Decreased our churn to <15%
by Robin Vander HeydenSo this is perhaps the biggest accomplishment we've done so far this year: Decreasing our churn.
Decreasing churn is perhaps even more important than having more sales. We're still at the same amount of new customers gained each month but a lower churn means happier customers and a healthier foundation of our business. A low churn means we're closer to attaining P/M fit (though I wouldn't say we're there yet)
Our subscription is moderately priced (USD $399/month) but churn has been high since the beginning (difficult to set up the operations of that type of business, setting up the right expectations for the team etc)
Last month we released our platform (video here: https://www.loom.com/share/5c5c97447b4e4b4189048aeed8ad3bb7) and it immediately impacted our churn (in a very positive way).
I believe the #1 goal of technology is to bring you closer to your customers / deliver more value to them and our platform did exactly that.
Last but not least -- this achievement is mostly thanks to our development team and designers as well as my two co-founders (I only stayed focused on sales and not on operations last month)
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As someone who wants to use your service but can't pay that expensive of a subscription, the churn might be from people who only intented to pay one or two months, get the most they can out of it, and cancel.
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Hey @sandywilkinscr ! Totally, lots of customers come for one month and leave as they get all their work done.
You can use the code MP25OFF for 25% off on your first month if you want to get some work done :)
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Congrats Robin!
Definitely correct saying that decreased churn can be more impactful than more sales. It's a huge factor in customer LTV.
Not sure what type of analysis you do on churn, but I wrote about looking at customer cohorts for churn, awhile back. Hopefully there's something useful in here for you.
https://medium.com/@mattpupa/how-to-measure-customer-retention-using-cohorts-14a684669af3
Matt