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ProfitWell Retain from Price Intelligently — Delinquent churn reduction for Zuora, Braintree, and Stripe
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@hnshah thanks for posting Hiten, and happy to see you're noticing the difference in recovery rate. :)
@patticus game changer. Your product's retention will be high, especially because you actually just install it and in days it makes you more money. What business doesn't want more money with just a few clicks?!
@patticus to make it worth like 100x more, you should integrate Plaid API and let me see my company expenditure vs. my MRR.
NOBODY in the space does this.
*Awesome* product -- we've recovered several thousand dollars so far. $432 in the past 30 days alone: 
@skinnyandbald Thanks, Ben. :)
C.R.E.A.M., because "Reducing churn rules everything around me" just doesn't have the same ring to it. ;)
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.
@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. :)
@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.
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.
@denull thank you, Thank You, THANK YOU! It's been pretty cool working with you guys on the service side, and we are (im)patiently waiting for you on on Profitwell.
@olofster You are too nice. The team @priceintel is also loving Mixmax (half the team's gotta be on it at this point).
ps: we also just fixed a display bug for you guys :)
Love the Price Intel guys - worked with them a lot in my last position and was always impressed.
@smlevin11 dude! so nice hearing from you. Thanks for the nice words. What are you up to these days?
I've been using Profit Well Retain for the past 6 months for Narrow.io and they've reduced our churn quite significantly (~30-35%).
@sujanpatel Thanks for the kind words, Sujan. We're ranking and going to bring that number down even further. :)
Patrick here, CEO of Price Intelligently - the makers of ProfitWell Retain. Pumped to answer any/all questions, but here are some details on how we're able to get that high of a recovery rate:
1. **Pre and post dunning:** Retain targets customers through the entire involuntary churn cycle, reaching out to customers who are on the verge of expiring before they go delinquent and after failures occur.
2. **Emails and In-app notifications:** Emails target customers right in their inbox and in-app notifications target customers right in their workflow to eliminate as much friction as possible to updating their credit card information.
3. **White labeled landing pages and forms that don’t require a user to login to update their credit card:** You don’t spend much time on your billing settings page or your credit card forms, so we don’t want to send your customers to them. Instead we’ve created gorgeous landing pages and forms that don’t require your customers to login and send the data right to your billing system. Best part is they’re completely white labeled.
4. **Constant optimization and complete management:** We do all the work leveraging the millions of data points we’re sitting on, running multivariate tests and utilizing machine learning to mine your data for key findings. Through constant optimization and our algorithms, your recovery rate continually improves, because we treat your delinquent customers as their own marketing channel.
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!
We've recovered sooo much money using Retain. This is essential for SaaS businesses.
We use it at Foundersuite and it's very useful-- it has recovered a decent chunk of change. Also, the daily emails telling me if I'm ahead or behind of my growth goals totally kick my ass into sales mode :)
The team at Price Intelligently (and their ProfitWell dashboard product) is in a league of its own.
ProfitWell is the first and most important dashboard I log into everyday - I use it to get a pulse on our retention metrics and subscription revenue. Retention usually takes a backseat to acquisition for products developed for the SaaS market and it's refreshing to see a company focusing on the important stuff. Super excited to see their Retain offering on PH - to echo Hiten's sentiment, the folks at PriceIntelligently know how to deliver additional value to SaaS businesses.
This product sounds like a no-brainer for your business if you:
a) have a subscription-based business
b) utilize one of the payments integrations ProfitWell supports
c) find yourself losing customers for reasons unrelated to your service offering (expired cc's, etc...)
d) don't hate free money
Question(s) about Retain for the PriceIntelligently team:
Is it safe to assume that Retain updates your payments backend when customers use the service to update their payment details?
@dappermarketer woah. Thanks so much for the kind words, sir. Super humbled.
Good question. Your assumption is correct. If someone uses our forms (either in app or via email) to update their information, the data gets updated in Braintree, Zuora, or Stripe. We actually don't touch the data at all - ports right into the billing system, so they can continue to handle all of the security, privacy, etc.
We're starting to add some cool functionality that not only updates the CC information, but also the plan (with our customer's approval, of course). For instance, the only time you're likely asking your customers to upgrade to annual is when they sign up. If we're already recovering them, we should probably also ask them to upgrade to annual, so we ask them right in the form. This helps boost overall retention along with recovery rate.
There's even more coming soon, too. :)
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.
No wonder that Patrick and his team came up with this product. These guys have one of the best blogs in the SaaS-sphere.
Sometimes we laugh and say that we are thinking that Patrick is hearing all our board meetings and a day after is coming up with an article that might solve many problems that we discussed in the meeting itself ;-)
@yamre Ha! Thanks for the kind words. Hopefully you realize now that we make product, too. :)
If there's anything you think we should research or write about, let us know. We're always digging.
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.
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