What does our future hold? Don’t change the channel.
Fortunately, I can’t tell the future. I imagine if I could, the journey wouldn’t be quite as sweet. I’ve found that just around the corner of some of the largest failures were sweet successes.
I’m a very avid study of successful people and businesses and I’ve come to the conclusion, like many of you, that there is no secret to success. The one thing I believe most about success is that you can’t do it alone. It takes surrounding yourself with great people with a common purpose. Human potential is nearly limitless if you are willing to be patient, work each day to become better than you were the last, set goals and not be afraid to fall short, and make sacrifices for a greater purpose that you believe in.
Building a software company from scratch has been both very rewarding and very painful. There is nothing quite like seeing people use a product you envisioned. It makes all the struggles worth it.
When we launched our company in 2010, our mantra was to simplify and enhance the relationship between brick and mortar merchants and consumers. As I write this post, I’m filled with pride and gratitude at what our small team has accomplished over the last 7 years. In 2017, I really came to realize that we don’t have a product problem. Our annual attrition rate is less than 5% which is a great indicator from the market that our product is working well. Don’t misunderstand this statement, we must always continue developing and enhancing our product offering. What I’ve come to realize is we have a scaling problem.
Everyday I’m obsessively thinking and strategizing about how we go from helping a couple of thousand merchants to tens of thousands of merchants.
So the question is, how do we scale?
- Being aggressive short-term while simultaneously being extremely patient long-term.
- Continue building a team of A-Players that are inline with our companies beliefs.
- Continuing to simplify and automate relevant engagements between merchants and consumers.
- Continue helping consumers save money.
- Giving consumers a voice.
- Creating more tools to help merchants increase customer visits, drive back lapsed customers, and build a deeper relationship with their customer by building better customer profiles.
- Finding and building great partnerships.
I want to focus on number 7 today. We’ve spent much of 2017 building, testing, and perfecting our channel organization. In the 4th quarter, we’ve started to see all our hardwork and patience come to fruition and have committed a huge amount of resources to seeing this strategy scale throughout 2018 and beyond. Our goal, when we go into a partnership, is to remove any friction to being successful and make it simple for us to work together.
Early on, in our company’s history, we focused heavily on creating and managing processes to ensure that the customer experience is first class. Our channel organization is no different. Because of the time and effort we’ve put into our infrastructure and processes, a channel partner can be confident with simply passing the lead to our team and then start collecting monthly residuals. I’m confident, with the right channel partners, we can add thousands of additional merchants per year.