Mastering Dynamic Maps
Facing a challenge in creating captivating visual maps for your presentation? We are here to help you look like the rockstar you are in front of your...
4 min read
John Ferrell
:
Sep 12, 2023 9:22:22 AM
From the beginning of our journey with WellDatabase, we received a mix of advice, some valuable and some not so much. Today, we will focus on one particular piece of advice we received: "Get rid of your month-to-month plans and only accept annual subscribers." But before we delve into that discussion, let's take a step back and reflect on our early days.
When we embarked on the journey to create WellDatabase, we were motivated by the numerous frustrations we encountered in the oil & gas data industry. One particularly significant issue was the presence of toxic contracts that our competitors are notorious for. I experienced the negative effects of these contracts, and this experience continues to fuel my passion for WellDatabase today.
The company I worked for had a contract with another company that shall remain nameless (although I'm guessing you can figure it out). The contract had an auto-renewal clause, and we were aware of it. We were relatively satisfied with what we received and had budgeted for the renewal. However, ninety-three days before the contract was set to renew, we received a quote for the renewal with a 50% increase (from 60k to 90k, if you're wondering). It was shocking, and we believed discussing it in our management meeting was necessary. This notice arrived on a Wednesday, and our management meeting was scheduled for Monday. After discussing it on Monday, we decided we were not interested in renewing at that price. We promptly informed our sales representative, only to be told it was too late to cancel. According to the contract terms, we had to notify them 90 days or more in advance. Unfortunately, we were already on day 88. Yes, it was our responsibility to understand the terms of the contract, but seriously? The entire sequence of events infuriated me and served as one of the catalysts for starting WellDatabase.
Skipping forward a few years to the moment we received the suggestion to eliminate month-to-month agreements, and it was presented with a few supporting points:
These statements have some truth but aren't good enough reasons to stop month-to-month agreements. Here is how we handle those issues:
We are committed to offering month-to-month plans and have no intention of changing that. While some contract levels require annual agreements and offer discounts, we recognize the benefits of having monthly users. A significant portion of our user base consists of month-to-month subscribers.
Here are a few reasons why we strongly believe in providing month-to-month plans.
I could keep going on this, but at the end of the day, month-to-month plans are just good for the industry.
Another important aspect regarding month-to-month plans is our approach to customer cancellations. We always make it a point to ask our users why they cancel, as we constantly strive to improve our services. Losing customers does affect me personally, and each cancellation stings a little. However, there are instances where we lose customers, which makes me smile. Here are a few reasons that don't hurt so bad:
I could keep going for a while, but you get the picture. These comments are proof that month-to-month plans are needed for the industry.
When we first launched our company, we were the pioneers in offering a month-to-month plan for oil & gas software. Although this option is still relatively uncommon, we have noticed a growing number of start-ups adopting it. This is a positive development for the industry, and we take great pride in being at the forefront of this change. While I cannot accurately predict the future, I can confidently say that month-to-month plans will always remain a fundamental aspect of WellDatabase.
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