Bitcoin at $100k. 🔥🔥🔥
Critics laughed and dismissed this target for years.
But when you fully understand what you own, the ups and downs don’t matter—over the long run, it’s programmed to go up.
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Nick Fogle
3.3K posts
Nick Fogle
@nickfogle
Founder & CEO of @Churnkey 🔑. After 2 previous exits, I'm building the next generation of retention tools to help SaaS Companies eliminate churn.
Присоединился Mayıs 2008
494 Подписки2.4K Подписчики
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1. User of your SaaS goes to cancel
2. Send them to a competitor that you know is better than your SaaS via the competitor's affiliate link
3. Profit
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Nick Fogle ретвитнул
Customer retention and churn rates are not just metrics; they are pivotal indicators of a company's health and its future valuation potential.
A critical pain point for many ventures, high churn rates can severely limit a company's ability to scale.
Episode 350 Live! @nickfogle
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Nick Fogle ретвитнул
Jk, our churn numbers are actually pretty good thanks to Churnkey
If you have a SaaS, you should def check them out. It’s an awesome product
churnkey.co
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💪 Can’t wait to unlock the next level of growth together @jaynathan!
Jay Nathan@jaynathan
I officially joined Churnkey as Head of Growth on Monday. In August of 2023, I became an advisor to the founders. I was impressed by their team, their product, and the market they serve... The Subscription Economy. According to Visa, the subscription economy will triple by 2025 🤯. It includes: - SaaS - Media - Consumer Services - E-commerce - and more… Subscriptions are eating the world. And besides customer acquisition, churn is the biggest challenge these companies will face. High credit card subscriber churn is like running on a treadmill. You go faster and work harder but never get anywhere. But there's a silver lining... Nearly forty percent of canceled subscribers LOVE your product. They just need to - pause a subscription - right-size their pricing plan - or, update their credit card There are customer-centric ways to solve all of this, and that's where Churnkey comes in. The average Churnkey customer saves 20-40% of monthly cancellation revenue. They reduce the cost of Customer Success (who are often chasing down failed payments) and avoid the cost of paying commissions to reactivate former customers. I've never worked on a SaaS product with a more clear ROI. Here's how we do it - 3 simple ways: 1/ Prevent voluntary cancellations When customers click the “cancel” button, Churnkey’s segmented cancellation flows provide your customers with personalized retention offers. Customers accept these offers 25% of the time or more on average. 2/ Recover involuntary cancellations Credit card subscription payments can fail for any number of reasons. Churnkey retries payments intelligently based on failure codes and subscriber demographics (e.g., B2B SaaS users behave differently than consumers). We also handle dunning. A.k.a. “Please update your credit card!” 3/ Reactivate cancelled customers We target personal reactivation email campaigns to every individual customer. To make all of this effortless for the end-user, Churnkey integrates with common billing platforms like Stripe, Zuora, Chargebee, Paddle, and more... this means fewer clicks, better experience, and better revenue operations. Churnkey is an in-app retention specialist who works on your behalf 24 hours a day, seven days a week. No vacation days, no sick time, no bathroom breaks 😂 In 2024, this is low-hanging fruit to improve your retention, cash flow, and costs. I literally couldn't be more excited to join this team. If you want to learn more or have a look, I've included more information below 👇 -- P.S. @Jeff_Breunsbach and I have another announcement coming your way in early February... keep your eye out for that. #revops #saas #subscriptioneconomy
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@scotthurff Reminds me of those ASMR videos they did a few years back
youtu.be/HDrPdhTRDbA?si…
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These little Apple "Study With Me" videos are really impressive and can help undercut that feeling of loneliness when you're WFH (also: great music)
youtube.com/watch?v=ti6r17…
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@mynameis_davis @BairdHall Interesting!
Could be even better if we overlay our churn risk and usage data to optimize price by cohort… a similar concept to purchasing power parity tools on pricing pages.
We already work closely with customers to help prepare for and mitigate price-hike-fueled churn. 🤔
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@BairdHall @nickfogle Would this be possible to add to Churnkey?
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SaaS idea:
A SaaS to increase prices for your SaaS in bulk, without needing to code.
Charge $$$$$ for it, because you're making your customers $$$$$$$$$$$$$$
@levelsio@levelsio
What's the go to flow to increase the price on a Stripe subscription? With 10-20% inflation per year and everyone from YouTube to Spotify now increasing their prices, it seems kinda weird you can't edit the price in the dashboard, no?
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August was our best month ever at @churnkey 🎉
✅ 4 new FT hires
✅ Record new revenue
✅ Hit our EoY MRR goal
✅ 2 major product releases
✅ Secured our #1 pick in the startup advisor draft @jaynathan!
More on this soon!
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Nick Fogle ретвитнул
@imbktan Congrats! We wrestled with a similar decision in 2019, doubled down for 2 years and had a much better outcome in 2021.
Re: Plateau - not sure if its helpful but here's some context on how we broke through and increased our value multiple to 4-5x range.
twitter.com/nickfogle/stat…
Nick Fogle@nickfogle
@agazdecki @oknoobcom @microacquire Minimizing churn was the best thing we ever did before selling Wavve. Made all the difference in our valuation. Most founders don't realize that a small 1-2% reduction in churn can add 6-7 figures to their valuation when it comes time to sell. twitter.com/nickfogle/stat…
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Today I turned down a potential acquisition(2.5X ARR) because I believe our SaaS hasn't yet reached its full potential.
The data tells the story: Curious about when our SaaS might plateau, so I extracted data from ChartMogul. Interestingly, the average MRR churn rate for the past 12 months is 2.32% — I had previously assumed it was around 5%. Some months even show a negative churn rate. Calculating based on the formula (NET MRR/MRR CHURN%), our SaaS could potentially achieve $60,000 in MRR.
Merely a week ago, I found myself in a dilemma about the way forward, but these statistics have convincingly shown me that the future is more promising than I thought, and I now have the confidence to continue forward 😀
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Nick Fogle ретвитнул
🟡 @churnkey new stuff in the wild: effortless customer feedback sourcing & sharing (see video)
Because sharing raw customer feedback with your team is one of the best ways to spark grounded, effective, and satisfying product improvements.
⚡️ Yes, but: sourcing helpful customer feedback can be a full time job in and of itself. You need to vet it, categorize it, and send it to the right internal teams.
🚀 Sourcing and sharing qualitative feedback from cancel flows is now live. Every week, our AI sifts through your feedback and chooses up to 15 of the most useful, relevant, and urgent pieces.
Sharing is easy: with one click, you can download a beautiful image that can be dropped in Slack, Teams, email, Twitter (X?), LinkedIn, or your internal product notes.
🔎 Cancel flows generate a diamond mine of improvement ideas and we want your teams to be able to leverage it effortlessly.
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Nick Fogle ретвитнул
🌟 Big news — my new show, Subscription Heroes, is now live!
🙇♂️ Episode 1 is with @jasonfried. He's full of wisdom, namely around how he's built a lasting business in @37signals.
We talk hiring, writing, marketing, decision making, vintage watches...
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Nick Fogle ретвитнул
What do @jasonfried, @shl, @copyhackers, @robwalling, @imcatnoone, @jeiting, @superamit, @coreyhainesco, and @SamuelHulick have in common?
They're all guests in Season 1 of my new show, Subscription Heroes!
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Nick Fogle ретвитнул
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Today marks 6 months since departing @Zapier to go all-in on Postpone. 🎉
Since then, Postpone's ARR has doubled! 🤯
It turns out giving your side hustle total focus (plus a little @tinyseedfund 😉) *can* accelerate things.
Excited to see what the next 6 months have in store!
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📷THROWBACK THURSDAY📷
It's time for another throwback. Do you recognize any of these Wildcats? What LHS Yearbook? #haiLtothee2023
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Nick Fogle ретвитнул