Last year B2B SaaS companies lost over $15 Billion in ARR (Annual Recurring Revenue) from customer churn and it is estimated that annual customer churn would hit $50 Billion in the next five years. There are various reasons for churn, however, about 30% of all customer churns are due to customers not getting value from the product.
In B2B SaaS companies that target enterprise/mid-market customers, this often happens because of disconnect among cross-functional teams (Sales, Customer Success, Onboarding, Product Management, and Engineering). The information on customer business outcomes, specific use case/module requirements, mapping with product roadmap dependencies, and implementation task dependencies are all tracked in different silos of tools at different stages of the customer journey from the pre-sales stage to the go-live stage. This leads to things falling through the cracks among teams, prioritization issues, go-live delays, and customer escalations.
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Rupesh Rao, the Founder & CEO of CogniSaaS, says “The current tools for customer onboarding and legacy project management tools are mostly task-centric tools. For historical reasons, these tools were not designed to track the value delivery by tracking customer business outcomes and use cases.“
Although the customer success function has evolved in B2B SaaS companies in the last decade, the focus has been primarily on customer retention, NPS, and product adoption – but these metrics are ‘lagging indicators’ of customer success.
It is becoming clear that successful customer onboarding, implementation, and faster time-to-value are the ‘leading indicators’ of NPS, product adoption, customer churn, and NRR.
Launching the new CogniSaaS product
CogniSaaS was built to enable B2B SaaS companies achieve customer-centric onboarding. CogniSaaS integrates with CRM tools, Customer Success tools, and Product Roadmap management tools while replacing the legacy project management tools that are only task tracking tools.
CogniSaaS helps to track, prioritize and deliver customer business outcomes in a structured way that includes tracking the delivery status of business outcomes, use cases/modules, associated product roadmap dependencies, and implementation task dependencies – all in a ‘single source of truth’, that didn’t exist until now.
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Customers of CogniSaaS have one dashboard that shows not only the current status of projects but also the revenue impact of any go-live delays. On top of this, they also get system-generated actionable insights for customer-centric prioritization of product roadmap and implementation tasks.
This helps cross-functional teams collaborate effectively for faster time-to-value for customers. All the chaos and delays that happen due to disconnect among teams with silos of documents and tools with unstructured and structured data – are finally a thing of the past.
Going forward, as NRR and time-to-value have become board-level metrics, B2B SaaS companies that provide customer-centric onboarding will be the winners.