Growing with your existing customer base
For a business to become profitable, it needs more than growth powered by customer acquisition. It needs loyal customers that stay with you over time start – and that start to spend more too.
Oded explained how, by looking at their core metrics, he discovered that they were missing an expansion revenue opportunity with upgrades.
“We knew we had a lot of new customers but when we compared ourselves with other businesses, we didn’t have the same amount of customers upgrading. Customers were just staying with the plan that they started on. So, we invested more time helping our customer understand the value of upgrading to a better plan.”
One of the changes Oded and team made in response was to add in-context (or in-product) messaging to show customers exactly what additional value they would get from an upgrade. Oded continued:
“This helps us showcase how we add real, long term value for our customers – and encourages them to stay customers and grow with us – helping us to grow our business through expansion revenue.”
Building brand advocates
In building a longstanding customer base, you also develop a set of willing brand advocates. As a result, EverSQL has a whole page dedicated to customer testimonials.
EverSQL has slowly built up the number of testimonials they receive (and their reach on social media as a result), simply by asking:
“We send an email asking customers if they have got value from the product. If they answer yes, we ask them to share on Linkedin and Twitter. It’s a simple tactic but it has been really powerful for us - especially as our developer audience is very active, particularly on Twitter.”
Bootstrapping isn’t for everyone
Bootstrapping a business to profitability isn’t easy and both Oded and Tomer recognize that it won’t be the right route for everyone.
“We were lucky to be able to do it. It requires a team with a real can-do mentality. We’re still a lean team - so we automate where possible and everyone has to learn about different areas of the business, even those outside of your core role.”
Find out more about EverSQL.