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Customer advocacy means putting the wants and needs of your customers first.
Although it sounds like an obvious thing companies would have as part of their ethos, it’s a larger organizational shift from prioritizing what’s best for a company over what’s best for the customer.
When used for marketing purposes, customer advocacy can have an amazing outcome: it transforms customers into advocates for your brand. These individuals often provide the most compelling testimonials and social validation.
Baremetrics provides the analytics tools you need to gain real-time insights about your customers, their businesses, and how they use your product. Start a free trial today.
Customer Advocacy for Subscription Businesses
Many businesses today are operating on a subscription model to maximize recurring revenue.
Before subscription models became popular, companies would sell their software as a Perpetual Software License. This license authorizes your client or customer to use your licensed software indefinitely with a single payment.
This business model eventually became obsolete due to the evolution of both software and the SaaS industry. After all,
- The software requires upgrading and constant improvement to remain helpful to customers. This costs lots of money.
- Selling your software as one version to one user at a time dramatically limits your revenue scale and sources for feedback.
Most digital businesses now use subscription models because they offer lower upfront fees and better scalability. With this scalability comes the challenge of retaining those customers by providing excellent customer service.
By implementing a standard of customer advocacy in their support offerings, companies can better ensure the growth of long-term relationships with their customers and reduce churn over time.
Specialized tools like People Insights can help! By creating data-rich profiles of every customer, companies can provide better support experiences by understanding who they’re talking to, as well as their unique journey with your product.
Try People Insights for 2 weeks for free as part of the Baremetrics toolkit. Sign up today.
Customer Advocacy and Growth
Customer advocacy should be a focus in any marketing strategy because it helps prevent churn- AKA customers are more likely to stick around when they get effective service when needed. And having a strong customer base is the basis of any growth plan.
When tracking growth progress, SaaS companies look at metrics like Monthly Recurring Revenue. MRR is a popular metric that reflects all of your recurring revenue in a monthly amount.
Knowing your business’s MRR means knowing its health and vitality. MRR and other metrics can inform your sales strategy, hiring needs, growth opportunities, and more.
Baremetrics allows you to view your MRR in real time, forecast and plan your company's future, and more.
Sign up for your free Baremetrics 14-day trial and protect your ongoing revenue by creating a beneficial relationship to both the parties i.e., you and your customer.
Customer Advocacy and Customer Lifetime Value
Turning happy customers into your advocates for your brand is a sure way of increasing recurring revenue and creating customer lifetime value. When customers experience great service with your product and even greater customer service, it triggers happy thoughts.
Compared to generic brand marketing, customer advocacy marketing increases the likelihood of someone purchasing your product or service.
Customers who are delighted with your product become your best brand advocates as they can exert influence in their social networks. They also share their positive experiences through word of mouth, videos, other social media platforms, and so on. This decreases customer retention and attracts new customers.
Recommended reading: How We Increased Customer Loyalty by 125% in 6 hours!
Use Baremetrics to Do Better Customer Advocacy
Currently, many newsletters, advertisements, and emails are probably coming to your mailbox. So many new brands and subscription businesses in the digital marketing world are vying and competing for your attention. With so many choices in front of you, it becomes increasingly difficult to make the right choice.
So, who do customers rely on?
Firstly, customers will research a product or service beforehand. Customers are more inclined to buy and rule in favor of a product if someone can vouch for it.
This creates brand loyalty, shifting the company's true power into the customers' hands.
This is why business heads insist on the importance of marketing, branding, and branding consistency.
Baremetrics does all the heavy lifting for you and gives you the insights you need to create a great customer advocacy program. It empowers you to understand the health of your business today to better plan for the future.
Sign up for a free 14-day trial of Baremetrics to drive revenue growth and create long-standing relationships with your customers.
