Archie Abrams: belief

Transcript context

…This episode is brought to you by Explo, a game changer for customer facing analytics and data reporting. Are your users craving more dashboards, reports, and analytics within your product? Are you tired of trying to build it yourself? As a product leader, you probably have these requests on your roadmap, but the struggle to prioritize them is real. Building analytics from scratch can be time-consuming, expensive, and a really challenging process. Enter Explo. Explo is a fully white labeled embedded analytics solution designed entirely with your user in mind. Getting started is easy. Explo connects to any relational database or warehouse. And with its low-code functionality, you can build and style dashboards in minutes. Once you're ready, simply embed the dashboard or report into your application with a tiny code snippet. The best part, your end users can use Explo's AI features for their own report and dashboard generation, eliminating customer data requests for your support team. Build and embed a fully white labeled analytics experience in days. Try for free at explo.co/lenny. That's E-X-P-L-O dot C-O slash Lenny. This episode is brought to you by Dovetail, the AI first customer insights hub for all teams. Dovetail has always been the go-to tool for teams who want to find insights in customer calls, user interviews, or documents. Now they've stepped it up with the release of Dovetail 3.0. that's three new products and a ton of AI features that make it faster and easier than ever before to truly get at the heart of what your customers want. You can get a real-time pulse on what your customers are thinking with Dovetail's, automated feedback analysis platform, channels, or pull summaries and insights from every customer interaction your team has ever had with their AI chatbot Ask Dovetail. You can even recruit from over 3 million participants directly in Dovetail. All this is just the tip of the Iceberg. Dovetail wants to give everyone in their organization instant access to their customers at any time. From roadmaps, discovery, to strategy sessions and more, it's never been easier to make customer-centric decisions. The good news is Lenny's listeners can try Dovetail's Pro plan along with their newest products and features free for 30 days. Just go to dovetail.com/lenny. I want to start with something that I think is most unique from what I've heard, and I think there's going to be a lot of really unique approaches to how you all think about growth. One of the most interesting things I've heard is that how you think about churn and retention. To most companies, the most important thing is to increase retention, reduce churn. My sense or my understanding is you guys are kind of the opposite. You one, don't think tons about churn, you almost optimize for churn. Talk about that. How does that work? The way we think about churn is really going back to Shopify as a kind of our mission and what we want to do, which is to increase the amount of entrepreneurship on the internet. And so as a business, we want to make it as easy as possible to get started with your online store, with your business. But most businesses do ultimately fail. And so the way we look at it is can we lower the barriers to getting started and get as many people in the door trying their hand at entrepreneurship? If we do that, again, many of those businesses, many of those folks will maybe on their first attempt not be as successful, but we're going to have a set of merchants who go on to become extremely big businesses, the Allbirds of the world, FIGS, etc. And the way the Shopify business model works is we do charge a subscription, but most of our revenue comes from payments, which is tied to directly to a merchant's success. So in a given cohort of merchants, a lot of people will start. Some of those people on their first attempt that's entrepreneurship might not succeed, but the folks who do go on to be successful will make that entire cohort of merchants who started something that makes Shopify as a business extremely successful. And that's why we lower the barriers to get started and help folks grow, and those winners make the whole thing work. I love that. So what I'm hearing is it's not that you don't want people to stick around, it's not that you don't want people to succeed. It's that you're not optimizing every new shop for sticking around long-term. It's basically make it as easy as possible for people to try it. And all you need is a few big wins for it to all work out.…

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