Patrick Campbell: belief

Transcript context

…That's a great, awesome take. And I want to plug ProfitWell right here, actually. I know you guys offer a product that does this and I've used it. So I don't know if that's still true, I know after an acquisition, things change. So I use ProfitWell for my newsletters. I just plug it into my Stripe account and it's the most amazing free product because it just tells me everything I want to know. And then it's got this cool feature, you just turn it on and it does these things for you like it tells people, "Your credit card is about to expire." Hey, this card failed, you should try putting in a new card." So that's a cool reason to check out ProfitWell. Thanks, man. I appreciate that. And it's actually cool because I think for us, because the fact that product teams don't really think about this stuff, we stumbled into this whole thesis that could be a whole episode, which is all the product features are done for you. So what I mean by that is, you noticed this, but when you log in and set this up, you're not writing emails, you're not setting up the flows. And the reason is because we have all this data from $30 billion in ARR flowing through our metrics product that we can study and understand what works and what doesn't. And that kind of stumbling that is useful for folks is what we discovered is this anti-active usage type product, it retains itself at a really, really high rate because people are just getting the value and they don't have to use it. And so what we found is a little bonus thing on retention. When we look at churn rates across different types of products, those products that are workflow products you use every single day or mostly every single day, or those products you don't have to log into but you still get the value, that's where the lowest churn rates are, the highest retention. Anything in the middle, it's like death. And this is why ProfitWell metrics ended up being free because we were just like, "It's terrible to build a metrics and analytics product. It's so hard because people just don't appreciate how much work goes into it, therefore they don't retain at a high rate, they're not willing to pay that much," et cetera. I think that alone is a really interesting story, and I don't know if we should get too deep, but just to highlight what you just said, so many startups build an analytics product that it's just a better way to measure and track all the stuff that's going on. And what you've found is you won't make money doing that, people don't want to pay for a SaaS analytics tool.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.