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Now a three piece following the somewhat acrimonious departure of lead vocalist Thebon back in 2013 where the band claimed he had disappeared into Africa never to return (he is alive for those curious), Keep of Kalessin return in 2015 with their brand new album "Epistemology", their first release in nearly 5 years and their first album title which I had to Google as I had no idea what the word actually meant. As it turns out, it is the study of knowledge and justified belief and just how much information on a topic can be digested before a saturation point is released and it is certainly an interesting word to have as the title of your new album. Keep of Kalessin's particular brand of thrashing melodic black metal has drawn plenty of praise in the past, especially on 2006's "Armada" and its follow up "Kolossus" from 2008 but on their 2010 release "Reptilian" there was a distinct feeling of boundary-pushing underlying a lot of the music. Whilst instrumentally it continued in the same vein of "Kolossus", i.e. speedy melodic black metal akin to the fastest moments of Dissection and Immortal, clean vocals were often found layering some of the more melodic sections of instrumentals and this is a trend continued upon "Epistemology" with an interesting set of results.
The continued integration of clean vocals into Keep of Kalessin's music initially throws the listener off-kilter somewhat on the albums true first track "The Spiritual Belief" ("Cosmic Revelation" is a classic modern metal introductory track that serves no real purpose) which see's drummer Vyl (real name Vegar Larsen) lay down some of the most furious blast beats of his career alongside clean vocals akin to the latest effort from Ensiferum. This juxtaposition of styles occasionally crops up at various points in the album but it is no more prominent than on this track and it serves as a confusing opening to an album that, upon repeated listens is surprisingly refreshing and well crafted on the whole. The artwork is equally confusing, with one feeling it would look much more at home of the cover of the upcoming Obscura or Alkaloid records, but maybe that is nothing more than a personal pet peeve.
The balance is however restored on "Dark Divinity" which comes out the gates thrashing wildly in a blaze of eerie melody and powerful drumming similar to what the band were achieving on "Armada". The nature of the melody Keep of Kalessin employs on this song also helps greatly in the effectiveness of the clean vocals, lending the track a strange, sci-fi ridden vibe at points and it helps the listener really cling onto the albums first truly memorable moment.
It should be noted at this point just how good some of the guitar work is on this album. As alluded too, whilst still very much a part of most songs on the album, the twisting black metal melodies the band became known for on "Armada" especially are usually buried at the beginning and ends of the songs, with big marching riffs dominating the majority of the songs lengths.The aforementioned "Dark Divinity" has one such riff, but rather than being a hindrance it provides a hook which helps greatly with the memorability factor of the album. A similar technique is also seen on tracks such as "Necropolis" where Obsidian Claw's black metal rasp is supported by a huge riff not too distant from what was seen on the latest Shade Empire record "Omega Arcane".
After the halfway point on the album, the songs start to settle back into the formula which the band was known for in the past which both helps and hinders their memorability. The continual blast beats of Vyl are certainly impressive on a scale of technique and stamina, but part of the reason why "Necropolis" works so well as a song is that it allows other strong elements to shine through. With such a dominant focus upon the drums, the well-crafted melodic black metal leads and thick, chunky bass playing on "Universal Core" can get lost in the mix unless one really tries to pick them out and this is something which the majority of listeners, by-and-large will simply not bother to do. This also helps explain why "Introspection" is so effective as a track showing what "Epistemology" is all about. By backing away from 200bpm blast beats, it demonstrates melodies one would expect to find on classic Keep of Kalessin material as well as other blackened acts such as Thulcandra and Finntroll, alongside Obsidian Claw's black metal rasp and well-worked gang vocals. If these elements were worked into "Epistemlogy" on a greater frequency, then this release could have been spectacular. As it is, it is a good album that demonstrates the current vision of Keep of Kalessin and the style they may pursue in the future.
This is not to say "Epistemology" is a bad album. Far from it in fact. The production values really shine forth on the slower, more riff based numbers and the bands venturing into slower, more riff based and atmospheric territories works a treat when it shines through. However, with only two real defining songs on a disk that eclipses 50 minutes, the moments of magic can get lost in the mix and this only serves as detriment to an otherwise enjoyable album. If they can iron out the kinks and focus more on the unique aspects of this disk, then Keep of Kalessin could write a very special album next time round.
On the occasion of Blue Apron’s IPO and Ben Thompson’s discussion around CAC, (apologies for the paywall, but it’s worth it) we want to highlight the importance of understanding customer acquisition cost (CAC) both at any given time, and over time. Just as important as customer lifetime value (LTV), an accurate understanding of CAC provides a crucial snapshot of key performance indicators of performance over a longer trajectory. This will inform company strategy as businesses enter and scale into new markets and demographics.
From there, LTV/CAC as a combined metric is one of the best indicators of a company’s ability to achieve sustained growth. We find this to be most crucial after a company has experienced the hockey stick exponential revenue growth when the growth percentage change (delta) begins to flatten. In the parlance of the adoption lifecycle, this would be the moment around the “early majority” phase. Put frankly, for early stage companies, it’s all about growing revenue. For later stage companies, it is about sustainable growth and controlling costs. Of course, even getting to maturity is rare and impressive and should be celebrated. But the ability to reach consistent, increasingly profitable growth determines long-term success.
The Fallacy of Decreasing CAC: the misperception that as the company grows and awareness increases, customers will grow organically and establish an increasingly sustainable CAC.
Take, for example, a company that provides on-demand laundry pickup and drop-off. The initial customers will most likely be more affluent and tech-savvy, work long hours, and live in an environment like an apartment building with suboptimal access to their own laundry machines. Once this service launches, it will naturally attract a) those who are looking for this type of solution and b) those who are already using a more manual pickup/drop-off service. Both types of customers might be attracted through advertising or through word of mouth; they will find and adopt the service quickly, and the company will get over the early-adoption chasm.
However, moving to the next tier of customers, who will be less apt to adopt the solution, poses new challenges. As the laundry company expands to new markets, it may find, for example, more apartment buildings with built-in washers and dryers. As a result, its network density diminishes and drivers deliver fewer units per trip. Fixed driver costs will be the primary eroder of profit per delivery. Further, this next tier of customers that the service must attract is likely to a) have less discretionary income, b) experience higher onboarding friction (they’re less tech savvy), and/or c) work shorter hours, making them less likely to be seeking an on-demand solution. In a very short time frame, CAC doubles or triples, and customer yield drops. Advertising becomes less effective and the adoption rate per dollar spent drops since eventually you are going after tier 2, 3, and 4 customers. Inevitably, churn increases (people only use the service with initial discount offers, then stop). This is the heart of the Fallacy of Decreasing CAC.
When evaluating CAC, it is crucial to be thoughtful about: 1) the mechanics of how customers are currently acquired, 2) what’s keeping them engaged, 3) what the current user base looks like and how big that market is, and 4) the biggest hurdles and pain points for future customers and how to get them to join. To clarify our thinking, we’ve identified the types of businesses that are likely to have decreasing CAC:
As the network grows on the supply side (sellers), the service becomes more valuable to customers and more people use the service. The more customers on the platform, the more valuable for even more sellers, and both sides flock to the platform.
As you gain a reputation as the best-in-class in an expensive or exclusive vertical, customers will seek you out. It might even be seen as a negative signal to have advertising at all. For example, you rarely see ads for the most expensive and prestigious restaurants.
Calling a number of airlines or going through a travel agent is time-consuming or expensive. A service that eliminates the need for either of those will quickly attract customers (though will also attract competitors).
If there are no charging stations for electric vehicles, then the value of having an EV is reduced. Consumers will be looking for chargers. If ChargePoint starts to expand, customers will gladly pay for their service and businesses/cities will get value for setting up the infrastructure.
-Who is your first core customer and what do you predict for LTV, CAC, and churn? How does that change for your second-tier customer?
As a pre-Seed fund, Bee Partners doesn’t expect Founders to have the perfect answer. BUT they should be thoughtful about how to achieve decreasing CAC without saying something vague like, “We’ll succeed by word of mouth.” As we see with financial projections, it’s not a question of whether the answer is correct, but of proving deep consideration about how your company can continue to grow 3-5 years from today. Founders that show this kind of reflection will be better prepared to understand the ups and downs of user adoption and, instead of panicking, will have a plan in place upon reaching various stages.