Multis is a great example of a company that made user behavior data accessible across their entire org to make better decisions. Currently, 8 members of Multis are using June.
We sat down with Simon, the first PM @ Multis, who shared the main benefits of having the whole team access to product metrics, and some of his tactics 🙏
The background
Multis is building the financial and operational tools to help crypto startups and DAOs run their business. It’s the only way for crypto native businesses to get visibility on cash flows and spending in an easy and delightful way. Multis is built on top of Gnosis Safe which is a smart contract wallet running on Ethereum.
They are a seed-stage B2B SaaS company backed by Sequoia and Y Combinator.
Multis has a culture of transparency and ownership. To move fast and make data-driven decisions, all their employees have access to user behavior data on June.
The challenge
Multis is building a product for a new market that comes with new needs. To get there Multis needed to study the popular use cases in their product, and analyze the matching personas.
Simon studied both what drove the high-level success of their product, but also individual success stories, to identify patterns between different sets of users.
This approach allowed him and his team to create a new category of products to delight the new generation of crypto companies.
The solution
Understand the product's health
Simon and team started by looking into the overall product health. Metrics like Active Users and User Retention are very popular among many SaaS businesses to understand the overall stickiness of customers.
Yet B2B SaaS sells to businesses, and Multis has a large volume of data. For these reasons, Simon and his team monitored usage at a company level, using Company level Retention and Active Companies reports.
Remove the noise
To make sure to focus on noteworthy accounts, Simon uses user traits to remove noisy users, such as Multis employees and test accounts.
These filters let the Multis team feel very comfortable about their report accuracy.
Segmenting their user base
Simon then narrowed down Multis audience to a specific set of users based on qualification criteria, such as whether or not a company is qualified, or had a demo.
He then created multiple copies of the reports using the audiences above. For example, Simon configured 3 Active Companies reports with the same data but different audiences:
- accounts that completed the first step of qualification
- account that had a demo
- account that fully activated
This helped Simon to understand the correlation of a metric, say User Retention, with a certain experience (ex: users that categorize transactions, users that make payments).
For instance Simon learned that demo demo calls might be a big investment of resources for the team, but by checking metrics like long-term retention the team figured out it was worth it.
Find the perfect user journey
To improve Multis’ high-level metrics in the long term, Simon watched single user or company journeys.
He looked into dozens of user-profiles to build a great understanding of which journeys were “good” or “bad”.
This is the workflow Simon is following to understand which users behaviors led to better retention:
- Opened a company retention report with the broader audience to be sure not to lose anyone
2. On each cohort (line), clicked on the squares that are showing the percentages to see which companies retained and which dropped (the criteria are chosen in the setup of the report by picking the most important events users can perform)
3. Check the “health” of each company by looking into the overview tab on a company page
4. Checked users of the companies that are the most active and check the main reasons why they use the product (most triggered events and activity section)
For example, the user below started the journey in Multis in a great way, performing the 3 main events that map to good activation: gnosis-created, company-created and wallet created.
Involving the success team
When users do not accomplish the set of actions likely to activate them, then there is a good chance that they will slip away.
In that case, the success team takes over the user and sends the right material and suggestions in order to put them in the condition of getting the full value of Multis.
To do so Simon tags the relevant user by adding a user trait. The Customer Success team then takes over the account.
Sometimes, the success team performs actions in bulk. They filter users with the relevant trait in the user list then export a CSV (example: users that did not create a wallet) and reach out to customers.
⭐️ Bonus: creating a user committee
Simon and his team also used June to create a user committee. The role of this committee is to get closer to users with whom they want build the product.
To find these users they used the top feature user report, added relevant events, then picked the users at the top of the list that fit their vision.
The Outcome
The possibility of combining a high-level view with an in-depth analysis of single journeys is helping Multis to focus on what matters with the right timing. This is particularly important for companies like Multis that are building a product for a new market with a Product-Led motion.
June's easy-to-use approach also makes it easier for the non-technical members to take actions based on behavioral data. For instance for Customer Success to jump in when needed.
