I've spent ~10 years helping digital brands grow. I share what I know and what I'm experimenting with in this newsletter.
The highest value feature
|
I was the "guest expert" in a senior SaaS leader mastermind last night. It was fun. The senior leaders of SaaS brands doing $3MM+ would come in, explain an issue they had, and we'd talk about things they could test to solve it. A couple of questions were right in my wheelhouse. But there's one I want to go over with you today. Look, one of the big issues in any recurring fee business, whether that's...
... is the issue of churn. You get yourself a new lead, they end up paying you, but a month or three down the line they churn out. Payments stop, revenue dips, and you're fighting a constant battle to bring in more people rather than keep the customers have happy. I shared a solution I helped develop a few years back when working with a FinTech scale up. This solution can be used with any business that has recurring fee or returning customers. I call it, the "highest value feature" sequence. A lot of consulting clients I work with make one massive mistake when welcoming new customers. They take the customers payment then add them into a sequence that's a generic blend of...
All of this is gonna work against you. The FinTech brand was doing exactly this. Their onboarding was stuff like...
No one is laying their head to rest at night thinking "Damn, I really need a new service that makes it easy to link my account". They were losing people because most of the users couldn't find the value int he product, and when the user can't see the value, why should they keep paying? So, what did we do? We spoke to as many of the highest value customers that this brand had. We asked them about the...
We compiled those results and discovered almost all of these higher value customers were using one specific feature daily. And they all said it was super valuable. We then looked at the usage from the people who churned. Surprise surprise, most of them never even activated that feature. So, we built a sequence to onboard people that directed them - pretty heavy handedly it has to be said - to that highest value feature. We made sure as many new customers as possible were activating it within their first 7 days. We just wanrted to make sure that they saw the true value of the prodyct before their first rebill. As more people activated this, the brand saw...
They were able to increase the LTV of each new customer they attracted which made them a far more profitable business. All by leveraging the data they had access to and using it ot make sure that people saw the true value. How does this apply if you're not a FinTech SaaS? Look, whenever you sell something there's an exchange of value. You need to make sure that the value the user receives is greater than the value they're paying you. If they pay $100 to get $200 worth of value every month, you think they're ever going to leave you? Hell no. And a lot of the time, the way to figure out how that value is delivered is within the data you already have access to. You just need to build a system that helps the user get the value ASAP. If you want help to figure this out in your biz, check this out. Speak soon, Pete "highest value feature" Boyle |
Growth Models
I've spent ~10 years helping digital brands grow. I share what I know and what I'm experimenting with in this newsletter.
All week I've been chatting about how low ticket is the best thing for... Identifying buyers with low-risk entry points Getting people to engage so you can build trust A great way to create more cashflow and revenue for your biz And that you need a proper product stack to hit both the various cohorts and budget levels within your audience. When you get this right, you have something that will allow you to run ads to multiple products that self-liquidate growing your audience, impact, and...
Building on from yesterday's email I'm gonna break down the multi-entry point approach with low ticket. This is a method to get more of your audience out there towards your high-ticket offers. Again, once you read this, you'll start noticing how this is the playbook for all the big names out there across multiple niches and business models. Understanding your audience We'll kick off with the foundation of this. You audience. Within your market, there are tiers. Think of them like concentric...
Yo! Yesterday I talked about those awful reset months where things don't go well, and you end up taking 2 steps back. They suck. When those months happen, most folks... Massively ramp up their outreach Get super aggressive on the sales side of things Try to fill up their calendar with anyone - qualified or not All in a vain attempt to get some high-ticket clients back in. Here's why this is a vain attempt and not "smart business". We all know high-ticket is where the profit is made, but the...