The Startup Chat with Steli & Hiten
About This Show
Unfiltered insights and actionable advice straight from the trenches of startup and business life by Steli Efti and Hiten Shah, two serial entrepreneurs who've both built multi-million dollar SaaS startups.
Most Recent Episode
208: What to Do When Your First Customer Cancels / Churns?
3 days ago
When a frog is placed in boiling water, it quickly jumps out because it has felt the heat. But, when it is placed in the water before it is boiling, the frog adjusts to the heat and it is too late before it realizes that it is boiling. This holds true for entrepreneurs who focus on customer acquisition and NOT on their retention and churn. You need to understand why customers are leaving you as EARLY ON as possible in order to adjust and make changes. For this episode, Steli and Hiten talk about how to make the most of a customer cancellation and the importance of preventing cancellation from Day 1. Time Stamped Show Notes: 00:07 – Today’s episode is about what to do when your customers are cancelling 00:32 – Episode 106 is about how to deal with churn in SaaS 00:38 – This episode is specifically about subscription businesses 01:01 – Acquiring customers is different from retaining customers 01:42 – How you react or respond to cancelling customers can set the direction of your business 02:20 – You should have the mindset of trying to learn from the negative experiences 02:37 – Smaller businesses might be losing money so they have to cancel 03:05 – When people say they can’t afford your product, you probably did not provide enough value 03:41 – Ask customers why they are cancelling so you can learn from it 04:08 – If you are on the phone, you can easily do the 5 Whys
Episodes of This Show
7 days ago
Rated 5 out of
I simply get more things done after listening
This podcast is a must listen for anyone in a startup. I could not imagine my morning commute without it.
Date published: 2017-05-10