Long-time lurker looking for some advice. I and 2 others run a boot-strapped B2B SaaS startup that is bringing in moderate revenues after 2 years of operation. Despite coronavirus disruption we have improved on our cash position in the past 6 months, surviving relatively unscathed and improving on where we were this time last year.
We just however got told by a customer of ours that they are ending their subscription, opting instead for a subscription with a tech giant whose tech is far superior and more broad than ours, so as to allow them to fulfill their requirement within a single platform as opposed to a number of smaller, more tailored offerings (which included a subscription with us).
This is our first loss of a customer. Whilst it's not devastating, I guess it's a big blow for me personally to lose a customer like this. It's stuck in my head that we could lose more customers and then quickly find ourselves in trouble. This is despite the fact that I know the majority of our customers are very happy and not thinking of ending their subscription or anything like that.
It's causing me a lot of stress and so I just wanted to check in with people here about their experience of losing their first customer. We are growing well, currently looking to raise and building more exciting tech, with a full scalable plan for the future, but it's hard to see past the loss of the first customer - I understand that attrition will always happen regardless, but it just hit a bit harder than I expected.