Smart Passive Income's Growth and Revenue Recovery with Baremetrics

Smart Passive Income (SPI) is a popular blog started by Pat Flynn in 2008. Over the years, it has evolved into a media company, SPI Media, offering high-end courses on topics like podcasting and email marketing. In 2020, SPI Media launched SPI Pro, an application-based membership community that provides top-shelf education and networking opportunities to bloggers, podcasters, YouTubers, and course creators for a monthly fee. SPI Pro was created to meet the growing needs of the creator economy, providing a safe space for early-stage creators and online entrepreneurs to learn, network, and grow their businesses.

Smart Passive Income (SPI) was facing a couple of significant challenges. Firstly, they were using multiple tools to run their business, each with its own analytics dashboard. However, these tools were not interconnected, limiting the amount of usable data SPI could access. This lack of comprehensive data made it difficult for the SPI team to make informed business decisions. Secondly, SPI was struggling with the recovery of failed payments from members of their SPI Pro community. This was causing a loss of revenue and potential disruption in the continuity of memberships.

SPI turned to Baremetrics to address these challenges. Baremetrics provided a unified view of their membership subscription data, consolidating all relevant information into a single, convenient dashboard. This comprehensive view enabled the SPI leadership team to make better, data-driven decisions that could positively impact performance. Additionally, SPI utilized Baremetrics' dunning tool, Recover, to recoup lost revenue. Recover automated the process of reaching out to members with failed payments, ensuring that memberships did not lapse due to issues like credit card expirations. This tool not only helped recover lost revenue but also made the process more personal and customer-friendly.

• The implementation of Baremetrics had a significant impact on SPI's operations. It provided the SPI team with a comprehensive view of their business metrics, enabling them to make informed decisions with confidence. The use of the Recover tool not only helped recoup lost revenue but also improved the customer experience by making the payment recovery process more personal and less intrusive. The tool's customization options allowed SPI's customer experience team to handle the recovery process, which was appreciated by customers. Overall, Baremetrics helped SPI 'grow up properly as a company' by providing more rigorous financial insight.

• Recovered over $8,300 in lost revenue from failed payments in 12 months.

• The Recover tool paid for itself 8.9 times over in the same period.

• The SPI team was able to make data-driven decisions leading to the sunsetting of the monthly subscription option in favor of a quarterly payment option.