Megaventory Blog - Online Inventory Management Software, Order fulfillment and Control System
This is the company blog for megaventory, an online software that helps small businesses that buy, sell and manufacture physical products to manage sales, purchasing, manufacturing and inventory. We blog about new features and updates but also about enterprise software, small businesses, cloud computing and the industry in general.

Monday, January 29, 2018

Megaventory integrates with 1,000 apps!



Getting your work done as a modern business requires the combined use of many apps.

You may have a CRM app to manage communications with your clients, an e-mail marketing tool to automate your mailing lists, an inventory management system to streamline your supply chain operations and order fulfillment, and an accounting platform to track your payments and keep your books updated.

While all these apps can reduce workload greatly, wouldn’t be awesome if in some way they could also talk to each other, automatically?

Now this is absolutely possible!


Streamline your Operations with Megaventory Zaps


Megaventory now connects to 1,000 other web tools, thanks to our Zapier integration.

With workflow automation tool Zapier, you can set up your own integrations called “Zaps”. Zaps will automatically send information from one tool to another, so you’ll spend less time manually transferring data between business tools and can dedicate more focus to creative, big picture tasks.

The following are only some of the available zaps:


3 More Integrations to Try Out


Since 1,000 apps is a quite overwhelming number, we’d love to mention three apps that work complementary with Megaventory and you can try out today.


Process Street


Process Street is a business process management tool that makes it easy for businesses to create and collaborate over recurring checklists like client onboarding, sales qualification, and supplier evaluation. It helps teams improve consistency because every member knows exactly what they’re supposed to be doing next, and task progress is visible to managers.

But how to use the integration with Process Street?

Integrations save you time from mundane tasks like data entry, one of the biggest time wasters. One tedious data entry task is updating your inventory management software with the data of a new supplier. If you have already filled this data while evaluating suppliers you can save time from doing this again in Megaventory, by having Zapier do the filling in for you.

In the same logic, with Zapier you can trigger a reversed zap. For example, if you have in place an onboarding process for every new customer, you can set it up to create a new checklist each time a new client is created in Megaventory.


SurveyMonkey


Even though a customer bought from you once, this doesn’t necessarily mean that they will do so again! Often, customers are dissatisfied with the purchase or delivery process, and their previous experience with your business prevents them from going forward with a second purchase. Many times angry customers become vocal about their feeling, but it is quite often that a customer will decide to remain silent on this and just don’t ever do business with you again. As a business owner, you may see your churn numbers growing up and have absolutely no clue why.

The answer? Just ask them with a survey!

SurveyMonkey is one of the most popular survey platforms, allowing you to easily build, send and monitor your surveys. Although it is commonly used for research, did you know that you can also use it to gain valuable information on your customers?

For example, you can set up a zap to send a survey about their recent purchase, each time a new client is created in Megaventory.


Intercom


Intercom is a popular CRM solution and one we use ourselves and love. You can use it to set up a live chat on your website (customers with unanswered questions often means abandoned carts!) or/and streamline your e-mail marketing efforts.

How to use Intercom integration?

Data entry is a tedious task so the more you can eliminate, the better! With this integration, you can set a zap to automatically update a company or user in Intercom, when a client in Megaventory is updated and vice versa. That way you are always sure that your customers’ data are always up to date, and your messages reach the maximum number of people.

A last note


With so many available integrations the possibilities for automation are endless. To help you out on this, Process Street has created a thorough guide on business process automation through Zapier. This guide will walk you through several examples of business process automation being used right now by startups and enterprises, and help you start saving time and money today.

So, why don’t visit Zapier’s page and experiment with the available triggers and actions?

If it is too overwhelming (the options are THAT many now!) just send us a message at support@megaventory.com and we will respond with the best combination of triggers/actions to achieve your desired result.


Thursday, January 4, 2018

Why Customers Leave: Megaventory’s Study on Churn



The main ambition for most – if not all companies – is to reach more people and grow their client base. In the mind of many, it’s simple mathematics.

More customers means more revenue. Seems reasonable, right?

Well, not exactly.

According to various studies, it is actually more profitable and cost-effective to retain and satisfy existing customers, rather than constantly trying to attract new ones. Nevertheless, many companies tend to relax when they see their rate of new acquisitions growing up and neglect to pamper their older customers.

If you are guilty of this mistake and your company is in the SaaS industry, this mini e-book is for you!



Why Customers Leave?


In recent literature, there is a variety of reasons why paying customers might cut their ties with your business. The most common ones can be summarized in the following list:
  1. Bad customer service
  2. Poor on-boarding experience
  3. Missing feature
  4. Usability issues
  5. Bugs or other technical issues
  6. Unexpected Inconveniencies
  7. No Loyalty Programs
  8. Customer-related issues
When a customer stops using a subscription service that they are subscribed to, it is generally referred to as “churning” or “churn”.

A similar term is churn rate, which refers to the proportion of subscribers who leave a supplier during a given time period. In other words, churn rate is the number of the customers you lost over the number of customers you initially started with.

But why calculating churn is important?

Churn is a possible indicator of overall customer dissatisfaction, cheaper and/or better alternatives, more successful marketing by competitions, or reasons having to do with the customer lifecycle.
As resources and time are limited, knowing the reasons of churn, i.e. where you fall behind, you can allocate your team members and funds where it will matter the most.


Megaventory’s Case Study


But what new does this case study add?

Most studies about churn tend to focus on how to predict and identify the customers who are about to churn and what (mainly marketing) actions can prevent the churn.

Our approach is slightly different: we asked ourselves first “why do people stop using a product?” Starting from there we created a series of metrics to investigate the possible reasons that lead our former customers to stop using Megaventory and to understand which of them are actually statistically important.

In other words, we wanted to find out what seems to have the biggest impact on churn.

It can be summarized in the following metrics:

  1. Time to cancellation
  2. Pricing plan and number of users
  3. Use of features: cards and reports
  4. Last subscription package
  5. Missing feature
  6. Reported bug or technical issue
  7. Demographic factors

Addressing these 7 key metrics we hope to be able to:

  • predict possible churners better and be able to take proactive measures to retain valuable customers, and 
  • understand what needs improvement on the product (features, usability, on-boarding, payments options, etc)

As many SaaS companies have a similar business model, checking our Megaventory’s case study might be beneficial for the SaaS entrepreneur, founder, or developer that wants to reduce the number of canceled subscriptions. Note that only one of the possible reasons is Megaventory-specific (Cards and Reports – no 3) – the rest are easily applicable to other SaaS companies too.

Even if the metrics don’t directly correspond to your business model and other industry details, it may still be educational to see how we did our statistical analysis and be inspired for your own analyses.

Click the button below to start reading Megaventory's Case Study:




We love conversation so if you have any feedback or business stories you'd like to share with us, write a comment below or tweet us!

And if you liked this e-book, don't forget to share it with your colleagues and friends!