I think we shouldn't underestimate the connection Xero is building with their accountant base. The focus Xero put on family and mental health at Xerocon should be commended. There's now a strong bond between themselves and their accountancy base that won't easily be eroded, because Xero are creating a personal human experience around their business and this will be a key ingredient in building goodwill and longevity inside their network.
I'm also very encouraged about the North American and South east Asian progress. I've been watching the keynotes and listening carefully, and reading between the lines I think Xero are starting to find some traction in these markets. They've had mixed results with their approach to the NA market in the past, but it seems they're taking the approach that's worked for them in the NZ/OZ/UK markets and pushing ahead with that now - which is to create a loyal accountancy base and build from there.
All in all I think it's very exciting. The world really is their oyster and there are huge untapped markets ripe for the taking. I still think there's plenty of runway left for their core product, and plenty more opportunities to leverage the customers they've already got into other products/offerings. I've said it before and I'll say it again - I'll be shocked if Google or Microsoft are not taking a serious hard look at Xero. Both of them feed off small businesses, and Xero has established itself as a cornerstone application for 2.3m of them around the world.
In any event, I think the future looks very bright for long term holders. I've been holding since 2012 and won't be offloading any time soon.
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