Over the last 12 months, we have focused on taking BrightGauge to the next level and our performance statistics not only speak for themselves, they are numbers any company would be proud to have:
- MRR (monthly subscription revenue) of 152% Increase
- ARPU (average revenue per unit) 36% Increase
- Customer Count (number of paying customers) 87% Increase
- Monthly Churn Rate (% of customers canceling) 55% Decrease
As I take a look back and reflect on the last 12 months, I was able to identify what factors and decisions helped us meet and exceed our goals and expectations. Here are the five things BrightGauge excelled at last year:
- Expanded and Updated Our Technology Offerings. In 2013 we added two significant features to our platform. The Internal KPI & Metric Reporting and Dashboard/HUDs features increased the value of our product for our customers. While the releases weren’t perfect, the final result from each release resulted in a lot of positive momentum for the company.
- Implemented A Price Increase For our Legacy Customers. As we began this year, our original, or legacy customers, were being serviced on our lowest priced plans, which were not reflective of the products and services we were offering, or the fair market value of the subscription. After a lot of thought and plenty of research, we tested the waters with a few customers, customized our message and finally decided to eliminate the legacy plan pricing and migrate all our customers over to the new pricing structure. This was not an easy task, and we learned a lot of lessons, but it was certainly the right one for the company.
- Created and Implemented A Sales Process. Last year, we created a formal sales process, qualifying leads and prospects, rather than hoping every visitor to our site would sign up for our product. Creating a formal sales process allowed us to determine the best course of action for every potential customer. This was a lesson we learned from Dan Tyre and our good friends at HubSpot.
- Focused on Customer Retention. Our churn rate had historically been a big challenge for the company. We spent a lot of time and money recruiting new customers, only to lose them a few months later. We allocated some resources to developing training videos, increasing personal customer service and follow up, and free training sessions in order to better connect with our customers, identify challenges before they got out of hand, and manage the customer experience from start to finish. We drastically reduced our churn rate over time.
- Committed To Customer Service. We developed and rolled out a new customer service initiative that more fully engaged our customers and staff and created a more transparent process. Our Global Customer Call Program gave our customers an opportunity to chat with our Management Team every six weeks. For those customers who opted out of the call, we forwarded both a recording of the content and the slides from the presentation. We increased our contact with each customer, sending release notes via email after each biweekly release, so they were aware of all the new initiatives we were working on. Finally, we committed additional resources to our support team, ensuring that customers who needed help received a quick response.
While none of these bullet points are “rocket science”, these tweaks and changes have made a big difference in the long term growth, development and success of BrightGauge. By tackling each of these items, we have set ourselves on the track for a phenomenal 2014.