Last fall, I had the privilege of joining G2’s Executive Advisory Board (EAB) Off-site strategy meeting.
In between these annual in-person meetings, we also host virtual meetings to regroup, share updates, and gather the latest and greatest feedback from this exceptional group of leaders and experts.
As we continue to navigate challenging times in the technology sector, three specific takeaways emerged from the latest EAB discussion.
- C-level relationships are key. One way to reduce churn and acquire new customers is to ensure you are delivering value to top management and communicating that value to them in a clear way. Do they or their direct reports see the value in your solution? If not, it’s easier for them to cut into your budget. We have the opportunity to think about our target audience and how we provide and communicate value to them.
- Companies of all sizes struggle with customer churn. If you’re a B2B SaaS business struggling with customer churn, know that you’re not alone. Overall, the industry faces tight budgets and expectations for higher value and return on investment.Acquiring new customers has long been thought of as much more expensive Instead of retaining existing customers. Customer success has always been critical, but in this era of economic uncertainty and heightened customer churn, now is the time to double down.
- Artificial intelligence is driving the growth of intelligence. Artificial intelligence continues to be a major topic in all industry conversations, and this time is no different. While everyone is at a different stage of their AI journey, as companies move past the early experimental stages, we start to see more real-world use cases and results. For example, in our conversation we discussed how AI can help analyze customer profiles (traffic, usage patterns, etc.) to predict churn risks and identify opportunities where customer success teams can step in to improve the customer experience. In addition, artificial intelligence can generate insights from customer data and market trends to inform product development, pricing strategies and competitor analysis, helping companies tailor their products and messages for better market positioning.
While we all have our work cut out for us in today’s competitive market, these points make me optimistic that G2 is well-positioned to capitalize on current trends.In particular, our market intelligence Solutions can provide valuable data-driven insights for B2B SaaS businesses, and we monty sales Already helping businesses use artificial intelligence to work smarter to drive sales.
In the coming year, it will become even more important for businesses to use data and artificial intelligence to gain insights into customer behavior and develop customer retention strategies. The importance of building strong relationships with your customers and providing them with value cannot be overstated.
