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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 May 14
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    Patrick McKenzie Retweeted Reilly Chase ☁️ ☁️ ☁️

    $50 is a much better minimum buy-in for most B2B services than $20 is. You'll make a lot more money, sure, but you'll enjoy the reduced support headaches and vastly lower churn even more.https://twitter.com/_rchase_/status/1261098904856207360 …

    Patrick McKenzie added,

    Reilly Chase ☁️ ☁️ ☁️ @_rchase_
    Replying to @soohoowoohoo @hostifi_net
    November 2019. As you can see on the chart though it was just slow, steady growth the whole 2 years and no real “break through” moment. The largest uptick I can spot is January 2020 which is when I changed the minimum plan pricing from $19/mo to $49/mo.
    11:13 PM - 14 May 2020
    • 21 Retweets
    • 263 Likes
    • Alexander Seifert Sarwech Shar Benjamin Bowman Ryan Glover 🐢 🌧 Chris Moffatt Armes twothree Taylor Hodge grandschemathings
    10 replies 21 retweets 263 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 May 14
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        You might think the stylized math is "Out of an initial notional pool of 50 lower-value accounts and 50 higher-value accounts you shed 40 of the lower and none of the higher, resulting in ~50% higher revenue." That's not usually what happens. What happens is closer to:

        1 reply 1 retweet 19 likes
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      3. Patrick McKenzie‏ @patio11 May 14
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        You've got 10 pathological customers, 10 low-value customers, and 80 high-value customers in a notional pool of 100 accounts. You lose 8 of the pathological customers, 2 of the low-value customers, and none of the high-value customers. Your support load decreases *by half.*

        2 replies 2 retweets 50 likes
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      4. Patrick McKenzie‏ @patio11 May 14
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        (Note that it takes a while for this sort of thing to catch up because, as a savvy SaaS entrepreneur, you're not raising the price for existing users but rather raising it on new cohorts.)

        1 reply 0 retweets 28 likes
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      5. Patrick McKenzie‏ @patio11 May 14
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        This also tends to improve the product over time, too, since all of your inbox is from customers who understand that your product is worth $50+ a month, can trivially budget that for their business, and have the kinds of sophistication-increasing feedback you'd expect.

        1 reply 2 retweets 32 likes
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      6. Patrick McKenzie‏ @patio11 May 14
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        So you're pulled in the direction of "Can you integrate this with [ERP commonly deployed in your space]?" or "I'm an enterprise, can I get this with better auditing tools for 10X as much money?" and not "Ugh this is so complicated; can you make it more like Facebook please."

        3 replies 1 retweet 45 likes
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      7. Patrick McKenzie‏ @patio11 May 14
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        Complexity isn't a mark of good software but a lot of good B2B software is complex, principally because you're generally helping professionals work and the work professionals do is intrinsically complex. There are better and worse ways to expose/manage that complexity.

        3 replies 6 retweets 62 likes
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      8. End of conversation
      1. New conversation
      2. Kishore‏ @kish2011_ May 14
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        Replying to @patio11

        Is it a good idea to start with a 20$ plan then after we can raise min price to 50$?

        1 reply 0 retweets 3 likes
      3. Patrick McKenzie‏ @patio11 May 14
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        Replying to @kish2011_

        I'd start with $50 and give out discounts to $20 for early adopters. Well, actually, I probably wouldn't give out those discounts. But one could do that.

        1 reply 0 retweets 34 likes
      4. 3 more replies
      1. Steve McLeod‏ @steveofmcleod May 15
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        Replying to @patio11

        I 100% agree - now. I started my B2B SaaS at $29/month but now charge $49/month. Better (but not fewer) customers, who stay longer, and are more pleasant on average to deal with. If I did things over, I’d start from day 1 at $49/month - or higher.

        0 replies 0 retweets 7 likes
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      2. Anatoly Karp‏ @akarp May 15
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        Replying to @patio11

        I'd really love to see how this idea has been working out the last couple of months (sadly not present on the graph)

        1 reply 0 retweets 1 like
      3. Reilly Chase ☁️ ☁️ ☁️‏ @_rchase_ May 15
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        Replying to @akarp @patio11

        You can see on the graph actually, the change was made in January and February was a big uptick. I wrote more about the pricing experiment here:https://blog.chartmogul.com/firing-customers/ …

        1 reply 0 retweets 2 likes
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