profitwell paddle

BIG NEWS: Paddle acquires ProfitWell to "do it for you"

A partnership destined to happen | Christian Owens

Patrick Campbell Aug 3 2022

Hey, everyone. It's been a bit. And some of you may know we were acquired by a company called Paddle. So ProfitWell is now part of the Paddle family. I have joined as Chief Strategy Officer, a member of the board. Facundo has taken over all of product, and Peter and sales crew, and everyone came on board. And if you haven't seen the announcements just go to my Twitter feed.

I've talked about it a lot. But one of the questions that we got a lot was how we met. How did the paddle and ProfitWell come together? Well, it's actually this episode of the podcast. This was recorded a long time ago. It was before I was good at asking questions and podcasts. It was also probably before Christian was so good at answering questions on podcasts, but it's a really cool kind of artifact because while the sale and everything happened in 2021 into 2022, this was the moment that I literally met Christian and it was a really good conversation.

And after this particular interview and the conversations that were kind of before it and after the recording, I remember calling Facundo and basically saying, "Hey, if we want to get into billing, we have to do it now because these guys, a.k.a. Christian, are the ones who get it. They're the ones who think exactly like us." And in addition to that, it was one of those things where I thought, at the very least, we had to integrate with them because they get it.

They're thinking of the world of subscriptions the way that we think. And that way is very much this do-it-for-you mentality where we exist so that you can plug ProfitWell in, or now Paddle, and you don't have to do any work. You just get the thing you need. Taxes are taken care of, retention is taken care of, pricing is taken care of. Chargebacks are taking care of. All of these different things. We do it for you.

So today's episode features that first conversation we had that formed the foundation of the faith that we had in one another that eventually led us to joining forces. So sit back, relax, and hopefully we don't embarrass ourselves too much. 

On today's episode, Christian Owens dives deep on growth. We talk about early SaaS origins, solving customer problems, the roadmap to success, getting your customers to trust you, and what makes London perfect for SaaS. After you finish the episode, make sure you check out the show notes for an in-depth field guide. Focus on what we went over.

 

Listen now 🎧

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Relationship goals = Paddle & ProfitWell

The connection, alignment, and vision Paddle and ProfitWell share, as well as the complementary value we each bring to the partnership is something very unique. And it's these things that will allow us to be the most helpful brand in SaaS.

While it’s not every business’ goal to form a partnership, growth should be. And there are some things that are non-negotiable when it comes to growing your business — especially in our current climate. So today, we want to share some of the fundamentals that have been the basis of our success — for both Paddle and ProfitWell — and will continue to be. 

 

 

What to do today: 
  • Follow Christian Owens.
  • Schedule a time to meet with your leadership team to discuss your growth strategy.

What to do next quarter:

Build or optimize a customer-first growth strategy or framework.

The key to long-term success is a customer-first framework. Listen to your customers. This should always be true, but in a time of economic instability, it’s more important than ever. Your business wouldn’t exist — or won’t last long — without customers. So, your growth strategy should be centered around them. This may sound obvious, but you’d be surprised at how many get it wrong. 

Here are a few fundamentals that should always be part of your growth strategy:

 

    1. Understand your customers
      Having a thorough understanding of your customers is vital not only for acquiring them, but for retaining them as well. Careful customer analysis allows you to determine the needs of your customers, their pain points, the types of messaging they respond well to, why they are or aren't purchasing your product, and how they're using your product — and so much more.This information is crucial to making the proper and necessary changes to be able to solve their problems. 

      Furthermore, understanding your customers is key to providing a great experience, in turn, building loyalty and stronger customer relationships. 

    2. Feedback
      Feedback — good and bad — is absolutely necessary. Customers' needs and expectations change over time, so listening and collecting feedback from new and existing customers should be an ongoing process.

      It’s important to categorize, analyze, and respond to feedback. Additionally, be proactive about asking for feedback even when there are no issues. Feedback is essential for improving your product and experience, building new features, and fostering trust by making your customers feel heard and valued.

    3. Get your value proposition right
      Data indicates that value propositions hugely impact the entire customer experience. You need to know what your buyers are thinking and ensure that your positioning, packaging, and pricing fit align with your entire funnel around that which will maximize willingness to pay and make conversions smooth.

      Mindset matters when priming your buyers to make a purchasing decision, which is where understanding your customers thoroughly is necessary.
 
What to do within the next year:

Implement your new or revised customer-first growth strategy. This should be a company-wide effort, so you'll need to ensure you communicate this across the board. And as with any strategy or framework, evaluating and measuring the output is a constant to make the necessary modifications and continue improving the customer experience.

 

Who should own this? 

As mentioned above, this should be a company-wide effort; however, your leadership and growth teams should own implementation and execution.

 


Who's up next week?

Next week, Zeb Evans, Founder and CEO of ClickUp shares his lessons and tactics that help ClickUp operate in perfect harmony.

Do us a favor?

Part of the way we measure success is by seeing if our content is shareable. If you got value from this episode and write up, we'd appreciate a share on Twitter or LinkedIn.

 

 

By Patrick Campbell

Founder & CEO of ProfitWell, the software for helping subscription companies with their monetization and retention strategies, as well as providing free turnkey subscription financial metrics for over 20,000 companies. Prior to ProfitWell Patrick led Strategic Initiatives for Boston-based Gemvara and was an Economist at Google and the US Intelligence community.

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