@joshdance great question. This really depends on a couple of factors, but the primary one is if we get 5-10 folks to sign an LOI we'll definitely build it. We have a few already - want to hop on a call to chat? Email me at patrick[at]priceintelligently[dot]com. :)
Hey Patrick, I don't think I understand the constant testing and optimization piece. Can you give some examples of that? Are we talking, e.g., automatically figuring out the best time to send dunning emails?
@smalter Hey Walter - phenomenal question. The shortest answer is - we treat your delinquent churn as it's own marketing channel, running all A/B and multivariate tests, while sprinkling in some data mining for good measure. This allows us to test things like time of day, subject lines, image copy, landing page copy, et al to get that recovery rate as high as possible.
We've found that recovery rate is a game of inches, so we're fighting for each inch, but to the user/customer you don't have to do anything beyond initial setup.
Do you guys also give recommendations on pricing models for SaaS by seeing the existing pricing? The product looks great. Recommending it now to the team Cloudways. Cc: @AaqibGadit@phospital
@invinciblesaad@aaqibgadit@phospital hey there - We definitely do. :)
We started the company four years ago actually focused on SaaS monetization and have a suite of software/business that's cranking along working with companies on their pricing (folks like Atlassian, Autodesk, 3nder, etc.). Feel free to check out priceintelligently.com or hit me up at patrick@priceintelligently. Happy to help!
@thesmitpatel great question, Smit. The short answer is yes, but they give people a false sense of security. Just like you can't just email people and expect customers, you can't just set up emails or trust your billing system to take care of this across the board.
For instance, you'll naturally get back between 7-10% of churned delinquent users with no help at all just based on retries. You'll likely gain an additional 10% if you have emails, but this leaves 80% of folks leaving and that revenue compounds considerably because you're losing that recurring revenue.
For context, here's what our performance looks like compared to other options:
We're essentially 2-3x in terms of recovery than the other folks. Plus, since we only charge you based on our performance, there's little to no risk, because we're not taking credit for anyone we don't recover ourselves.
ProfitWell retain is a fantastic piece of kit for any SaaS business.
Being able to automagically send out emails for failed charges saves us a ton of time, and our customers have been impressed with how easy it is to add a new credit card.
Failed charges are surprisingly common and many happen without the card owners knowing about it. This just makes the whole process a lot easier. ✨
Pros:
Mega easy to use and so much better than keeping an eye on failed charges & manually sending out emails 👀
Cons:
Being able to customize the emails would be a big plus, but the stock ones are awesome enough.
Patrick and the team have done a truly inspiring job at ProfitWell and Patrick is an awesome person to have a coffee with too. Here's our latest: https://blog.salesflare.com/patr...
Pros:
Loving ProfitWell for tracking revenue metrics here at Salesflare
Cons:
We do some special stuff with Stripe and sometimes it's a bit off. But still the easiest way to get a hold of your metrics.
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ProfitWell retain is a fantastic piece of kit for any SaaS business.
Being able to automagically send out emails for failed charges saves us a ton of time, and our customers have been impressed with how easy it is to add a new credit card.
Failed charges are surprisingly common and many happen without the card owners knowing about it. This just makes the whole process a lot easier. ✨
Pros:Mega easy to use and so much better than keeping an eye on failed charges & manually sending out emails 👀
Cons:Being able to customize the emails would be a big plus, but the stock ones are awesome enough.
Salesflare
Patrick and the team have done a truly inspiring job at ProfitWell and Patrick is an awesome person to have a coffee with too. Here's our latest: https://blog.salesflare.com/patr...
Pros:Loving ProfitWell for tracking revenue metrics here at Salesflare
Cons:We do some special stuff with Stripe and sometimes it's a bit off. But still the easiest way to get a hold of your metrics.