Thanks for sharing Rob! Referral is an interesting one. I often feels that my users won't be so motivated by a few bucks discount. Any advice on how to have a compelling referral program? Thanks! 🙏
You'll want to find out what motivates your customers. If you think they'll be motivated by an affiliate commission, start an affiliate program. You can learn more about that at the 20m31s mark of this podcast: www.startupsfortherestofus.com/episodes/episode-503-idea-validation-expanding-internationally-affiliate-programs-and-more-listener-questions Some are motivated by "credit," like the MailChimp rewards program. It's like an affiliate program, but you don't receive cash, only credit to your MailChimp account. But some folks are motivated by the desire to help you out. If that's the case, then you'll want to do 1:1 outreach (even if it's automated) and rely on the fact that you are the founder of a startup and could really use their help, etc. Others are motivated by a token or gesture, like a $100 (or $500 depending on ACV) Amazon or Starbucks Gift card. It really does depend on your customers, and trying to figure out which motivators (there are more than what I've listed here) might encourage them to share their experience with your product.
You could compile these manually using a simple Google sheet. There are also tools that can report on many of these automatically, like Baremetrics and Profitwell.
SaaS KPI:
1. Cost of Customer Acquisition
2. Sales Effort
(self service sign up and self onboarding process, no touch sales acquisition, 1 call close)
3. Churn Rate (product market fit, Product Innovation)
4. annual contract value
5. Expansion revenue
6. Referrals
6.
Thank you, Rob. You explained really well.
Great content, currently working hard on SEO and it's finally starting to show results!
Great to hear Morten! It takes time, but it can really pay off.
Niiiiiice - great insights in 14 minutes.
Glad you enjoyed it! Lots more to come!
Thanks for sharing Rob! Referral is an interesting one. I often feels that my users won't be so motivated by a few bucks discount. Any advice on how to have a compelling referral program? Thanks! 🙏
You'll want to find out what motivates your customers. If you think they'll be motivated by an affiliate commission, start an affiliate program. You can learn more about that at the 20m31s mark of this podcast: www.startupsfortherestofus.com/episodes/episode-503-idea-validation-expanding-internationally-affiliate-programs-and-more-listener-questions
Some are motivated by "credit," like the MailChimp rewards program. It's like an affiliate program, but you don't receive cash, only credit to your MailChimp account.
But some folks are motivated by the desire to help you out. If that's the case, then you'll want to do 1:1 outreach (even if it's automated) and rely on the fact that you are the founder of a startup and could really use their help, etc.
Others are motivated by a token or gesture, like a $100 (or $500 depending on ACV) Amazon or Starbucks Gift card.
It really does depend on your customers, and trying to figure out which motivators (there are more than what I've listed here) might encourage them to share their experience with your product.
Very nice summary 👌🏻
Glad you think so!
Hey is there software to track these kpis or do you put all this info into a google sheet manually
You could compile these manually using a simple Google sheet. There are also tools that can report on many of these automatically, like Baremetrics and Profitwell.
God damn this is good content
Thanks!
Awesome! Thanks for the content, but plz never put an abrupt horn in a video again. I thrashed so bad I knocked a glass of the table!
Noted! And thank you for watching!
The content is similar with growth hacker, from China.