A Short Guide to Digital Transformation for Small Businesses

Digital transformation of businesses – small or big, can follow an extensive process, which can take months, if not years to complete. The process of digital transformation can include several kinds of transformation such as business process, model or domain transformation, or even a large-scale organizational transformation. Despite the impact of COVID-19, the growth of digital transformation in businesses indicates spending of $1.3 trillion, which is likely to reach $2.4 trillion in 2024

With such extensive impact and growth of digital transformation in the world of business, they can be lifelines for small businesses, which are a vital part of the economic ecosystem worldwide. Here is a short guide to help you through the process of initiating a successful digital transformation for your small business:

What is Digital Transformation?

Digital transformation as a concept refers to an organization’s ability to leverage advanced and emerging technologies for creating a better user experience for their customers. When implemented effectively, digital transformation can integrate technology with multiple verticals of the business to make the entire process more accurate, better, and faster. In the past decade, the need for businesses to digitize has grown exponentially, making digital transformation even more common nowadays – regardless of the size of the business. Even businesses that are not able to implement a large-scale transformation, now digitally enhance their processes to derive better results. 

Benefits of Digital Transformation for Small Businesses

While digital transformation and the various aspects associated with it can make it seem like it is for large businesses and corporations who can afford to invest hundreds of thousands of dollars for implementing advanced technologies. But a lesser-known fact is that digital transformation can be implemented in all kinds of organizations, regardless of their size, and can impact the way they conduct business. 

There are several benefits that small businesses can get from digital transformation and some of them are as follows:

  1. Automating Processes

One of the primary benefits that can be achieved by the digital transformation for small businesses is process automation. Small businesses can integrate technologies to automate several processes that might be currently operating manually. The automation of these processes can increase the efficiency within small businesses.

  1. Error Tracking and Prevention

When it comes to small businesses, partial or significant technological transformation can also help in tracking errors in real-time. It can also prevent human errors that can often cause major losses in companies and help the company build a mechanism for preventing errors in advance. Moreover, it can prevent errors from taking place at any stage of the business, and ensure that the company can ensure higher accuracy.

  1. Optimization of Resources

The third important benefit that small businesses can get through digitization and digital transformation is better optimization of resources. With better resource optimization, companies can make the best out of their current resources, and plan better for any resources that they want to invest in the future. 

With the above benefits, it is clear that even if small businesses invest in digitizing their processes to a limited extent, they can improve their processes, and increase overall efficiency.

Top Ways to Digitally Transform Small Businesses

With the aforementioned benefits that small businesses can attain through digitization and digital transformation, there are certain ways that you can use to make it work in your favor. Here are some of the primary ones that you can consider:

Make it a Collaborative Process

A lot of companies miss out on crucial aspects of digital transformation by making it solely an IT project. Considering the change that a comprehensive digital transformation or digitization can trigger, it is important to consider other departments as well. Moreover, it is also important to provide necessary data and information to employees to encourage self-learning. To that end, it is also crucial to provide necessary training and adoption materials to the users. 

Integrate the Business Systems

Managing the internal business systems is another important way to be considered for digitally empowering the company. A crucial part of creating seamless business systems is to integrate them with the digital transformation process. Creating an interoperable platform by unifying all the business applications and modules, and integrating advanced technologies within them is a great way to make your business systems more robust. It also eases the challenges that can otherwise arise while transforming business processes.

Seek Consultation and Expertise

One of the main things that you need to be implemented for digital transformation is bringing in the right expertise and set of tools that can help you adapt to the transformative changes easily. Moreover, you can also increase the odds of making the digital transformation more successful by seeking the right expertise, even from a third party. You can also use third-party applications that will facilitate digital adoption among the users of your company. 

For instance, SAP, a popular SaaS company providing a suite of enterprise applications and modules for organizations provides a special application called SAP Enable Now, which is a well-defined digital adoption platform to help their users onboard the application and its various features. However, there are other SAP Enable Now competitors, which can also be used for the purpose, such as Walkme and Whatfix. 

Keep Control on Budget and Time

When you are digitally transforming your business, it is fair to think that you want the very best for it. But even then, it is important to keep an account of the resources that drive the transformation process. One such aspect is managing the budget allotted for the transformation effectively and managing the timelines associated with them. This can ensure that you do not end up wasting your resources and that you can generate higher returns against your investment. 

Wrapping up

With these factors in mind, it is clear that the implementation of digital transformation can be quite influential across the organization. It can have implications for all kinds of users, which is why having robust processes and systems to promote digital adoption should also be considered. Moreover, even small businesses can implement digital transformation and digitization successfully, and reap the many benefits that it offers. 

#DigitalTransformation #SaaS #CloudSoftware

How to find the right Knowledge base for your SaaS product

How to find the right Knowledge base for your SaaS product

The key to having happy customers is to provide them with credible and actionable information on using your product and extracting maximum value from it. This train of thought also applies to the act of resolving any doubts or queries that your clients face while using your offerings. 

To facilitate and offer help in this regard, organizations compose data repositories to aid their clients in more ways than one. Such a service enhances the customer experience and lays the foundation for long-term customer lifetime value (CLV) and loyalty. 

Creating a knowledge base is an excellent start to such an ambitious initiative. Let’s take a look at everything that it entails, its importance, and how to pick the best knowledge base software.

What is a Knowledge Base?

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A knowledge base is a collection of documentation that contains crucial information such as answers to frequently asked questions (FAQs), step-by-step guides, video tutorials, process or feature introductions, how-to guides, tips and tricks, glossary, and troubleshooting help. 

It acts as the primary source of information that is readily available to the users. They can refer to these inputs either to use the product or to gain more value from it. Businesses employ knowledge base software to collect, manage, update, and publish this information to their readers. And knowledge management is the act of curating such a database.

Importance of Knowledge Bases for SaaS Products

If you have a business FAQ page, you may think that you are all set on the knowledge base front. However, that is less than the bare minimum expected from you in this customer-centric age.

A knowledge base is particularly vital for SaaS products where the learning curve can be quite steep. Similarly, based on the application, the skill and expertise required to operate the SaaS product may also vary. Hence, merely resorting to the standard FAQs may not make the cut if you wish to position your business as “user friendly.”

Here are a few solid reasons for developing a strong knowledge base for your SaaS product:

1. It Supports Success Stories

Naturally, your customer’s success with the SaaS product primarily depends on how effectively they can utilize it. And knowledge base acts as the foundational pillar to this success story. An insightful knowledge base offers beyond basic guidance – it unlocks efficient ways to carry out the intended task and deliver spectacular results.

2. It Reduces Customer Churn

In case it isn’t obvious enough, an unhappy customer is bad for business. And a user’s sense of frustration aggravates when they find themselves at a loss of using the product you offer.

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Resolving their issues right at the earliest stage can nip this problem right in the bud. And the best way to ensure that they remain hooked to your product is by offering upfront value through query resolution. Once they notice that they are deriving continuous value and benefit directly from the product or through its use, they will be more open to renewing or expanding the subscription.

3. It Cuts Down the Load on Customer Service Executives

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In an age when organizations are trying to cut down labor costs and reduce manual intervention, having a knowledge base comes as a boon. The self-servicing capacity of the knowledge base can reduce the load on your customer service or technical support team. As a result, only high-level escalations will require their attention, improving their service quality.

4. It Positions Your Brand as a Domain Expert

Given that you are the creator of the SaaS product, you should also develop a repute as a reliable source of information on everything related to it. Having an enlightening knowledge base can establish your stand as a domain expert and an industry leader. Once you stake a claim as an informational authority, you can gradually develop your product as a formidable brand that needs no introduction – essentially, it is marketing at no extra cost!

5. It Attracts Traffic

Interestingly, your knowledge base can earn you organic traffic in several ways. 

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For starters, it can act as a hotspot where you can add keywords and use them to rank on search engines. Secondly, since it resolves customer issues or offers solutions to their queries, you will gain credibility through relevance, further skyrocketing your rankings. Finally, your domain expertise can also translate to improved ranking and greater visibility.

Knowledge Base Checklist for Start-Ups

If you are checking out a knowledge base software to host your SaaS product details, here is a quick checklist of questions and considerations that you should deliberate upon before making your pick:

  • Where does your current knowledge reside? How does one access it?
  • Where do you stand in terms of documenting all the available knowledge?
  • When was the last time you updated your knowledge base?
  • How often would you like to update this information?
  • Are there any restrictions while granting access to the knowledge?
  • Does the knowledge base software offer search functionality?
  • Who shall be accessing and using the knowledge that you make available?
  • Do you require multi-lingual support?
  • Can readers, staff, and customer service executives collaborate on articles or discussions to improve the information quality?
  • Can you disable comments, reviews, and ratings on certain products or posts?
  • Who is the competent authority to review the knowledge base? How often should it undergo review?
  • Does your knowledge base software collect any vital statistics and reports regarding its usage?
  • Do you offer subscription services wherein the readers can sign up to stay up-to-date on all discussions?
  • Does the knowledge base software offer Cloud support with adequate backup?
  • What are the security parameters available to maintain data protection and confidentiality?
  • Does the knowledge base software possess enough room for branding and customization?
  • How easy is it to navigate through the knowledge base?
  • What is the information density ratio for the knowledge base?

Fortunately, most knowledge base software solutions come equipped with features and functionalities listed as considerations above. They can enrich your customer experience and cultivate brand loyalty.

Concluding Thoughts

An information-rich knowledge base could be the “it” factor that propels your business as customer-centric. It also makes your product worth the investment as users can derive immediate results. However, to make it happen, you would require an equally competent knowledge base software to help staff and users alike. So choose wisely, as it will indirectly affect your bottom line!

Learn More About Document360

#Knowledge Management #Human Resources

5 Ways to Measure the Conversion Intent of Your SaaS Audience

5 Ways to Measure the Conversion Intent of Your SaaS Audience

Is your SaaS business struggling to convert? Optimizing the conversion intent of your SaaS audience can be a great way to increase conversions.  

Marketers believe that a reasonable SaaS conversion rate usually falls between 3-5%. Anything above 8% is considered a strong conversion rate.

However, instead of focusing on the benchmark, act smart, and find out what your conversion rates are doing and what you need to do to reach your goals.

In this article, we will be discussing conversion intent, how focusing on intent can lead to better conversion rates, and the five ways to measure conversion intent.

What is conversion intent?

Conversion intent is the measure of a prospect’s desire to complete a transaction on your SaaS site. It could be obtaining a SaaS product or availing a service you offer on your site.

Your prospects can either have high conversion intent or low conversion intent. When your potential buyers have high conversion intent, they are willing to overcome all types of issues, as they have a strong desire to purchase your product or service. No matter what challenges and obstacles they encounter while using your sites, such as slow loading site speed or complex navigation, they’ll still make the purchase. 

Conversely, a prospect with low conversion intent will leave your site if they encounter the same challenges. In order to convert buyers with low conversion intent, you need to maintain a highly optimized site.

A great Conversion Rate Optimization (CRO) strategy is to match conversion intent with user behavior at the right place in your conversion funnel.

How is it different from the conversion rate?

While conversion intent measures a prospect’s desire to complete a transaction on your SaaS site, the conversion rate is all about converting a prospect into a paid consumer.  

To get the SaaS conversion rate, you divide the number of conversions by the total number of visitors or inquiries of your product or service. The metric will differ from business to business as every business has varying goals and implements different tracking metrics. 

How focusing on intent can lead to better conversion rates?

An intent marketing strategy will help your SaaS business target consumers with high purchase intent, thus increasing the quality and quantity of lead generation and maximizing conversions and the Life-Time Value of your uses.

For instance, you can use high-intent keywords to improve conversion rates. They usually generate 4 to 10 times higher conversion rates as compared to low-intent keywords. 

You can also leverage mobile. More people prefer to use mobile over desktop these days. One of the most significant advantages that mobile offers over a desktop is the call function. And many statistics suggest that inbound calls bring 10%-40% better conversion rates as compared to web leads. Adding a click-to-call button on your SaaS website will cost you nothing but increase mobile conversion by leaps.

Also, Google prioritizes mobile-first websites and ranks half of the pages on your website by their mobile versions.

Here are the three main types of intent you can consider:

  • Navigational intent: Here, users’ queries are straightforward as they are searching for a specific website or page. You can’t do much to capture users’ attention here.
  • Informational intent: Informational queries occur when a user is searching for more information to learn something. They may be searching for information on your industry or your products. Remember that they don’t necessarily have high purchase intentions.

You can thus create relevant informational topics that educate your visitors. It will lead them down the sales funnel.

  • Transactional intent: Queries are made with transactional intent when a user is searching to make a purchase. You can seize the opportunity and help them in the process of converting them.

Offering comprehensive product information, optimizing and simplifying the checkout process, and solving issues users might face are all great strategies to covert.

When crafting content for transactional queries, you should:

  1. address the pain points
  2. offer comprehensive content addressing the solutions 

You can use these practical intent-based content tips while creating content: 

  1. Convert long-tail keywords into the content: Try to find out the keywords or search terms that people use when trying to find you. When you aren’t sure whether the query is transactional or informational, you can enter the query into Google and observe results. In case the top results are informative, there is a likelihood that the question is too.
long tail keywords

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Sometimes, users will make queries with multiple intentions. So, ascertain the intent behind the questions to craft relevant content. Teaming up with SEO consultants is a great idea.

When you are done with this, you can convert these long-tail keywords into dynamic content to bring more traffic to your company’s blog.

  1. Turn FAQs into the content: Frequently asked customer questions can be turned into content. If you are just starting out and don’t have enough customers, you can check out what types of questions people were asking about competitors and create helpful and informative content around those questions.

5 ways to measure conversion intent

Now, let’s look at the 5 ways to measure conversion intent:

  1. Keyword volume research

Keyword search volume implies the number of searches made for a specific keyword in a given timeframe. It will provide you with a general idea of a keyword’s competitiveness and overall volume. 

Seasonality has a vital role to play in keyword search volume. Though shoppers who want to make a good bargain may search for “Halloween Costumes” in May, but most people will wait until September to conduct such searches.

Search volume is crucial as search engines are a great way for websites to attract new visitors and traffic. You should thus target keywords in your content with accurate search volume. 

But note that only targeting keywords with very high search volume is a bad idea. This way, you will be competing with more significant sites making it difficult to get your content ranking. You should arm yourself with all the practical SEO tips to rank your business.

  1. Use predictive analytics

Using advanced predictive analytics, you can predict future events. It applies several techniques, including data mining, modeling, machine learning, statistics, and AI, to analyze current data and predict how your business will fare in the future. Predictive analytics can also be used to measure conversion intent.   

Using data mining, text analytics, and statistics, you can create predictive intelligence. It can reveal patterns and relationships in both structured as well as unstructured data. 

Structured data such as age, gender, marital status, income, etc., are readily available for analysis. Unstructured data, on the other hand, are textual data that you find in social content or other open text. You will have to extract the data from the text along with the sentiment. 

  1. Analyzing re-engagement rate visitors

Analyzing your website re-engagement is another way to measure the conversion intent of your web visitors. Tools like Google Analytics will help you to see which audience segments are spending more time on your site, allowing you to adjust what visitors perceive when they first land on your website.

Use Google Analytics’ traffic source feature as a start to analyze site visitor engagement. From this report, you can tell where your traffic is coming from and also the amount of traffic from different traffic sources. The report also shows you engagement metrics and the results of all of that engagement, such as bounce rate, pages per session, and average session duration.

You can also analyze your visitor’s engagement by landing page and by device category in Google Analytics. Once you get the results, you can come up with strategies to build a more engaged conversion channel or increase conversions.

  1. Determining exit pages

Finding out why people leave your site or specific pages can help you make one more effort to convert visitors with the intention of leaving.

Exit-intent popups work well in this regard and can stop visitors from abandoning your page. It can detect when a visitor is about to leave, giving you a chance to show the visitor one last message at that crucial moment. A study shows that you can recover 53% of abandoning visitors by using exit-intent popups.

You can personalize your exit-intent popups by using your visitor’s name, as done in the example below, to see more conversions.

exit popup hacks personalization example

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  1. Understanding the needs of trial users

One great strategy that SaaS service providers often implement to entice customers is offering free trials. 

There are basically three types of free trials:

  • Free Trials that don’t need a credit card: Here, users sign up to sample the SaaS product or service and find out whether it will meet their needs. 
  • Free Trials that require credit card registration:  SaaS product or service providers like this by offering their credit card information, users are taking a baby step towards purchasing their product or services. It will only work when there is absolute transparency. You should also offer numerous options to users to opt-out of the trial period at any time. 
  • Freemiums: Freemium services are a trend, particularly for app-driven SaaS subscription models. Here, customers have the option to remain a free-trial user for a lifetime by paying only for advanced features. Companies such as Dropbox have earned billions out of this model though it is considered by many as a wrong way to do business.

Understanding the needs of the trial users can improve your SaaS conversion rate. But it will depend on customer experience. So, create high-quality products that offer value, make it easy for users to use your product, know your most valuable feature so that you can make it your USP and offer competition, and provide stellar customer support. 

Wrapping-Up

Finding out the conversion intent of your SaaS audience and optimizing it can dramatically increase your conversions. Every SaaS business should focus on the intent of consumers and target those with high purchase intent. Web visitors with low-intent can also be converted by offering valuable content. You can use the five ways mentioned in this article to measure conversion intent.