May 5, 2021 Last updated May 5th, 2021 1,073 Reads share

How Knowledge Management Has Become Essential For SaaS

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For Saas companies, Knowledge bases bring about large amount of value. They are used to provide information and support for customers and employees. One of its many benefits is that it creates a repository of knowledge that can solve problems, guide processes and empower those who read it. In this way, knowledge management software can improve performance, add to customer satisfaction and elevate your market presence.

“Knowledge is power.” – Thomas Jefferson.

They can be public or made private and require login credentials. Knowledge bases can include guides, tutorials and even frequently asked questions (FAQs) covering diverse topics that your customers may run into. Not only this, but your customer support team can serve customers more efficiently with solutions on hand. In this blog, we will cover all the aspects of knowledge management, how to implement it, and more.

 

What Is Knowledge Management?

Knowledge management means being able to provide the answers to burning questions that customers or employees may come across. Knowledge management is maintained by a centralized team and can be consumed by an infinite number of viewers.

It involves creating, compiling and arranging relevant knowledge about an organization and its practices. It is crucial for employees looking to gain information about a particular skill or topic.

So, how can SaaS companies benefit from knowledge management software?

The answer is, in several ways. More than ever before, SaaS companies are implementing effective knowledge management solutions to shed some light on a variety of topics for their customers and employees. Optimizing a collection of information that is machine-readable means that you can effectively create a library of knowledge for your organization. This resource can contain extensive tips and pointers about a product, service, or topic.

 

Knowledge Management Software Can Benefit Your SaaS Company

SaaS companies around the world use knowledge management platforms to drive more customer satisfaction, improve revenue and grow their businesses. Statistics show that up to 91% of customers are willing to use a knowledge base.

Knowledge management has plenty of benefits, specifically for SaaS companies. With a powerful knowledge base, your SaaS business can develop and host a source of knowledge for your stakeholders in a relatively short amount of time.

Using this, your SaaS company can provide a valuable resource to reduce confusion about important topics and subsequently improve customer satisfaction.

Even better, it effectively negates the need for resource-intensive customer support infrastructure and manpower. Instead, customers can quickly look up and find answers to queries they might have. Since knowledge management can be made to scale infinitely, you can easily expand upon your knowledge base iteratively over time.

 

Content Marketing With A Knowledge Base

Knowledge bases are comprehensive tools that can improve your online presence and double as effective content marketing. Tastefully presenting quality information to customers who are seeking answers is an excellent way for your Saas company to establish trust and authority in your space.  

As more customers look up information on your knowledge base, your company is better positioned to provide value to the lives of others. It can even contribute positively to your search engine rankings, helping more customers find you and contact you.

 

Lighting Fast Self-Service Support

Allowing customers to help themselves improves customer experience and raises the bar for customer satisfaction. It is also beneficial to SaaS companies such as yours because it reduces your support costs, the need for customer support executives, and more.

With powerful knowledge management software, you effectively cut out avoidable confusion, misunderstandings and conflict because of lack of clarity. This means that your customers do not necessarily have to call or email in and wait for a response. Instead, they can get access to the information they need, when they need it.

 

Reducing Customer Churn

Customer churn is the rate that customers drop off and cancel their recurring subscriptions or refund their purchases. While it is true that there will always be a small percentage of customer churn in every SaaS company, you can effectively reduce this with a Knowledge base.

This knowledge can go a long way in helping your customers solve problems, fix difficulties and overall get more value out of your products and services. Having this assistance 24/7 in the form of a knowledge base gives your customer get the most out of their purchase. By establishing domain expertise with a knowledge base, your customers are more likely to recommend your services to their friends and coworkers.

With knowledge management software, you will even be able to obtain vital statistics and measure the reach and response to your informational guides and articles. You can then use this information to improve your customer support operations by understanding the nature of customer queries.

 

Implementations Of Knowledge Management Software

  • Storage of vital company information.
  • Reduce customer churn rates.
  • Providing clarity to customers on burning questions.
  • Sharing insight and display industry expertise, building customer trust.
  • Reducing the workload on customer support teams.

 

Key Takeaway

Support tickets and emails can consume valuable time and the wait for a manual response can leave your customers in the dark. Instead, knowledge bases serve as a one-stop solution to find solutions to important questions. As more and more companies implement knowledge management for their SaaS companies, more customers can find the answers that they seek.

An excellent way to stay on top of your knowledge management is Document360. It establishes a platform for knowledge transfer for employees and customers, saving valuable time and effort for SaaS companies.

Dmitry Kozlov

Dmitry Kozlov

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