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Quick bite, lots of dough
We are no stranger to covering the team at Quibi on Recur Now—first when they made their debut at the Consumer Electric Show, then when they spent $1 billion to crusade into the streaming market, and most recently after their spotlight at the Super Bowl, dropping a cool $5.6 million for an ad spot that left people wondering, “What’s a Quibi?”
If you’re unfamiliar, Quibi is short for “quick bite,” a subscription video-on-demand service chaired by Hollywood’s Jeffrey Katzenberg and Chief Exec Meg Whitman. There are already some big names on board, like Spielberg and del Toro, but the platform doesn’t actually launch until April.
And apparently, Quibi’s raised another $750 million from private investors, for a total fundraising purse of $1.75 billion, pre-launch.
What are they doing so right?
Quibi is a mix between platforms that are already booming in this business—think shorter-form video content than Netflix and Disney+, but more substantial than content that’s published on apps like TikTok and Snapchat. They’re tapping into a market that isn’t yet claimed. And apparently, investors think it’s genius. And they may have just found the perfect product-market fit, an incredibly important first step when building a product/business to find at least one.
The initial effort you put into finding a product-market fit undoubtedly has a direct impact on your advertising efforts, your marketing outreach, and ultimately your churn rates and growth as a result.
To discover your own product-market fit, you have to carefully curate your plan of action: Uncover your key benefit, build your value prop around that, look into who relates to your value prop, build personas around those markets, and test your hypotheses out in the real world.
There are incredible layers to this, so I'm including a resource linked here that's all about it—including a real-world example, the steps to establishing product-market fit, the metrics to track it, and how we, at ProfitWell, found our own fit.
Friction? I'll pass.
If you’re in the SaaS space and you don’t know HubSpot… well, consider me shocked.
If you’re in the SaaS space and you don’t know progressive data collection, here’s a tip: It’s a growing practice among SaaS apps that allows your teams to keep friction low by asking users for data “just in time,” (namely, the right time) instead of only at the beginning of a signup process.
And apparently, if you’re using Appcues, the product-led growth platform we know and love to collect this progressive data, you can pass it to your HubSpot contact records and start customizing your campaigns.
So, why is this cool?
It’s about friction reduction. When you’re asking for a ton of information upfront, conversion falls. By collecting data in-app with Appcues, you can update the CRM, personalize email campaigns, and trigger automation based on in-app form data.
By removing form fields (short and sweet is the name of the game, remember?) you’ll increase your signup conversion rate. By also personalizing content and experiences, you’ll see conversions increase downstream, too.
Trust us on this one. After digging into the data from 5 million customer surveys, we found (not so surprising intel) that shorter surveys get the best feedback. Plus, they can be sent more often.
Here's that study, with all survey findings, if you're intrigued.
Stay @ Home SaaStr
We’re bringing SaaStr on home.
We may not have graced San Jose with our SaaS-loving selves this year, but that doesn’t mean we’re not bringing you the intel.
Tomorrow: Alongside our pals at Paddle, the SaaS commerce platform, we're hosting Stay at Home SaaStr—a virtual conference starting at 11 a.m. EST. During it, you’ll hear intel from our Founder Patrick Campbell and Paddle's Founders Harrison Rose and Christian Owens.
Because they have a lot to share.
Here’s what to expect:
- 11 a.m. to 12 p.m. Patrick’s on tap with “Retain to gain: retention lessons from 17,482 subscription companies.”
- 12 to 1 p.m. We’re turning to Harrison for “How SaaS scale-ups maintain 300% year-on-year growth.”
- And we wrap with Patrick and Christian, with a monetization and pricing AMA (that means "ask me anything," so be sure to challenge them with your burning questions) from 1 to 2 p.m.
Three hours of knowledge drops, and plenty of time to chat with the crowd—from literally anywhere in the world. No excuses.
Here's a link to sign up. Catch ya there.
That’s it for your March 11 episode of Recur Now. If you are not already on the list to receive daily episodes, head to profitwell.com/recur/recurnow to sign up.
This has been a Recur Studios production—the fastest-growing subscription network out there. If you find use for this show, subscribe for more like it at profitwell.com/recur.