The Profit Whale with Jason Cohen

Welcome back to Founder Mode!

Most founders think growth comes from working harder. But after talking with Jason Cohen, I came away with a different conclusion.

The biggest gains usually come from finding the few things that create outsized results.

Jason has spent decades building companies, investing in founders, and studying what separates businesses that grow from those that stall. His new book, Hidden Multipliers, is all about finding those overlooked advantages.

One thing I said during our conversation still sums it up well:

"The breakthrough comes from trying a lot of things you think would be breakthroughs. So I think it's just a lot of testing."

That mindset showed up throughout the entire conversation.

Growth Comes From Small Wins That Compound

Founders often wait for one big breakthrough.

The reality is much different.

Jason explained that most successful companies reach their biggest moments because they constantly test ideas. Most of those tests fail. Eventually, one small improvement changes everything.

At WP Engine, a few pricing and packaging changes dramatically accelerated growth. On the surface, they looked like minor updates. Behind the scenes, they were backed by customer research and careful thinking.

The lesson is simple.

Small improvements can become major growth drivers when they solve the right problem.

Talk to Customers Before You Change Anything

One of the strongest messages from this episode was that customers already have many of the answers.

Instead of guessing why growth slows or why people cancel, ask them.

Jason recommends writing down your assumptions before every customer interview. Then ask open-ended questions that let customers explain their experiences without leading them toward an answer.

This creates real learning instead of confirming what you already believe.

As I mentioned during the conversation:

"I think of every support call, it's a gift."

Support conversations often reveal product improvements that your best customers actually need.

Your Best Customers Matter More Than Your Average Ones

Jason introduced the idea of the "Profit Whale."

Not every customer creates the same value.

Some customers generate far more profit while needing very little support. Others consume large amounts of time and resources.

Instead of trying to serve everyone equally, understand who your ideal customers really are.

Then build more for them.

Sometimes the right move is improving your product.

Other times, it's realizing a customer simply isn't the right fit.

That focus keeps your roadmap moving in the right direction.

Churn Usually Isn't About Price

One of the biggest myths Jason challenged was the idea that customers leave because your product costs too much.

His point was straightforward.

Customers already accepted the price when they signed up.

If they later cancel, something else likely disappointed them.

Maybe the product didn't deliver what they expected.

Maybe an important feature was missing.

Maybe their situation changed.

Simply lowering prices rarely fixes the real issue.

Instead, dig deeper until you understand why customers feel the value changed after purchasing.

Great Builders Share What They've Learned

One part of the conversation stood out beyond product strategy.

I asked Jason why he spends so much time writing, teaching, and helping founders without turning everything into a sales funnel.

His answer was refreshing.

He simply enjoys teaching.

He cares about producing thoughtful work that lasts.

At the end of the interview, I shared what stood out most to me:

"He's literally here to just share wisdom."

That mindset is becoming increasingly rare.

5 Key Takeaways

Test constantly because breakthroughs usually come from many small experiments.
Interview customers before making major product or marketing decisions.
Focus on attracting more of your most profitable customers instead of trying to serve everyone.
When customers cancel, investigate the real reason instead of assuming price is the problem.
Long-term trust is built by consistently sharing real experience and practical advice.

Final Thoughts

This conversation was a reminder that sustainable growth isn't about working longer hours or chasing every new tactic.

It's about finding the small improvements that create big results, listening carefully to customers, and staying focused on the people your business serves best.

Growth compounds when you keep making the right small decisions over time.

🎧 Listen to Episode 68 here: