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QuickNode is a Miami-based startup powering blockchain applications with lightning fast Ethereum, Bitcoin, Polygon, BSC and xDai nodes. QuickNode provides elastic APIs & dedicated node services, as well as powerful tools & analytics. A simple control panel brings it all together and makes infrastructure management easy.
This allows anyone building an app that applies blockchain technology to do so by building directly on top of QuickNode’s globally distributed Web3 infrastructure.
Trusted by top blockchain projects, QuickNode has launched over 3,000 nodes and has been helping advance the blockchain ecosystem since 2018.
Baremetrics spoke with co-founder Dmitry Shklovsky to learn more about QuickNode and how they use Baremetrics to understand key financial metrics, translate cancellation data to inform product iteration, and sustain long-term growth.
Background
In 2017 and 2018, many new blockchain projects started offering their tokens for sale. While blockchain technology was spearheaded by Bitcoin starting from 2008, using the technology for other applications became popularized around 2017.
With this popularization of blockchain came an influx of new users that caused infrastructure issues for websites interacting with the Ethereum blockchain. This unbalanced cycle of blockchain app developers not having the infrastructure they need is happening again today.
The QuickNode team decided to apply their combined 40+ years of industry experience to address this problem. How could they build web infrastructure to onboard the next billion users to the fast approaching Web 3.0?
Building for the Evolving Internet
For those who may not be familiar, Web 3.0 is the third and most advanced generation of the Internet.
In the 1990s, Web 1.0 gave the world static web pages and the ability to search for and read information. Where Web 2.0 (what we use today) advanced mobile usage, cloud infrastructure, and interactivity through social media, Web 3.0 will build upon machine learning and artificial intelligence to process information with almost human-like ability.
Web 3.0 is expected to be a more transparent, peer-to-peer based Internet, which is why it’s commonly associated with blockchain. It’s an exciting progression of emerging technologies with the potential for far-reaching social and economic benefit.
One of these major social implications will be the shift of power and data ownership from large corporations back to individual users.
“In Web 3.0, QuickNode wants to see technology transform decentralized applications, smart contracts, decentralized governance, voting systems, and more. There are so many things that can be evolved,” says Shklovsky.
When talking about how blockchain will change the world, Shklovsky says “some people use the word disrupted, but I try to think of it more as an evolution of how we handle our data and how we transfer value.”
The Problem: Data for Investors
Shklovsky and his teammates started building QuickNode in 2018 as a fun project during spare time, nights and weekends. When business picked up later that year, the team decided to go full-time and raise money.
After some initial success and revenue growth, QuickNode received additional interest from investors for a new round. To continue fundraising, it was clear that QuickNode had to dial deeper into business metrics.
The solution was clear for co-founder Auston Bunsen: implement Baremetrics right away to see what was actually happening financially with the business.
Bunsen, a serial founder and multi-CTO before starting QuickNode, had used Baremetrics in previous roles and was familiar with the value it brought to growing businesses.
The Solution: Baremetrics Recover & Cancellation Insights
Baremetrics has proven to be a valuable tool for QuickNode’s fundraising goals and daily operations. Using Baremetrics with Recover and Cancellation Insights, QuickNode is able to:
- Easily pull the information that investors are looking for. This data includes Monthly Recurring Revenue (MRR), Annual Run Rate (ARR), and Lifetime Value (LTV), all of which are displayed in the Baremetrics Control Center.
- Reduce failed payments. QuickNode has customers all over the world. Unfortunately, some people sign up with bogus or prepaid credit cards, which often results in failed payments. Before using Baremetrics, QuickNode had to manually go into Stripe to send reminder notices. But now, Recover automates the dunning process with customizable email campaigns, in-app reminders, paywalls, credit card capture forms, and in-depth analytics.
- Gain valuable feedback. As a growing startup, QuickNode is focused on optimizing product market fit and iterating for more traction. Using Cancellation Insights helps QuickNode accomplish both by revealing why customers leave and identifying areas for improvement.
For example, if a customer is canceling due to a cost issue, QuickNode can access detailed feedback collected through a customizable form, adjust pricing, and save the customer from churning.
In addition to seamlessly collecting data, Cancellation Insights also calculates trends by cancellation reason to help guide your team’s focus. Best of all, it integrates easily and quickly.
“We were considering building this stuff in-house, but quickly realized we could do it with Baremetrics,” says Shklovsky.
The Big Picture: Keeping Customers Happy
Every single day, Shklovsky is looking closely at MRR, ARR, who’s canceled, who’s upgraded, and who’s downgraded.
Baremetrics, he says, “is like a barometer of how happy customers are.”
With its ability to cut through the noise and show only the most important data, Baremetrics reveals crucial customer insights. If a customer is happy, then they’re operating and growing. If a customer is not happy, then they’re downgrading, downsizing and canceling.
Read more about QuickNode
Definitely take a look at QuickNode’s blog. There’s tons of cool stories about different blockchain projects that are built on top of QuickNode’s infrastructure.
Check out this QuickNode 2021 recap:
The Future of QuickNode
The biggest challenge QuickNode faces is growing within the relatively new blockchain industry.
Unlike pre-existing industries in which companies can enter and capture market share more easily, surviving in blockchain means Shklovsky and his team must take a more visionary approach to sustainable long-term growth.
“The Blockchain services market is around $5 Billion today,” says Shklovsky. “In five years, it’s going to be a part of over $55 Billion. So we just have to maintain that course, outlast the competition, and keep iterating.”
QuickNode is one of 900+ subscription-based companies using Baremetrics to understand key metrics and accelerate growth. To see how Baremetrics can make a difference for your business, start a free trial today.
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