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Will Ahmed
Founder & CEO at WHOOP®
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Highlights
"Can my company sell its product or service as a subscription?" This is the question that I’m most often asked by early stage founders. I wrote previously here on LinkedIn about how important it was for WHOOP to change from a hardware / one-time sale to a subscription. Here are some things to consider:
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Do your existing customers use your product or service regularly? It’s generally hard to justify a subscription for a low engagement product. Furthermore your business will suffer if you create a business model that has high churn. You need to be intellectually honest with yourself: Are my customers getting high value on a daily or at most weekly basis? This will show up in DAU and WAU engagement data that you need to study.
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Do you have a product that evolves? It’s pretty hard to sell a subscription that is static. What is the roadmap for your product or service over the next 6 months? Will it continue to evolve every week? Will your customers tell you that the service is getting better? Services like Netflix, and Spotify are constantly adding new content. Subscriptions like ClassPass, Audible, and AG1 are giving you monthly products or credits. At Whoop, we’ve focused on continuing to add new functionality to the existing hardware that members already use.
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Can your business survive the cash flow implications of being a subscription? When you go from being a one-time sale to being a subscription, there is a meaningful shift in your day 1 cash flow. At Whoop, we originally sold hardware for $500; we then changed our business model to allow for people to sign up for just $30 but pay monthly overtime as a subscription. This allowed many more people to sign up for Whoop, but it changed our cash flows. You will need to model how dramatically this change affects your business. Beware: If you have an expensive product to make, rapid growth can actually accelerate the rate at which you run out of money.
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What subscription is right for your business? A subscription that is month to month has a higher churn rate than a subscription that renews annually. You may have a monthly subscription that’s $20 / month (or $240 over the course of the next 12 months) and decide that you should offer an annual plan at a meaningful discount, say $149 / year. The advantage to having annual plans is that they help manage your cash flows.
Changing your business model to a subscription is not easy and has meaningful cash implications. But if you can do it, there’s no better way to create true alignment with your customers. If they like what you’re delivering, they’ll keep paying, which increases your long term value. And if they don’t, they’ll churn. Good luck!
#subscription #retention #LTV #CAC #startups
THE POWER OF A BUSINESS MODEL
In 2018, WHOOP made a big change to our business model. Up until then, we had sold Whoop as a standalone hardware product for $500. Two things became clear quickly:
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It was hard to sell a device at that price point, especially as a new company without a strong existing brand
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When people bought Whoop, their engagement was way higher than we had anticipated and the product was very sticky
That led to a risky bet: sell Whoop as a subscription rather than as a one-time hardware purchase. We took in much smaller revenue in the first month and were totally reliant on our users retaining past their initial commitment to make up our costs. But the decision paid off.
It worked because we reoriented our entire business to support the new model. We no longer had customers, we had members. We made significant investments in the development of software features, so we could always release new products to our members. A “hardware company” releases something and then never updates it so that you will buy the “new model” in the following year. Whoop as a subscription company became fixated on releasing value and new capabilities as soon as we possibly could. One of our core values became being “obsessed with the member experience.” We became more innovative and faster moving.
As a subscription, we need to win the business of our existing members every day, every week, every month, every year. We take that commitment seriously, and the proof is in our retention. I’m often asked by other founders / CEOs whether they should transition to a subscription business - I’ll write about that next.
#whoop #subscription #hardware #wearable #retention
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Mesh offers tiered pricing options to suit different needs. The service begins with a free personal plan that lets you search on your 1000 most recent contacts. Mesh offers a Pro Plan ($10 when billed annually) with unlimited contacts. Mesh for Teams starts at $49/month/seat. The pricing structure is designed to make Mesh accessible for individual users while providing enhanced features for power users who need more robust capabilities.
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Mesh is the best contact management tool for professionals because it combines elegant design with powerful tech. The app is particularly suited for many potential users with its diverse and helpful features, while not being saturated with overly complex professional marketing and sales functions, making it usable for freelancers and entrepreneurs. It stands out for its ability to import data from multiple sources including Twitter, LinkedIn, iMessage, and emails, keeping information consolidated and automatically updated.
Mesh offers many advantages over other personal CRMs. Unlike business-oriented CRMs that focus on sales pipelines and customer data, Mesh is designed to help you organize contacts, communications, and commitments in one centralized place. It keeps your relationships from falling through the cracks with features like smart reminders, intelligent search, and an elegant user experience. Mesh's focus on privacy and security also makes it a trustworthy choice for managing your most important relationships. Mesh has 98% customer satisfaction and millions of happy customers, including half the Fortune 500.
Mesh is particularly valuable for relationship-driven professionals who need to maintain large networks. The app is popular among many industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. Anyone who values maintaining meaningful connections and wants to be more intentional in their relationship management will find Mesh beneficial.
Mesh offers competitive pricing in the personal CRM market. Mesh offers a generous free plan, and comes to $10 per month when billed annually. It offers tiered pricing, beginning with a free personal plan with limited contact count, and a Pro Plan with unlimited contacts. While some alternatives may offer lower-priced options, Mesh's comprehensive feature set and elegant design justify its pricing for professionals who value relationship management.
Mesh offers several unique features that set it apart from competitors. Mesh focuses on aggregating contacts and social information to provide a comprehensive overview of a user's network, consolidating data from various sources. Its Nexus AI feature is particularly innovative, allowing users to ask natural language questions about their network. Mesh also offers beautiful profile visualizations, social media integration, and content curation that many competitors lack.
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