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  "documentTitle": "Dropbox, Inc. (DBX)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses customer feedback to contradict management's growth strategy.",
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      "text": "Spruce Point Survey: User Comments",
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      "text": "Spruce Point believes that, as management attempts to support future growth by transforming Dropbox into a more premium product, it risks chasing away its core customer base, which values it primarily as a simple and low-cost storage option.",
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      "text": "With Dropbox not yet suited to the more complicated needs of enterprise-level users, while at the same time neglecting the preferences of its core customer base, Spruce Point believes that management's attempt to reinvigorate top-line growth could ultimately accelerate customer churn without winning over significant enterprise-level business.",
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      "text": "As Dropbox's user growth decelerates as the business continues to mature, management appears to be aiming to generate continued top-line growth by raising prices alongside new feature roll-outs. However, customer feedback suggests that Dropbox's core user base values Dropbox precisely for its simplicity and relative cost effectiveness, both of which are being sacrificed by management's current strategy. Spruce Point believes that, as management attempts to support future growth by transforming Dropbox into a more premium product, it risks chasing away its core customer base, which values it primarily as a simple and low-cost storage option.",
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      "text": "Dropbox has improve some of the features in the software but the annual membership keeps going up at least 15 percent every year.",
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      "text": "I'm not sure how productive it is for the cost increase.",
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      "text": "Dropbox is very expensive for high volume businesses.",
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      "text": "I like Dropbox but wish they wouldn't raise prices so much.",
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      "text": "Some features are nice but would come down to option of price.",
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      "text": "Dropbox is convenient, but the price increase is challenging for my budget.",
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      "text": "Dropbox, at first was a lot easier to use. It seems like a lot of these new things have really 'gummed-up' the smooth and easy way that Dropbox had.",
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      "text": "Needs to be cheaper.",
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      "text": "Dropbox, at first was a lot easier to use. It seems like a lot of these new things have really 'gummed-up' the smooth and easy way that Dropbox had. — Spruce Point Survey",
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      "text": "Source: Spruce Point proprietary survey. See appendix for details.",
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