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They want to cancel their subscription? OK I don’t need them!

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You are building a product and you put your hurt and soul into it. You’re rewriting the details, crafting perfect pixel design, generating leads, ads campaigns, cold outreach, and publishing on all channels.

You present a perfect demo, onboard a new subscriber, and then he churns.

At that point you get mad and start making excuses:

  • “they don’t understand the product”
  • “they were using it wrong anyway”
  • “their business sucks”
  • “I don’t need them”

But honestly, YOU DO.

I went through the same process but eventually realized that:

A subscriber that wants to cancel the service actually tells me a lot about how the product can grow.

Once you reveal churn hidden opportunities, you can take action to prevent churn and make your way to the holy grail of negative churn.

It makes sense – positive growth depends on having CAC/LTV metric, it’s as simple as that. You are already spending a lot of greens on CAC but how much are you spending to increase LTV?

Let’s say you have 1,000 subscribers paying $10 monthly subscription = $10,000 monthly revenue.

Assume your monthly churn rate is 6% so the next month you will have 940 paid subscribers and $9,400 in revenue, and the month after that – 883 paid subscribers and $8,830 in revenue.

If you run the calculation until the end of the year, you will see that on month 12 your monthly revenue is $4,760. Let’s see what happens to your LTV if you lower your churn rate from 6% to 1%: In the first month you will have the same $10,000, but at the end of the year your revenue will be $8,860.

Your LTV went from $4.76 to $8.86 -> that’s a 86% increase!

The article is written with love by me, the founder of Churndler.

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Source: https://hackernoon.com/they-want-to-cancel-their-subscription-ok-i-dont-need-them-6r1g3w5h?source=rss

Blockchain

Coinbase Refutes Upcoming NYT Racial Discrimination Story

U.S. crypto exchange giant Coinbase may once again be in the news for a social engineering-related issue related to claims of racial discrimination in the workplace. Never far from controversy, the company may once again be at the center of a politically-charged issue. Coinbase Racial Bias Story Unsubstantiated According to Coinbase, The New York Times … Continued

The post Coinbase Refutes Upcoming NYT Racial Discrimination Story appeared first on BeInCrypto.

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U.S. crypto exchange giant Coinbase may once again be in the news for a social engineering-related issue related to claims of racial discrimination in the workplace.

Never far from controversy, the company may once again be at the center of a politically-charged issue.

Coinbase Racial Bias Story Unsubstantiated

According to Coinbase, The New York Times (NYT) plans to publish an article that paints the crypto exchange in a bad light on issues concerning racial discrimination. The platform shared an internal email sent to employees on Nov. 26 pre-empting the story while attempting to address the issues at hand.

The New York Times is reportedly going to publish a story about the alleged mistreatment of some black ex-employees of the company.

According to Coinbase, the NYT story will allude to discriminatory practices at the firm.

An excerpt from the email reads:

Overall, we expect the story will paint an inaccurate picture that lacks complete information and context, despite our best efforts to fact-check details of the story with the reporter. That said, we know the story will recount episodes that will be difficult for employees to read […] No organization is ever as perfect as the media suggests in the most glowing article, or as bad as the media alleges in the most negative article.

Reacting to these allegations, Coinbase says the complaints captured in the upcoming article were previously investigated by the company. Inquests by two different external investigators also reportedly deemed the alleged racial discrimination claims as having no substance.

Coinbase also affirmed its zero-tolerance policy for harassment and discrimination while adding that it is committed to promoting inclusion and diversity in the workplace.

Navigating Social Issues

Back in September, Coinbase caused a stir in the crypto space when its CEO Brian Armstrong announced an apolitical stance for the company. For Armstrong, Coinbase eschewing social activism was a reinforcement of the company’s focus on the crypto business.

The exchange also offered an exit package for employees not in alignment with its zero-politics policy. Shortly after the announcement, about 60 staff members departed the company with other crypto firms reportedly rushing to snapping up these free agents.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/coinbase-refutes-upcoming-nyt-racial-discrimination-story/

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AI

Glue raises $8 million to automate customer loyalty programs

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Loyalty automation platform Glue today raked in $8 million in series A funding from private investors led by Unicorn Technologies. The startup says that the proceeds will be put toward nudging local businesses to adopt loyalty programs.

Retail has taken a major hit during the pandemic. Total sales are expected to hit 5.7% from 2019, nearly 12% below eMarketer’s pre-pandemic estimate of $26 trillion. Some data suggests that loyalty programs could help lessen future blows. According to Accenture, loyalty program membership in the U.S. grew at a rate of 26.7% from 2012 to 2014. And one recent survey found that 50% of consumers say their primary reason for joining a loyalty program is to earn rewards on purchases.

Glue offers a platform that attempts to gauge loyalty and facilitate the development of daily, weekly, and monthly engagement plans. It self-runs rewards, coupons, and points systems and provides tools for loyalty and sales growth analysis and reporting. Glue offers purchase and behavior tracking for customer targeting and tailors reward tiers to individual businesses; it can import data from existing customer relationship management software and enable customers to register for loyalty programs on their smartphones.

“Glue started as an app creator called Bobile. At the time, we thought every business needs an app, but after a while, we understood what’s really important to the business owners we spoke with is the ability to keep their customers coming back,” Glue CEO Ira Nachtigal, who cofounded Glue with Jacob Tenenboim and Dany Gal, told VentureBeat via email. “But, they are busy.  Most local businesses don’t have the time, the knowledge, or the resources to manage it.  Loyalty, when done right, is complex, so we decided not to create yet another loyalty tool, but rather to do the work for them.”

Glue supports loyalty strategies such as points-earning systems, coupons, loyalty cards, subscriptions, prepaid multi-passes, and play-to-win games. Customers can use it to schedule holiday and special occasions greetings, launch Google Ads growth campaigns, or encourage walk-ins with geofencing campaigns.

After completing a 15-minute onboarding questionnaire on Glue’s website, business owners receive a branded members club and a projection of savings. Glue claims its programs are customized by leveraging businesses’ customer data and pairing them with data points from 100,000 organizations, resulting in what the company calls an average savings of between $15,000 to $20,000 per small business and significant revenue growth.

“Glue collects the data from thousands of businesses around the world, analyzes the consumer behavior and optimizes the loyalty strategy that is built for every business,” Nachtigal explained. “For example, let’s say you own a coffee house in Boston. Glue already has a lot of information and accumulated knowledge about coffee shops and their consumers in the east coast. Using AI Glue knows what is most likely to work for your coffee house and your customers and given your specific price range, will be able to tailor a successful loyalty strategy for your coffee house.”

Glue has a number of competitors in the space. There’s AppCard, a mobile-first loyalty marketing program for small and medium-size retailers, as well as Punchh, a startup leveraging machine learning and omnichannel integrations to create customer journeys. Just last year, Drop, a coalition customer loyalty company headquartered in Toronto, raised $44 million. That’s all to say that 15-employee Glue will have to differentiate itself from the rest of the pack, but this latest funding round — and its growing number of coffee shop, cosmetic, pet store, service provider, and car repair shop customers — suggests that it’s had success in that respect.

Sign up for Funding Weekly to start your week with VB’s top funding stories.

Source: https://venturebeat.com/2020/11/24/glue-raises-8-million-to-automate-customer-loyalty-programs/

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AI

Salesforce’s Einstein platform is now serving over 80 billion predictions per day

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In September 2016, Salesforce launched Einstein, an AI platform to power predictions across all of the company’s cloud-hosted products. Just over four years after Einstein’s debut, Salesforce says the platform is now delivering more than 80 billion AI-powered predictions every day, up from 6.5 billion predictions in October 2019.

Forrester Research recently wrote that companies “have to rebuild their businesses, not for today, or even next year, but to prepare to compete in an AI-driven future.” Reflecting this changing landscape, IDC expects global spending on AI to more than double to $110 billion in 2024, up from $50 billion in 2020.

Salesforce asserts that Einstein is poised to drive a substantial portion of this growth. Einstein’s predictions can include internal and customer service answers for a given use case, like when to engage with a sales lead, how likely an invoice is to be paid, and which products to recommend to bolster sales. For instance, outdoor apparel and lifestyle brand Orvis taps Einstein to develop personalized conversations with its online shoppers. Internet Creations, a business technology and consulting firm, is using Einstein to forecast long- and short-term cash flow during the pandemic. And outdoor apparel retailer Icebreaker is leveraging Einstein to suggest products for new and existing target audiences.

Beyond the top-line prediction milestone announced today, Salesforce reports a 300% increase in Einstein Bot sessions since February of this year — a 680% year-over-year increase compared to 2019. That’s in addition to a 700% increase in predictions for agent assistance and service automation and a 300% increase in daily predictions for Einstein for Commerce in Q3 2020. As for Einstein for Marketing Cloud and Einstein for Sales, email and mobile personalization predictions were up 67% in Q3, and there was a 32% increase in converting prospects to buyers using Einstein Lead Scoring.

Salesforce also says Einstein Search is fielding more than 1.5 million natural language searches per month, which works out to 1.5 natural language searches every second. It’s also delivering more than 100 million tailored keyword searches per month.

The Einstein platform is the purview of Salesforce Research, a unit previously led by former Salesforce chief scientist Richard Socher. (Socher, who joined Salesforce through the company’s acquisition of MetaMind in 2016, left in July 2020.) To train its underlying algorithms, Salesforce Research’s hundreds of data scientists draw from sources that include the anonymized content in emails, calendar events, tweets, Chatter activity, and customer data. Salesforce says innovations in Einstein arise from scientific investigations into computer vision, natural language modelstranslation, and simulation.

Einstein’s voice services recently underwent a reorganization with Salesforce’s decision to shut down Einstein Voice Assistant and Voice Skills in favor of the newly released Salesforce Anywhere app. At the time, a company spokesperson told VentureBeat that voice capabilities remained “a priority” for Salesforce and that the products it’s discontinuing will inform the development of “reimagined” functionality focused on productivity and collaboration.


Best practices for a successful AI Center of Excellence: A guide for both CoEs and business units Access here


Source: https://venturebeat.com/2020/11/24/salesforces-einstein-platform-is-now-serving-over-80-billion-predictions-per-day/

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Percepto raises $45 million for robots that inspect critical infrastructure

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Autonomous inspection solutions company Percepto today announced a $45 million round. The funds come as Percepto pivots from drone-based products to general robotics-driven inspections incorporating third-party platforms like Boston Dynamics’ Spot.

According to a report from Technavio, the inspection robot market has the potential to grow to $3.72 billion between 2020 and 2024, bolstered by industries spanning energy, oil and gas, and mining. Beyond their cost-effectiveness, robots have the ability to travel where humans can’t — either for safety or physical reasons. Machines like Spot can also be equipped with specialized hardware that delivers more detailed, consistent analytics and insights than an inspector could.

“The pandemic both highlighted and accelerated the need for many large industrial companies to consider remote autonomous data collection and autonomous analysis using our drones to mitigate some of the risk,” a Percepto spokesperson said in a statement. “[It also] highlighted the exposure of heavy industrial sites due to the reduction of on-site workforce which seriously impeded both planning and operations, significantly increasing the risk to business continuity and security.”

Percepto is the brainchild of Dor Abuhasira and Raviv Raz, who were inspired to create the company’s first product — a quadcopter dubbed Sparrow I — after returning home from a snowboarding trip with disappointing drone footage. Following a successful Indiegogo campaign, they took steps to commercialize their drone-in-a-box solution: a portable base station from which Sparrow I charges, launches, lands, syncs data with a cloud management system over LTE, and performs automated pre- and post-flight checks.

Sparrow I can be piloted on-demand or autonomously, operates during the day or night, and integrates with connected devices like “smart fences” and motion detectors to respond to alerts. The carbon fiber composite drone — which packs a rechargeable battery, 5G-compatible radios, an integral parachute, a high-resolution RGB camera, and a thermal camera — weighs about 19 pounds and can fly up to three miles round trip at speeds upwards of 46 miles per hour and a maximum height of 400 feet. It has a quoted flight time of about 38 minutes, can land in snow and rain, and is able to withstand winds of up to 150 miles per hour.

Percepto’s software leverages Sparrow I’s sensor data to track humans, vehicles, and anomalies in real time, and its orchestration dashboard enables drone pilots to define no-fly zones, free flight areas, and emergency landing zones within geofenced sites. It ties in with Percepto’s new Autonomous Inspection & Monitoring (AIM) platform, which allows customers to operate a fleet of third-party robots by deploying the most suitable machine for a task to retrieve and stream data.

For example, orchestrated through AIM, Spot carries Percepto’s sensor payload for high-resolution imaging and thermal vision to detect issues, including hot spots on machines or electrical conductors, water and steam leaks around plants, and equipment with degraded performance.

“Our autonomous robots use machine learning models to decide the best course of action in any decision point in order to carry out missions effectively and safely. For example, our Sparrow drone holds a proprietary battery usage projection model, making sure it has enough battery to complete its mission safely in changing environment conditions,” a spokesperson explained. “We use proprietary computer vision and deep learning algorithms in real time to better navigate the robots throughout missions and collect better data … [And we] use proprietary and state of the art data analysis algorithms which are focused both on general analysis, such as our changes and anomalies detection, and more case-specific analysis, which is often tailored-made using reinforcement learning techniques to match the specific needs of the site, client, or user.”

On the drone side of the equation, Percepto has rivals in H3dynamics, Skysense, and Airbotics, which are similarly developing drone-in-a-box solutions. It also competes indirectly with DJI’s Mavic 2 Enterprise, a solution tailor-made for firefighting; law enforcement; emergency response; and inspection of power lines, cell towers, and bridges. Paris-based Parrot’s recently announced Anafi Thermal is another potential rival.

But Percepto says business is steady and claims it has Fortune 500 customers in more than 10 countries, including ICL Dead Sea, Florida Power and Light (FPL), Verizon’s Skyward, and Italian electricity and gas distributor Enel. (Recurring revenue tripled in 2020 compared with 2019.) In September, Skyward gained approval from the U.S. Federal Aviation Administration that allowed pilots to fly the Sparrow drone from their homes to inspect communications infrastructure near the Big Hollow wildfire in Washington. FPL has a waiver for Sparrow flights two miles beyond the visual line of sight at one of the power utility’s 11,000-acre Florida plants, where Percepto’s drones stay above 130 feet to avoid power poles and other obstructions. And ICL Dead Sea has been operating Percepto drones to carry out inspection, safety, and security missions in its operations at the Dead Sea site.

Percepto also says it has participated in an experimental urban warfare scenario program organized by the Department of Homeland Security’s Science and Technology Directorate and the U.S. Army, which sought to test the Sparrow I’s suitability for surveillance and reconnaissance missions.

“Our customers, which include some of the world’s leading utility, oil and gas sites; mining; and other critical infrastructure facilities, are eager to fully embrace automation across their operations and reap the benefits of driving efficiency, reducing costs, and safeguarding staff. We’re excited to be the first to empower our customers with truly autonomous inspection and monitoring, driven by the management of multiple visual robotic data sources, together with other visual sources, including piloted drones, CCTV, and mobile cameras, on site or remotely,” CEO Abuhasira said, “We’re delighted that our investors have recognized the growing need in the market for autonomous inspection, which is in demand now, more than ever.”

Israel-based, 80-employee Percepto’s series B announced this week brings the six-year-old company’s total raised to $72.5 million. KDT led the round, with participation from new investors State of Mind Ventures, Atento Capital, Summit Peak Ventures, and Delek-US, along with existing investors U.S. Venture Partners, Spider Capital, and Arkin Holdings.

Sign up for Funding Weekly to start your week with VB’s top funding stories.

Source: https://venturebeat.com/2020/11/24/percepto-raises-45-million-for-robots-that-inspect-critical-infrastructure/

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