Change is the only constant. This saying holds for many things in life but is incredibly relatable with B2B organizations. Be it customer requests, feature enhancements, or mimicking a recent add-on from the competitors, a B2B product is always evolving to be better for their customers.
The ubiquity of modern-day release cycles has allowed B2B companies to evolve even faster by implementing changes into existing software on a monthly, bi-monthly, or even weekly basis. However, you might be shipping new features in your B2B application every week. Still, if your customers aren’t aware of these new features, you miss out on a significant opportunity.
Now you may be wondering how to drive maximum value from product update announcements as a B2B organization? Well, if you are confused about whether you even need a product update announcement for B2B, then don’t be! Because every B2B organization benefit from product updates announcements, and here is how.
1. It increases the customer retention
All B2B startups need to grow, and to it fast. Most startups are focused on growth, acquiring new customers, running ad campaigns, and doing content marketing and investing millions $ and precious time. And since all focus switched to acquiring new users, startups usually forget about the current users they worked hard to get.
They leave or downgrade. And there isn't a little effort spent to save them.
Increasing customer retention can be a great growth strategy. It takes fewer resources and much cheaper than acquiring new customers.
Customer retention sounds like a complicated process. There are a lot of strategies, techniques, charts, metrics. But in reality, it's only simple psychology. You need to value your customers.
Give your customers a picture of what's happening with the product. Make them be a part of the product growth and show them the evolution of the product. Keeping product update announcements is the easiest way of doing that. It will nurture current customers and educate them about the product. Most successful companies like Facebook found that it contributes more than acquiring new customers.
2. It attracts the potential customers
Implementing new features in your product alone is one thing; educating your customers about them is another. Besides nurturing and educating your customers, it also helps in bringing new customers. Let's take a look at it from the AIDA model perspective. That is a model used in marketing to describe the potential journey a customer might go through before purchasing a product or a service.
At the Interest Stage, our potential customer will read about the benefits we provide and try to figure out if our product is suitable. At this stage, as a product owner, we need to display and communicate the value that we provide for our customers. Here the product updates come in the play. On our product announcements page, potential users will see all newly released features, how frequently we ship, and the value that they will get. That is a really crucial point that can impact on user's decision-making.
Product update announcements can be a crucial differentiator for the desired stage audience to decide on your B2B software. It might invoke your prospects to drive action around your product. Be it purchase, subscription, or even a free sign-up.
That’s not all. Product update announcements also help you upsell your existing customers. Once they know that you’ve got valuable add-ons over your product, they might want to upgrade their current subscription plan.