Running a SaaS business is great but educating the customers on how to use the product is where every company struggles. Knowledge management can help businesses grow effortlessly, by solving their customer queries, increasing customer satisfaction, and improving business performance.
What is knowledge management?
Knowledge management is the process of gathering, collecting, and organizing information by an organization to make it easily accessible for its customers. It includes content in the form of how-to guides, user manuals, FAQs, or any self-service for that matter to keep educating their users without involving too much effort.
Benefits of knowledge management system:
A great knowledge management software offers a lot of benefits to its customers in many ways. It is not only benefiting the customers but also the internal team and organization. In short, it is a win-win solution for both customers and your organization.
Here are a few ways how a knowledge management software can help your customers:
1. A great self-service support tool:
Knowledge management software acts as a wonderful self-service support tool for SaaS businesses. Creating an opportunity where customers help themselves in this fast-paced world, improves the customer experience and customer satisfaction. The amount of information that is shared in the knowledge base can help your customers in the long term. It also creates a sense of using the best out of the knowledge base.
2. Loyal customer base and customer satisfaction:
When your customers can self-serve themselves with a knowledge management tool, that gives a vast amount of information that can help them in understanding their product knowledge. When your knowledge base can solve all your customer queries, this reduces customer churn and strengthens the customer support team.
3. Knowledge management helps in knowledge retention:
As a business, it is important for you to understand the benefits of knowledge management especially when there are important takeaways that need to be passed on to future employees too. Maybe the sales representative has great skill in closing deals, and anything shared by word of mouth doesn’t stay forever, especially when it’s valuable information, it needs to be stored and passed on to others when the growth of the company matters the most. Knowledge management is the only way to knowledge retention, especially in times of employee turnover.
Here are a few benefits to your business:
1. Saves time for your internal team:
Knowledge management software not only helps your customers but also highly supports your own internal support team and sales representatives as most of the work is automated by a knowledge base. The customer support tickets are reduced to a great extent when you have a knowledge base which in turn helps your team to focus on other major tasks.
2. Boosts SEO:
A knowledge base can help businesses in marketing aspects like boosting SEO. This may be underrated, but if you know and see the benefits, you will never miss a chance to use the right keywords in your knowledge-base articles. SEO is not just limited to your website blogs! By inducing the right keywords in your documentation, you can organically boost your articles and win the game by getting listed at top of search engines. It’s not just limited to articles or documents; you can optimize the FAQs as well. By just investing in a knowledge base, you can also see great results in SEO aspects as well.
3. Increases productivity:
Employees spend hours gathering information every day. While doing so, most of the time is lost in searching for information rather than acting for the delegate to work. This also hinders the productivity, and profitability of a business. But what if all the time is saved with knowledge management? Having a knowledge base at an organizational level helps your team members save time and gather all the information and store it as articles or documents in your knowledge base. This will improve collaboration among team members and save a lot of time.
4. Drives Revenue Growth:
Implementing an effective knowledge management system can directly contribute to increasing your revenue. By empowering customers with self-service options, support costs are reduced, and the customer experience improves, which leads to higher satisfaction and retention rates. When customers feel supported and well-informed, they’re more likely to stay loyal and even upgrade to premium features or additional products. For SaaS companies, this ultimately leads to higher customer lifetime value, impacting overall growth. Furthermore, according to SaaS Multiples 2024, customer retention and expansion can have a significant multiplier effect on revenue, especially in a competitive market. By maintaining a robust knowledge base, your business can drive sustainable revenue growth while reducing operational costs
Why do SaaS companies need a knowledge management system?
First and foremost, more than half of the customers prefer to resolve their queries on their own. A knowledge base can do a great job by having a separate section like FAQs where a company can address all the common questions that are asked earlier by their customers. By practising a knowledge management system for a SaaS company, you can see a huge transformation in your business. This helps in reducing the number of support tickets. This in turn results in helping the customer support team where they can focus on other priorities when most of the queries are already answered. Knowledge management saves a lot of time in the long term and can be easily updated without making any effort in the future. A great knowledge base adds value to the company’s website as well. When you want to integrate and bring your team closer and use your time wisely, knowledge management is the best solution. Support tickets, emails, and customer support calls can help customers in a great way. But will that be great when it is redundant and when your business has a lot of other priorities too? This knowledge base plays a major role and serves as a one-stop solution to clarify all the queries that customers have.
Conclusion:
If you’re planning to take your SaaS business to grow further, knowledge management is the right way to move on to the next level. It takes your customer support system to a whole new level. Because customers enjoy the self-service nature of a knowledge base. You can customize your knowledge base based on your preferences and building a world-class knowledge base can attract a lot of customers. If you choose the right knowledge base and maintain it properly by updating all the articles whenever necessary, it is going to make your business run with ease. A wonderful knowledge management system adds great value to the business and the customers. It’s your choice to choose the right one and create a win-win situation for both the customers and the organization.
