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Last week we deployed a migration to accrue subscription credits that have expired past their 60 day limit (been in our Terms of Service since November but never enforced) and a machine that runs daily to detect and accrue newly expired credits, enforcing our limited rollover policy.
As you can see in the GIF, if there is credit left from a purchase, a credit expiry entry is made 60 days after the credit purchase referencing the purchase date.
On Tuesday we accrued approximately $40k from active subscribers. This did not include a special list of exceptions which Customer Success deemed needed more investigation and alignment. On Thursday Francis called a meeting to go through these exceptions with other partners and the list was whittled down from 80 exceptions to about 20 clients who have 'unlimited rollover' status, most of whom expressly negotiated this with the GRT team before on-boarding, we are respecting that commitment. We are currently calculating the predicted accrual of those newly un-excepted clients and will run a new migration tomorrow to accrue those clients' expired credits too.
Accrual revenue is nice to see, and whilst it is critical that we enforce our TOS and ensure that clients are spending their credit and not getting bloated balances, its important to note that this Expired Credit Accrual Revenue is not a metric that we want to see increase in absolute terms, as it is a metric which reflects that clients are not using the service, which ultimately is BAD. We must strive to drive usage over all other things, as it is the key to making the subscription model work, if we fail to do so we will be forced to switch to a pay-as-you-go style model which will make our revenue much less predictable, and quoting myself for a change: "unpredictability is the enemy of capital."
With this new enforcement of our TOS, it's very important to focus on the client experience of racing against the clock of expiring credits. The goal will be to improve the visibility of expiring credits and at the same time leverage that to drive usage. Ideas that PFT has identified include:
1) An overview tab dashboard redesign showing the different credit purchases and a clear usage bar showing how much of that purchase has been used and when they will expire. Gamification could feature here, if you finish your credit x days before expiration you receive some bonus credit to spend before you have to top up, or something of that nature.(estimate October)
2) Automated emails based on usage vs expiration that engage the client and encourage them to delegate before their credits expire. (estimate September, Chris is already driving this)
Obi-Wan Kee-Nahn is to thank for this migration and implementation. It's such a pleasure to be in the trench with this guy.
Thanks to Atusa, Marshall, Jay and Francis for the engagement on sorting through the legacy exceptions, and to Ric and Zach for coordinating the FNT impact on this.
Yours in profitability,