Insight
Fox: Empathy was the top predictor of success for Brex CS hires
“The one that most correlated to a successful customer success rep or account manager was empathy. So we w we had an interview that the sole purpose of that interview was to measure the degree and the level of empathy that that person had. And we only hired peo…”
Assertion Not checkable as stated
Fox: Incomplete onboarding setup was the top churn driver at Brex
“One of the things that we realized was that one of the biggest reasons why customers would churn was because they weren't properly set up on Brex, right? So, you know, they would sign up to Brex, and they would start using the Brex card, and they would deposit…”
Assertion Not checkable as stated
Fox: Half of Brex's net new revenue came from existing customers
“When we had that team up and running half of the net new revenue that we would bring to Brex came from net new sales, but the other half came from the existing base.”
Insight
Fox: Brex customers using competitor products were most likely to churn
“The customers that were most likely to churn were those customers that were still using other competitor products, right? So they were using other credit cards. They were using other bank accounts. And we realized that when we would speak to these customers, t…”
Insight
Fox: Cross-selling and upselling directly increase customer retention
“Upsell and cross-sell is not just, you know, a way to bring more revenue to the company. It's actually a way to improve the customer experience because they're consolidating everything in one place. As a result, the retention goes up. And obviously the revenue…”
Assertion Not checkable as stated
Fox: Brex split customer success and upsell roles at 30-40 employees
“Eventually we split out the team when we cross kind of like 30, 40 people. And we had one team of customer success reps that only focused on churn... And whenever an opportunity came to sell a new product or to increase our share of wallet with an existing pro…”
Insight
Fox: Engineers avoid customer calls unless scheduling and outreach are centralized
“I've noticed this pattern when speaking to a lot of founders that a lot of engineering and product leaders, they're expected to speak to customers, but they're also expected to do the work of reaching out and finding out the customer and sort of scheduling the…”
Assertion Not checkable as stated
Fox: Half of Brex seed customers advanced rounds every 12 months
“We saw that, you know, about half of the seed companies that we acquired as customers would grow into Series A companies, and a half of those Series A companies would graduate into Series B, and a half of those Series B into Series C, and this would happen at,…”
Insight
Fox: Rapid User Acquisition Masks Underlying Churn in High-Growth Startups
“The challenge with some of these high growth companies like Brex is that user acquisition, net new user acquisition, Sort of obfuscates the problems of customers churning, because you're still growing revenue a lot month over month. And so despite having churn…”
Disclosure
Fox: Brex Created Dedicated Implementation Team to Mitigate Churn
“Implementation was a separate team, but it was born as a result of this insight that implementation was the most effective low hanging fruit path to mitigate churn.”
