Episode 79: Almost Zero Churn Rate, with Patrick Chopson of Cove.tool
In this episode of Leaders of B2B, Patrick Chopson, Co-Founder of Cove Tool, shares the journey of the company since it started in 2017.
Cove Tool is a web-based application that helps architects, engineers, contractors, and building owners make decisions around anything that affects green building. It covers the whole arc of the project from start to finish.
Last year 12,000 projects were run through the software; the equivalent of 5.3 million tonnes of CO2 emissions.
Business-wise, they boast some pretty amazing numbers, like a less than 0.01% churn rate, and a growth rate of 500% in one year.
How did they do it? We discuss:
How the company was started.
The business model structure, and how they tried a lot of different things first before they landed on the model that actually worked.
How the end goal forms the basis of everything they do—from features included, to how the subscription model works, to how they’ve structured their marketing.
How they get the word out (hint: good old email marketing is the best way to reach people in the industry).
What they tried and what failed.
How they’ve handled the integration process, because the software works with whatever software the client is already using.
How they gather and make decisions about data.
How they’ve leveraged their investors to get where they want to go.
How they raised capital to start.
How customer satisfaction keeps their churn rate at just about zero.
What advice they would give to others starting a business.
Resources Mentioned:
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