Time to value is an important but sometimes misunderstood metric for customer success managers implementing enterprise Software as a Service (SaaS) platforms. This article defines what is time-to-value, what to look for when measuring, how to measure, and recommended ways to improve time-to-value. So, if you are interested in any of these just keep reading!
The term "adoption" in this context means the successful use of the Saas platform to achieve specific business goals and objectives. The benefits of enterprise Saas adoption have been well documented and include improved efficiency, cost savings, and increased agility. However, despite these benefits, enterprise companies have been notoriously slow to adopt Saas platforms.
One of the primary reasons for this is that the adoption of any new technology requires change, and change can be difficult for large organizations. In order to successfully adopt a Saas platform, enterprises must first define what success looks like for their business and then put in place the processes and systems needed to support it. By doing this, enterprises can unlock the full potential of SaaS and reap the benefits of adoption.
Customer Success Metrics And Time-To-Value
There are many different types of adoption metrics that customer success managers can use to measure the success of their software as a service (Saas) platform. Such as the number of active users, which indicates how many people are using the platform on a regular basis. Other important metrics include engagement rates, conversion rates, and customer satisfaction scores.
Time-to-value (TTV) is one of the most important, as it measures how quickly a SaaS product can deliver value to its users, and it is typically used to assess the effectiveness of a SaaS product's go-to-market strategy. There are a number of factors that can influence TTV, including the complexity of the product, the size of the target market, and the availability of customer support. In order to accurately measure TTV, SaaS companies need to track a variety of data points, including customer acquisition costs, free trial conversions, and churn rates. By doing so, they can gain a better understanding of which go-to-market strategies are delivering the most value to their customers.
What To Look For While Measuring Time-To-Value Metrics For Adoption For Saas Platforms
Studies show that, on average, it takes between two and four months for new software platforms to be fully adopted by employees within an organization. However, this number can vary depending on the size and complexity of the platform, as well as the level of resistance from users.
When considering a new software platform, it's important to think about the time it will take to see value from the investment. This is known as the "time-to-value" metric, and there are a few key factors to look at when evaluating this.
1. First, consider the learning curve - how long will it take for users to feel comfortable with the new system?
2. Second, think about productivity gains - will the platform help users work more efficiently?
3. Finally, look at business results - will adopting the platform lead to increased sales or decreased costs?
By taking all of these factors into consideration, you can get a good sense of how long it will take to see value from a new software platform.
How To Measure Time-To-value Metrics
Measuring TTV can be tricky because it's not always easy to determine when a customer has "seen the light." In general, though, you can think of TTV as beginning when a customer starts using your software and ending when they achieve their desired outcome. There are a few different ways to measure TTV.
One common method is to track the number of days it takes for customers to achieve their first key result. This could be something like signing up for a free trial, making their first purchase, or completing a key task in your app.
Another is to track adoption metrics, such as the number of active users or the number of features being used.
Finally, you can also look at customer satisfaction surveys to see how long it took customers to reach a state of "delight."
Whichever method you choose, measuring TTV is essential for understanding how quickly your software is delivering value to customers.
Recommendations To Improve Time-To-Value
There are a few key areas to focus on when trying to improve time-to-value metrics for a SaaS product.
1. Streamline the onboarding process. This can be accomplished by reducing the number of steps required to get started, providing clear and concise instructions, and offering 24/7 customer support.
2. Where possible offer a free trial or money-back guarantee so that customers feel confident about giving your product a try.
3. Focus on creating valuable & accessible content. Whether it’s a blog post, video, or interactive piece, your content should be helpful and easy to consume. It should also be relevant to your target audience. By producing high-quality, valuable content, you can improve your TTV metrics and keep customers coming back for more.
By taking these steps, you can significantly improve time-to-value metrics for your SaaS product.
Closing Thoughts On Using Adoption Metrics For Saas Platforms
Adoption metrics are important for customer success managers. They provide insights into how customers are using the software, which can help guide future product development and improve customer retention rates. By tracking adoption metrics, customer success managers can ensure that their customers are getting the most value from the software and continue to be engaged with the platform.
If you are a customer success team looking to improve your Time To Value by onboarding and engagement with users via in-application walkthroughs and guidance, please check us out at https://www.usertip.com or follow us on Linkedin for more tips to drive user adoption.
Usertip is the first Southeast Asia digital adoption platform designed to help scale your onboarding, training and support for digital solutions. Operating from Singapore, Indonesia and Australia our no-code platform delivers in-application walkthroughs directly on your digital solutions. Seamless user experience and on-demand learning are all delivered to your user’s fingertips within seconds. Click here to find out more.