if not centralized. SaaS tools offer flexible subscription models. There is no one-size-fits-all approach when it comes to subscription billing. However, you must keep the following in mind.
Subscription is based on several types with SaaS companies:
- Fixed fee
- Freemium
- Pay-as-you-go
- Tiered
- Custom
Utilizing a SaaS platform with flexible subscription offers simplifies and reduces human error. A billing solution aims to lessen operational loads.
With the right subscription management software, you can accept payments from anywhere, increase your customer conversion rate and create multiple online channels.
CIO predicts the subscription economy has the potential to fuel recurring business growth. The publication says companies with subscription-based billing models have weathered recent economic challenges and outperformed their traditional counterparts.
According to the latest figures from the Subscription Economy Index (SEI) report, these companies grew 3.4 times faster than their competitors. The report calls it a shift towards “total monetization” as companies increasingly adopt innovative, customer-centric models to achieve sustainable growth.
Subscription software is inherently flexible. It offers businesses the power to adjust their billing platforms according to their customers’ needs and provides a scalable technology solution.
User Onboarding
Onboarding is another important feature. Automating the process to align with your customer’s needs and wants can prevent churning.
Perfect examples are welcome messages, tutorials and simplified instructions.
The quickest way to market your company is by engaging current and new clients via customer onboarding.
Forbes advises treating yourself like a customer in your own company. By personalizing the onboarding experience, your chances of retaining new clients are high, CEO Vibhav Singh tells Forbes.
He recommends exceeding expectations by customizing your onboarding strategy. It sets a positive tone and lays the groundwork for long-term collaboration.
Be proactive by integrating customer feedback with the onboarding process as it will guide you on improvement measures.
CRM Software
Customer relationship management (CRM) is a platform that helps businesses build relationships with clients and leads. The software has made great strides for SMEs. It replaces mounds of admin work like spreadsheets and databases. CRM automates these tedious tasks, resulting in efficiency and better time management.
But sometimes, businesses get it wrong by implementing a less-than-desirable platform. Substandard customer service and substantial price hikes are just a few complaints.
According to a CRM solutions provider, 64% of respondents in their global survey said they felt trapped by their CRM provider because of too many sales and marketing leaders.
By way of solving the problem, it suggests CRM providers remain transparent with customers when discussing pricing. Software should also be swiftly implemented to ensure an effortless transition.
Operational efficiency is a minefield and can be overwhelming for businesses. For SaaS companies, the process is more challenging.
With the right tools and the willingness to learn, you’ll be well on your way to reaping the rewards of your endeavors.