SaaS industry

“In terms of employee retention, you have to earn the employee base every month, every quarter, every year, and they are much more valuable than any individual customer that you have. And we obsess over turn As a SaaS industry, which we should. Turning the, ah,…”

“Typically anything under about a 10% gross churn rate is pretty good. Anything under about a five percent gross churn rate is fantastic.”

“We in the SaaS industry for the last two decades have been focused predominantly on the front office. CRM, marketing automation, everything that touches the customer. We've largely ignored the back office”

“And I think more than anything, it's a valuation reset as opposed to a fundamental company reset.”

“And if we end up 24 months into this, and multiples are sort of the same, I think we are in a new, efficient world For the first time in SaaS, we will not go back.”

“But SAS is literally, we should do the math. It's gotta be a hundred times bigger in terms of spend, right? Just think about that's a decade of 20 to 30% annual growth compounding.”

“It's never gonna be, it's gonna take 20 years to have a bubble, like we saw in 2020, it will happen again, but it's gonna take 20 years”

“No one's CAC went down the last year, even though they got more efficient, no one's CAC went down despite the a hundred SAS tools we bought, despite all of these things we didn't get.”

“Now we're going to live in this bifurcated world where there's going to be whispers of folks working at Decacorns, and Decacorns, there'll be more snowflakes, and there'll be more ideas, and it's going to put a lot of pressure on the rest of us, because people…”

“Everyone, every public company two years ago had -10, I don't know what Vimeo's was, -12 operating margins. In 18 months, they went to 15 or 20.”

“I think it won't get easier for us until this is about eight X until we see 20 to 30% reflation in multiples.”

“Slack did its first price increase in history at eight months ago. I did a blog post. Every single leader in SAS that hadn't done a price increase did it. HubSpot did too.”

“Agents will actually may make our moats even weaker and shallower because if the agents can just take prompt, if I can take a prompt from one app and give it to another app, my switching costs have gone down radically.”

“It's not that we're going to rebuild workday in Salesforce and Oracle, but our competitive edges are going to be measured in months. And when they used to be years and that compounds that compounds. And if you can't run at that pace, I don't see how you're goi…”

“Moats still exist in the age of AI, but they're just like shallower, so you better fucking deliver value.”