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  "documentTitle": "Intuit Inc. (INTU)",
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  "authorName": "Ben Axler",
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  "notes": "The slide uses BuiltWith data to support the thesis of Mailchimp's decline relative to Klaviyo.",
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      "text": "Thus, we believe it is likely that Klaviyo is taking share from Mailchimp, and we believe that share capture is more likely occurring at larger, more sophisticated users who typically churn less.",
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      "text": "Consistent with the website traffic data from Similarweb, BuiltWith data for Klaviyo shows continued growth in site usage, among both all sites and the top 1 million based on traffic. Thus, we believe it is likely that Klaviyo is taking share from Mailchimp, and we believe that share capture is more likely occurring at larger, more sophisticated users who typically churn less. We believe this is a bad sign since such larger users are the more attractive portion of Mailchimp's SMB-heavy customer base.",
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      "text": "Source: BuiltWith as of 9/6/24, Spruce Point Research",
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      "text": "Mailchimp's Declining Usage Stands In Stark Contrast To High-Growth Competitor Klaviyo",
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