Metrics, Community, Emails 📨
👋 Welcome!
To begin, a valuable thread by Spencer Fry, Founder of the SaaS business Podia. Having reached profitability, he shares with us the 18 most important metrics they now track. Some are important at any stage you're at, such as bank balance, MRR and product KPIs. As we read in Justin Jackson’s recent tweet, new trials and upgrades to paid are critically important metrics to track, as they are a leading indicator of how many people will pay. Other valuable metrics include churn by source, retention by cohort as well as trials to paid conversion (by trial source and cohort). Signups by country are also a great sign of where to place more emphasis in the future. Read the full thread to learn more.
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🚀 Maker News
Writer Community
Cullin has written a thread about his initiative Writer’s Bloc Community. The idea stems from two friends reviewing his essays and not only providing critical feedback but more importantly infusing it with new ideas. From this valuable experience, he started a small group chat with two like-minded writers. By June they hatched their idea and launched their community with a Slack group. This quickly grew to 15 writers and now stands at 100. Their goal is to establish a “community college of writing" which is affordable, low pressure, and collaborative. Read the thread and join here.
Welcome Emails
Great Growth Bite by Indie Hackers on the importance of welcome emails. They point out that these emails typically average 50% open rates, making them prime real estate. For any recipient who may be on a free plan, it's a great chance to let them know how the premium tier could help them. So first make them feel welcome and valued, and educate them with valuable resources. To push your premium plan, you could also offer them a time-sensitive discount. Read the full post.
Product Management
Lenny Rachitsky just gives us one valuable treat after another. Yesterday, he shared a great resource containing his favourite product management templates. At first, I even couldn’t reach his G Drive, as there was such high demand. The templates cover topics such as product requirements documents (PRDs), business strategy, product vision, launch strategy, planning timelines, and many other goodies. View all the templates.
💠Afterthought
To finish the day, Greg Isenberg provides us with some great methods for generating startups ideas. And, as with so much we read these days, if you do this consistently and making a habit of it, the ideas will come. Take care and see you tomorrow!
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