Subscription Software and SaaS Market
According to the Insights Partner’s SaaS Trends Forecast, the SaaS market is projected to have an 18.5% CAGR, reaching a global market size of $462.94 billion by 2028. Essentially, the entire world utilizes SaaS as Zippia reports that 99% of companies will be utilizing at least one SaaS solution by the end 2023. Despite the prevalence of the subscription model, some SaaS companies are struggling to maintain revenue due to a lack of customer retention. For subscription-based models, renewals are crucial for revenue streams and profits. Premier BPO has successfully addressed this issue for their clients, consistently growing their revenue and allowing them to invest in innovation and product development. We strongly believe that delivering success for our clients is fundamental to our own success.
At Premier BPO, we provide a range of services to ensure that software publishers can focus on research and development and innovation in their software products. Our email and chat support in both French and English (as an example) enable software publishers to cater to a wider customer base and ensure that their customers receive accurate and responsive support.
Here are a few examples of how we do it:
1.Personalized renewal strategies
Our personalized renewal strategies have proven to be effective in increasing renewals for our clients. For example, we provide services to a software publisher of productivity software. The client’s renewals increased over 50% in productivity in just six months based on an approach tailored just for them and their unique circumstances.
2.Multi-Channel and Multilingual Support
Premier BPO provides multi-channel support to facilitate subscription renewals and provide comprehensive support to the customers of companies offering software solutions. This includes email, phone calls, and chat support to cater to the diverse needs of customers, as well as multilingual support to accommodate speakers of languages other than English. These services have proven effective in enhancing customer satisfaction and driving growth for clients. In fact, one client, a software publisher, realized an 80% increase in lead conversion and a 29% increase in closed-won leads for their French market, within six months of implementation with Premier BPO.
3.Seamless extension of your workforce
We prioritize cultural integration with our client’s team, recognizing its importance in maximizing not only productivity but also cultural fit. Our implementation team utilizes our “Premier Sync” approach to understand our client’s priorities, tailoring our services to become a seamless extension of your workforce. Together, we promote employee engagement through team building activities and our diverse team adds richness to the culture.
For example, we plan employee engagement activities that are similar to those planned by our clients, such as team away days at the beach, team lunches and dinners for special events, and celebrating anniversaries. By prioritizing cultural integration and engagement, we help our clients achieve their goals while building a positive work culture that benefits everyone involved.
As the saying goes, happy employees lead to happy clients and stakeholders. Our goal is to offer services that are not only seamless with business processes but also with people.
4.Using Insights to Enhance Renewals
Our data management services ensure that licenses nearing expiry are treated as sales opportunities and routed to the renewals team, creating additional revenue streams for our clients. We leverage data analytics and insights to help clients make informed decisions about their renewal strategy. Our business intelligence (BI) team harnesses customer insights and preferences to provide proactive consultation on business processes as a way to provide continuous improvement.
With three service centers across Asia, we can source the right skills and talent for our clients’ needs. Outsourcing renewal services helps you focus on the core business of product development and market differentiation. Having a co-sourcing partner like Premier BPO helps maintain a steady revenue stream that taps into our experience, expertise, tailored services, multi-channel support, and data analytics and insights. By partnering with Premier BPO, software companies can enhance their subscription renewals, reduce customer churn, and improve customer experience.
Contact Premier BPO today to learn more about how we can help your business thrive.