I recently interviewed the co-founder/CEO of a software company whose headcount scaled from 16 to 140 people, expanded internationally, and reached profitability – all since 2014. He told me much of this success can be attributed to a talk he heard at the Business of Software (BoS) conference. In fact, he called this talk “life changing” for him and his company. That “life changing” speaker will be back at BoS in 2018: Michael “Mikey” Trafton will be presenting, “How to Manage Your Badass Team.” It’s an appropriate follow up to his 2012 talk, “How to Build a World Class Culture in 3 Easy Steps,” and to his 2012 encore, “Recruiting a Bad Ass Team.”
As the company’s one and only employee, Chris Muench admits it can be tough to go from coding to support calls, and then back to coding. Interruptions for customer support are a fact of life for solo entrepreneurs, and Muench offers some sound advice for his peers at other small software companies.
If you work at a software company, chances are you’ve heard someone ask, “Wouldn’t it be cool if...?” Carl Ryden, co-founder and CEO of PrecisionLender, used to ask himself the same thing. So he developed a test for himself, using these four questions.
It’s important to keep close tabs on your support operation. Don’t take my word for it – ProfitWell’s Support Benchmarks show 15 percent better retention rates for companies perceived to have good customer support. Here are three software CEOs explaining why they care about customer support, why it matters to their customers, and how they measure its effectiveness.
We’ve all been there: angrily on hold with some service provider wondering why it’s so complicated to get answers to our seemingly simple questions. For me, this most recently happened after calling Marriott Rewards to troubleshoot a glitch that was preventing me from booking a hotel room with my points. Anyone who has tried to call their cable company or insurance company can likely relate. While I was wasting time on the phone I couldn’t help but wonder what kind of customer service metrics they use to track that kind of interaction. Surely the excessive amount of time I was spending on that call wouldn’t meet the standard.
One of my favorite quotes from the legendary business book “Built To Last” by Jim Collins and Jerry Porras is: “All products, services, and great ideas, no matter how visionary, eventually become obsolete. But a visionary company does not necessarily become obsolete, not if it has the organizational ability to continually change and evolve beyond existing product life cycles." If you work in the software space, I’m sure you can relate. That’s why Built To Last is a must-read for anyone serious about building a sustainable, profitable software company.
The definitive outcome in a successful channel partnership is to engage and motivate their reps to push your product above the rest on a continuous basis.
Seth Godin should need no introduction. He’s the founder of Yoyodyne and Squidoo, and the author of seminal books such as ‘Purple Cow’, ‘Tribes’, and ‘Linchpin’. He writes one of the most popular blogs on the internet, and has recently begun recording one of the most popular podcasts of the year. He’s been writing about marketing longer than some of you have been alive. On top of all this, Seth is a world class communicator. He’s got a knack of boiling complicated concepts down to simple, pithy comments. His recent talk at Business of Software Conference in Boston was no different. Seth talked about 7 lessons he’d learned from 33 years marketing software, and as you can imagine, it’s full of nuggets of wisdom.
To better understand the residuals available to an ISV from a payment processing partnership, it’s critical to know how a payment is processed and, even more importantly, to comprehend interchange costs. Interchange encompasses the basic rates set by the credit card brands and represents the cost the processor has to pay on every transaction. But the costs vary among the card brands and as well as whether cards were swiped vs. keyed vs. dipped (EMV chip) vs. a PIN debit transaction.
Should software companies be more concerned with top-line or bottom-line growth? The honest answer is that you need both.
The customer is a complex creature, each with their own unique needs and goals. As customer success professionals, now more than ever, we have many tools to understand the state of a user at any single point in time. However, staying on top of all the details that point to customer success is hard. In the ever-expanding customer ecosystem, what are the most critical metrics to track and understand in order to keep customers happy and successful?
What’s the best way to future-proof something as complex as payment integration? The past few years have posed a challenge to point-of-sale (POS) and business management software providers faced with integrating payments to their software solutions.
‘Slow’ Is a Thing of the Past. As the use of chip cards becomes more prevalent across industries, consumers are able to pay more securely but not necessarily more quickly (or conveniently) — and that’s what consumers want when they're ready to make a purchase.
As a new, lighter POS approach emerges, Point of Sale (POS) solutions no longer have to depend on PCs to operate. Depending on a system’s configuration, the new POS model can leverage thin clients such as tablets and handhelds, giving the cashier the freedom to transact business at the point of decision.
CompTIA is the voice of the world's information technology (IT) industry.
First American Payment Systems is the integrated payments expert for simple, customized payment solutions. We provide payment solutions ISV’s need - focusing on EMV, mobile, PCI Compliance, and Security. Our expertise spans across multiple verticals and business types. In addition, we have a hands-on technical integration team to support partners through the integration process and get it done as quickly as possible. With over 210,000 merchants and our award-winning customer service, First American is a leading payment technology provider.
SaaSOptics is a complete B2B subscription management platform that provides subscription and order management, GAAP revenue recognition, e-invoicing and payments, financial reporting and robust subscription metrics and analytics. SaaSOptics is a cloud-based solution that enables emerging and growth subscription businesses the ability to eliminate their dependency on spreadsheets and streamline their financial operations, reporting and performance metrics.
For more than 30 years, APG Cash Drawer has been designing and delivering cash drawers with a variety of size, color, interface, and integration options. An APG cash drawer will provide years of smooth, trouble free service with virtually no downtime, no service required, and no headaches. Our cash drawers are so well constructed and so reliable that our customers install them and forget them - even in the most demanding environments.
|RSPA stands for Retail Solutions Providers Association. We are the only association dedicated to the retail technology industry.|
At our core, we’re a credit card processing company that takes a hard stand against hidden fees and pricing tricks. Since our very beginnings, our commitment to quality, transparency and unwavering customer service are the basis for everything that we do. We are a payment processor committed to doing the right thing.
The importance of keeping up with the rapidly-evolving world of payment technology is a no-brainer for any ISV who wants to remain aggressive, successful and relevant. But which of these innovative payment solutions are the most essential to be competitive in a crowded ISV field?
Delivering a positive customer support experience is a must for any business looking to keep customers for the long term. For POS ISVs who maintain relationships with multiple hardware vendors, this can get tricky because it requires tight coordination with the partners.
Hip companies have learned that by giving their customers multiple payment options – credit cards, debit cards, mobile payments and more – they boost business significantly. So, it must be a good idea to select several different payment gateways for your software too, right? Actually, no.
After the Equifax breach in September 2017 exposed the personal information of approximately 143 million Americans, the importance of protecting sensitive data was brought sharply into focus. Cyberattacks as of Q1 2018 have already resulted in 686 breaches and the theft of 1.4 billion records. The result of this turbulent digital security landscape – especially considering that identity theft accounts for 69% of all hacks – is that consumers lose their trust in affected businesses. It can take a single breach to negatively affect brand loyalty and profits significantly. As Warren Buffet said ““It takes 20 years to build a reputation and five minutes to ruin it.”
With the focus on hosting cloud-based services that customers subscribe to – instead of software sold in one large payment – customer retention is vital to success. it’s crucial to reach a 3:1 ratio of Customer Lifetime Value (CLV) versus your Cost to Acquire a Customer (CAC) to grow as a business. You want customers to keep subscribing long past the point where you recoup the original investment.
SoftwareBusinessGrowth.com seeks to inform and advise the software community on the best opportunities for business success, where developing killer code simply isn’t enough. At SoftwareBusinessGrowth.com, software companies learn the management, sales, marketing, HR, operations, support, finance, customer success, product, and partner development strategies that will take their solutions out of the testing and into the hands of more users. Through a daily stream of news and exclusive insight served up by winners in the software community, our multimedia newsletter, webinar, event, and site content helps readers build value for their software businesses.