Creating sustainable assets for modern business is critical to have a competitive edge over competitors consistently. When you are operating in a saturated market like that of SaaS, this becomes even more critical.
A knowledge base for your SaaS business is any day, a potent growth-hacking asset. However, managing a knowledge base all by yourself is challenging. This is where knowledge base software comes in.
The software creates clear, concise, and engaging knowledge transfer and communications with all the stakeholders associated with your product. What follows is better retention and improves efficiency.
Still not convinced?
Let’s clear your mind.
In this post, we deep dive into the many benefits a knowledge base software brings to your SaaS organization in 2021.
4 benefits that a knowledge base software provides your business in 2021
A knowledge base software at its core strives to achieve one goal, drive growth. In a modern software company, a SaaS knowledge base might be termed as the most valuable asset.
It is a systematic framework that creates robust, consistent communication between all the stakeholders of a business organization. Be it your end-users or product developers and marketers; it creates room for everyone to achieve more with the product.
In doing so, it targets to improve multifarious areas in a business process. However, let’s find out how it benefits your SaaS business in 2021.
1. Improves productivity
The most critical asset that your SaaS business can ever have is time. After all, time equals money. In a perfect scenario, you can count your team’s complete working hours to be productive. But the reality is far from being so.
Even if your teams are immune to distracting funny cat videos on the internet, staying focused is hard. With leaky communication and knowledge transfer pipelines, staying at the top of your game is immensely difficult.
A recent study revealed that an average employee spends nearly 20% of their working hours searching for support via their emails and other platforms like Slack. This is where a knowledge base software comes in.
Integrating this tool creates a single information kiosk for every team member of yours. Whatever is the problem, your team member has an answer in real-time and real quick. What follows is your organization’s experience skyrocketed productivity and team collaboration. The best part is it is sustainable and low cost.
However, if you are still unsure how it performs, we explain how.
a) Declutters workspace
Creating a one-system knowledge kiosk for answering all the FAQs (frequently asked questions) a knowledge base software brings ready reference support for all your product development teams.
It removes all unnecessary communication systems and events that create redundant work, focusing on hyper-active problem-solving. What follows is a productive, efficient process.
b) Shorter response time
The first benefit of real-time team assistance makes the product development process agile. Not only can your SaaS development team fix bugs and system errors faster, but you can find standard protocols for developing cleaner codes with the help of the knowledge base software.
c) Improves quality
A knowledge base software is a great way to optimize the creativity and efficiency of your teams. By eliminating redundant conversations, it not only reduces the working hours of a team member but ensures that they do not undergo the biggest flaw of today’s work from home culture, the burnout.
This makes sure the overall quality of the product improves while your teams can achieve more in a lesser number of hours.
2. Establishes an agile business process
An agile business process is a critical requirement for any SaaS organization, be it a startup or enterprise.
Keeping your teams resilient to respond to your target audience’s changing behaviors and problems is the only way you survive the competitive landscape. But the problem is, it is easier said than done.
A knowledge base software makes a powerful tool to improve this situation. Keeping all your stakeholders inside the knowledge loop creates a unified system of dynamic content. Be it your development team or marketing and sales team, or end-users; everyone participates in the content generation process. What follows is a content creation process that is collaborative, relevant, and insightful to create creative and innovative products.
The best part is it’s a powerful tool for attaining product-market fit.
Here are a few ways that knowledge base software takes business agility to new levels.
a) Improves employee management
Managing employees is one of the most critical and complex tasks of your business. Be it engagement or training, if your employees do not feel connected with your company, having high performance and productivity is just a wish.
Traditionally you can create this process via an HR (human resource) induction program. But with remote teams working globally, this method is immensely flawed and inefficient.
A knowledge base software creates a clutter-free medium for your hiring process. Not only is it a comfortable way to give your employees a virtual tour of your company values and mission, but they can get acquainted with the process before they start working.
The best part is they do not need any assistance to do so. Not from any HR, neither from senior team members. This improves productivity optimization and almost automates your hiring process.
b) Designed for scalability
A growing business means a growing number of employees. But to reap the benefits of this human capital, proper knowledge transfer is critical.
A knowledge base software makes this look like a cakewalk. With dynamic content created by multiple users, you not only improve collaboration but reduce per capita workload.
The best part is unlike traditional models of collaboration, it is not limited to a few member interactions. It can be accessed by multiple users simultaneously.
This means no matter how many employees you onboard or how many team members need assistance; your knowledge base software can give them real-time support without dampening the experience.
c) Improves comprehension of customer needs
Customers are the blood-pumping organ of your SaaS business. This makes keeping them at the center of your business operations is critical. If you fail to understand your customers’ core problems and pain points, chances are your business will fall flat sooner than you think.
A knowledge base software ensures that the brand-customer conversations go on. Allowing your customers and prospective leads to generate content in your knowledge base ensures you know when their behavior and priorities are changing. What follows is improved customer satisfaction and chances of developing a viral product.
3. Strengthens marketing communications
In a modern attention economy, where gaining a new customer is 5 times more expensive than retaining one, you cannot afford to lose them.
This makes staying at the top of your customer’s minds one of the critical marketing tasks. However, doing so is hard. While an omnichannel approach can help you reach your goals, it is expensive at the same time.
A knowledge base software is one of the most potent ways to connect with your customers intimately while keeping your costs low simultaneously. What follows is robust, comprehensive marketing communications.
a) Boosts SEO
Optimizing your knowledge base and ensuring it is indexable by search engines ensures your customer acquisition is automated.
The best part is you can now rank for keywords related to your product and gain customers who are actively searching for a solution to problems that your product solves.
b) Improves brand equity
Customer trust is one of the most critical yet challenging objectives of marketing. Creating a knowledge base to assist and empower your target audience with the information they are looking for instantly helps build trust and confidence. It helps to build a community.
The best part is it helps to boost brand equity that can be a critical competitive advantage for your business.
c) Improves customer retention
Customer support is a critical growth metric for any SaaS business. Your customer’s overall product experience is heavily driven by the service they received post-sales.
A knowledge base software is your solution to delivering superior customer experience and assistance, fostering long-term relationships with your customers. But that is not all. It creates opportunities for relevant upsell and cross-sell. What follows is an influx in your sales.
4. Delivers superior customer experience
Customer experience is vital for the overall success of your product. But the problem is creating a superior customer experience is hard. You need to exceed customer’s expectations and create a delightful brand experience. The hardest part is it has to be achieved at scale.
A knowledge base software ensures that quality customer experience is deliverable at scale consistently.
a) Provides end-to-end customer support
Creating a curated help desk ensures you have all the common questions and FAQ (frequently asked questions) of your users answered most engagingly.
If something is not covered, letting your online user community answer it for each other makes it more comprehensive.
b) Provides real-time customer support
Having created a knowledge base is immensely beneficial for the real-time support of your customers. No matter how long the queue is or what time it is, they can find solutions to their problem whenever they want, wherever they want. Also, it optimizes your operations costs as you can operate with a smaller support team.
c) Provides updated content
Creating a dynamic learning product kiosk with a knowledge base software ensures that your content is engaging, relevant, and updated.
Unlike traditional human support, where a new hire may not be aware of some facts about the product, a knowledge base does not suffer information constraints. It knows it all. This translates into best problem solving in real-time.
There is no doubt that a knowledge base software can bring recurring benefits to your business. Even if you had some inhibitions, the above benefits must have cleared them by now. But the real value of a knowledge base software is seen by shifting your mindset about this asset.
A knowledge base should be treated as a stakeholder learning kiosk. It is where all your community gets real-time, updated information about the products and services. Be it your product development team, marketing and sales team, or end-users and customers; everyone should get the answers to their burning questions.
If you follow this core principle of building a knowledge base, you will be on the path to reach the next level in your business.
So now, there is just one question to answer. When are you integrating this powerful growth-hacking tool?
Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.