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Content Strategy

Relaunching a Partner Collaboration to Increase New Monthly Recurring Revenue by $18.7K

Relaunching a Partner Collaboration to Increase New Monthly Recurring Revenue by $18.7K

Role

Role

Product Designer
User Researcher

Product Designer
User Researcher

Teammates

Teammates

Max - PM
Strahinja & Dani - Engineers
Kati & John - Product Marketing
Frankie - Marketing Designer

Max - PM
Strahinja & Dani - Engineers
Kati & John - Product Marketing
Frankie - Marketing Designer

Timeline

Timeline

2 weeks - November 2022

2 weeks - November 2022

TurboTenant is a property management tool tailored for small landlords so they can manage every aspect of their rental business, from rental applications, lease agreements, to rent payment collection.

TurboTenant is a property management tool tailored for small landlords so they can manage every aspect of their rental business, from rental applications, lease agreements, to rent payment collection.

REI Hub is an accounting software partner that specializes in serving landlords and property investors in the real estate industry. Through seamless integration, we’ve established a data sync connection a user’s TurboTenant account and their REI Hub account.

REI Hub is an accounting software partner that specializes in serving landlords and property investors in the real estate industry. Through seamless integration, we’ve established a data sync connection a user’s TurboTenant account and their REI Hub account.

Problem

Despite launching our exciting new accounting partnership four months ago, we've only attracted 150 subscribers, less than we hoped. This was surprising considering user interest in comprehensive accounting features. To understand the limited uptake and boost traffic and conversion, let's dig into our data:

  • Clickthrough rate (CTR): Only 9% of landing page visitors are taking the next step. We need to identify and address any roadblocks on the landing page to increase that number.

  • Value proposition: Is our message clearly communicating the benefits and solving user pain points? Maybe we need to tailor the messaging or highlight specific features.

  • Promotion channels: Are we reaching the right audience? Exploring new channels or refining existing ones might bring in more relevant users.

  • User experience: Is the sign-up process smooth and intuitive? Any friction points could be discouraging conversions.

Go to final designs

Results

Increased monthly recurring revenue from $6.4K ➡️ $18.7K

Increased subscriber count from 150 ➡️ 655 subscribers

Research

I conducted user interviews with landlords who are currently using us for rent payments, as those were the segments of users who were the most interested in accounting features.

Most landlords that we spoke mostly used one of three methods for accounting:

  • Manual spreadsheets

  • DIY accounting software, like Quickbooks

  • Traditional accountant

Switching accounting methods typically involves a considerable amount of friction. Even if their current method is less than ideal, the prospect of transitioning and transferring years of tax information is daunting.

An overly expensive price tag was the main reason landlords were unwilling to try out REI Hub.

As expected, the landlords who primarily relied on spreadsheets were particularly price-sensitive. Despite it being the most manual and tedious approach to accounting, it was free.
Those who used accounting software claimed to pay a lower or similar price to REI Hub’s subscription.

The existing content on the landing page fell short of highlighting the benefits of REI Hub and explaining why it was better than their current accounting methods.

Landlords that we talked to knew that REI Hub was a specialized accounting tool catered towards real estate investors and were vaguely aware it was integrated with TurboTenant but beyond that, they didn’t really understand why it was worth it to consider switching over. This combined with the high perceived cost of the subscription made very few seriously consider REI Hub as an option.

The complex pricing structure, which is determined by the # of rentals associated with the TurboTenant account, generated a lot of confusion.

There is a lot of information that needed to be communicated for the landlord to grasp how pricing works:

  • The subscription starts at $15/month

  • $5/month is charged for each additional property after the first one

  • The subscription caps at $85/month, after you surpass 15+ rentals

Solution

Add a pricing calculator.

Due to the complex pricing system, I opted for an interactive pricing calculator that presents the pricing information in a visually intuitive manner. The calculator would allow landlords to adjust the # of properties and instantly understand the corresponding subscription price changes. It is also beneficial for them to estimate costs if they acquire additional properties in the future or if they have yet to add other properties to TurboTenant.

Offer a discount for the first two months.

We reached a consensus to provide a limited-time discount - 50% off the initial 2 months. This promotion would run from December to April, a period identified by REI Hub as the peak time when users are most likely to purchase accounting software. We decided to offer a two-month discount because the churn rate significantly drops off into the three-month mark.

Revamp messaging with the Product Marketing team.

I collaborated with the Product Marketing team to update the copy of the existing landing page. We included compelling reasons outlining the benefits of transitioning to REI Hub and emphasized the importance of adopting a professional accounting solution for their business, specifically tailored to meet the needs of real estate investors like themselves.

Create a product demo specific to TurboTenant.

We worked together with REI Hub to get a demo account with dummy information to illustrate the seamless flow of data from the integration of the TurboTenant account with the REI Hub account. This demo would also allow them to preview the extensive range of features available, including a multitude of instant reports and rental-centric reporting options.

Final Designs

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