Today on the show, we’re getting a bit more human. We know now (more than ever) business should be human at its core, so why are we still acting like we’re some sort of robots?
Here’s how I can help.
But first, your B2B SaaS Index.
Listen wherever you get podcasts:
How is the B2B SaaS market trending?
📈7 day +1.25% | 📈30 day +3.40% | 📈90 day +4.95%
How are churn and new revenue trending over time?
MRR LOSS +3.76%
MRR GAIN +3.74%
This week in B2B SaaS has been a bright one. We’ve seen steady growth coming from the overall SaaS Index, and even more so in the MRR Gain and MRR Loss realms—weighing new revenue and churn, respectively.
(A quick note here, though: If you’re confused how increasing numbers in the MRR Loss Index are actually a good thing, it’s because we’ve designed these indices to reflect any negativity in percentages—or downward trend in the graphs—as bad. It means we’re losing more money than we were before.)
But this week, that isn’t an issue. Over the last seven days, the MRR Loss Index has seen more than 11% in positive change, and MRR Gain with a positive 2.01% as it has stood in the last week.
As always, we’re sending you our best for another solid week ahead.
Be sure to check your subscriber newsletter each day for regular updates to your index.
You can also share the data with friends and fellow industry players that could use it right now. Send me their email address to firstname.lastname@example.org and I’ll get their name on the list. Or they can subscribe directly at index.profitwell.com.
Smarter communication > SmarterChild
Up now, I take a step back—on communication with customers, that is.
I saw a tweet from Dennis Hegstad, Co-Founder of LiveRecover, a company that’s all about the human side of communication, that says this:
Click here for Dennis' full Twitter thread on this.
This one hit me at my core. Because it’s pretty clear we’re not doing enough as marketers and business professionals to ultimately understand how to interact with our users.
Your users are human. You have to treat them as so.
It’s not complicated, but for some reason, it’s HARD. And too many companies are missing the mark.
So I’m taking this opportunity to highlight a few, data-proven ways in which you can do so. There is incredible nuance here, and so much more to be said, but here’s a refresher to kickstart better communication.
Work to give customers a personalized experience. Companies who go the extra mile by offering a remarkable experience reap the benefits. According to customer experience adviser Esteban Kolsky, 72% of customers will share a positive experience with six or more people.
Take email service provider ConvertKit, for example. By sending personalized welcome videos to each new subscriber (over 50 videos a day), the company was able to reduce their churn rate nearly 15% in just one month.
Make sure you’re communicating with customers across multiple channels.In-app notifications target customers when they're actually receiving value and don't require switching programs, catching them in the right place at the right moment. Phone calls are especially important for retaining large-ACV, enterprise-level customers. And SMS messages can be used very close to a customers' contract expiration date to drive immediate attention.
Solicit feedback and customer engagement to make sure you’re doing this right. This is key to combating churn—and with the sheer number of engagement and interaction tools on the market today, it’s easy to get started.
But you need to be active in this. If you’re just getting started, sending out a simple net promoter score (NPS) survey is a great way to start tracking customer satisfaction, although it won’t necessarily provide a lot of useful qualitative feedback. Make sure you follow up with detractors and passives to close the feedback loop.
We know solid customer onboarding, communication, and engagement is proven to affect a customer’s retention and willingness to pay—which is nothing to scoff at when you’re in this industry. It’s crucial to consistently remind yourself (and your teammates) that business is professional, but it’s also fundamentally human.
No-meeting nap time
We’ve all had a different experience working from home, or somewhere in the trenches, amid this global pandemic.
But Dave Gerhardt, marketing man over at Privy, previously at Drift, has an undeniably feel-good take, one I couldn’t help but highlight on this beautiful Friday.
Click here for Dave's full Twitter thread on this.
Dave says he and his wife work out together each morning, he gets to enjoy meals with his kids, and he even practices no-meeting nap time (for his kiddos, that is... although I’m not against the idea for myself). And, apparently, his marketing team is more productive than ever.
“Office or not it's still TBD what the future holds,” Dave writes. “But this definitely feels like re-balancing to me.”
So this one got me thinking—what’s it been like for other folks out there?
I think we too often shame others for voicing their gratitude, when times are tough elsewhere. But everyone’s unique reaction to this life-altering few months is valid—and if anything, you know I’m on board that practicing gratitude (in whatever form it can be manifested) is the name of this game.
Share your thoughts with me, at email@example.com. I’m always here for it—the good, the bad, the unprecedented.
Protect the Hustle, B-Side
Now we hear from two of our own. In this episode of the new seriesProtect the Hustle, B-Side, Neel & Patrick discuss wins from this week—starting with a practice we've implemented internally at ProfitWell, to get through the COVID-19 storm together (with some function of sanity).
(If you watched this episode^^ and are interested in the brunch expertise Neel mentioned, you can follow our Growth Manager Danielle as she feasts her way through the city. That's on Instagram, @bostonbrunchguide.)
Today’s featured user is BREO BOX, creators of “the coolest stuff you never knew you needed.”
It’s a box for the tech obsessed—with unique, tech-savvy products, tailored to the season and delivered on a quarterly basis. Each box purchased includes incredible discounts on the products that arrive at your door.
You can start with a seasonal or annual subscription or even buy as a creative gift.
From Fujifilm Instax Cameras and Ember Smart Mugs, to TRX Home Gyms, the BREO BOX crew keeps you up to date with the latest “make my life better” gear. The 2020 Summer Edition box is (almost) ready for the taking with pre-orders accepted now. Here's access to that.
That is a wrap on this week in Recur Now. More B2B SaaS updates here for you on Tuesday. (We’re celebrating Memorial Day this go-round; With all that’s wrong in the world, it just feels right. I hope you get to enjoy it, too.)
As a reminder: We launched a weekly version of Recur Now, an abbreviated newsletter with the best in each week’s news. If you want in on that instead of your daily version, reply to me at firstname.lastname@example.org and I’ll get you on that list.
If you have news to spread or resources to share with our audience, you can always connect with me at email@example.com to get the good word out there.