Fox: Half of Brex's net new revenue came from existing customers
Lucas Fox · SaaStr CRO Confidential: Brex GM of Startups Lucas Fox on Customer Retention and Expansion · Feb 16, 2023 · at 19:58
Lucas Fox, GM of Startups at Brex, discusses revenue composition and account expansion with former Brex CRO Sam Blonde.
0:00 / 0:09exact quote · 9.3s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“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.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Lucas Fox
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…”
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…”
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…”
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…”
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…”
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…”