These last few weeks have been tough for SaaS and DTC operators. What’s been most impressive are the communities coming together, whether it’s your local communities supporting restaurants and healthcare workers or entrepreneurs and operators working together to help one another understand and weather the storm. In this episode, Patrick Campbell, CEO and founder of ProfitWell, talks about how SaaS businesses can thrive during these times and how you can take advantage of ProfitWell’s Stimulus Package Program
In episode 89, you’ll learn:
- Patrick’s advice to SaaS companies who are affected by COVID
- What is ProfitWell’s Subscription Stimulus Package?
- The advantages of having a “pricing committee”
Tweet Some Quotes from This EpisodeThe number one thing that I've been telling people has been to stop acting like it's five weeks ago. People have changed dramatically and how they're thinking and some of that change might be permanent. – @Patticus from @GrowthToday… Click To Tweet Whoever holds onto the most customers at the end of this is going to win, whether those are free users or paying customers. That's the mindset that a lot of folks need to have based on the data. – @Patticus from @GrowthToday podcast. Get… Click To Tweet
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My Takeaways from This Episode
- Freemium is much more like a scalpel than a sledgehammer. You can’t just throw out a free plan and thinking that’s going to solve everything. First, you need to know who you’re going to target with the free plan. If you don’t, you’re just going to throw a bunch of noise to your system. You’re just going to have a lot of people coming in who really aren’t great users.
- When it comes to pricing, have a process in place to experiment, like a pricing committee working on a quarterly process made up of the head of finance, head of product, head of sale, head of marketing, and head of customer success.
- Whoever holds onto the most customers at the end of this is going to win, whether those are free users or paying customers. That’s the mindset that a lot of folks need to have based on the data. The number one thing that I’ve been telling people has been to stop acting like it’s five weeks ago. People have changed dramatically and how they’re thinking and some of that change might be permanent.
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About Patrick Campbell
Patrick Campbell is the Co-Founder of ProfitWell, the company that helps you with analyzing and boosting your subscription revenues.
Before founding ProfitWell, Patrick had quite a well-rounded career. He was a coffee master at Starbucks, a strategist at Google, and an intelligence analyst for the US Defense Department.
Key Discussion Points
- 2:44 – Patrick’s career journey from working at the U.S. Intelligence Agency to starting ProfitWell
- 6:21 – Based on data from ProfitWell, Patrick shares how COVID-19 has affected the SaaS industry
- 10:40 – Patrick’s advice to SaaS companies who are affected by COVID
- 14:30 – What is ProfitWell’s Subscription Stimulus Package?
- 18:55 – Why Patrick thinks that you should test freemium during uncertain times like this
- 23:13 – Why it’s important to experiment with your pricing
- 25:39 – The advantages of having a “pricing committee”
- 33:05 – Patrick’s final advice to businesses that are affected by COVID
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