Published: Aug. 26, 2016, 9 a.m.
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Michael Hollauf, cofounder and CEO of MeisterLabs. The company works to provide resources to collaborate across digital platforms. Now they are introducing a new service, MeisterTask, which focuses on better task management and a fun user experience. Hear about how MeisterLabs has hit the ground running and is continuing to introduce new tools to help businesses and entrepreneurs succeed.
Famous Five:
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- Favorite Book? \\u2013 Rich Dad Poor Dad
- What CEO do you follow? \\u2014 Stewart Butterfield
- Favorite online tool? \\u2014 Slack
- Do you get 8 hours of sleep?\\u2014Yes
- If you could let your 20 year old self know one thing, what would it be? \\u2014 Buy a flat in London. Be bold. Do it earlier.
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Time Stamped Show Notes:
- 01:05 \\u2013 Nathan introduces Michael
- 01:35 \\u2013 Managing director of MeisterLabs
- 02:20 \\u2013 MeisterTask
- 03:10 \\u2013 Trello was their inspiration
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- 03:40 \\u2013 Better task management
- 04:00 \\u2013 Something more fun to use and focused on tasks
- 04:15 \\u2013 550000 users
- 05:10 \\u2013 60% of the downloads are through the app store
- 05:30 \\u2013 Some features only available in the premium model
- 06:00 \\u2013 5000 paying customers
- 06:50 \\u2013 Why people upgrade
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- 07:00 \\u2013 Better integration
- 07:20 \\u2013 Funding
- 08:00 \\u2013 MeisterTask revenue for 2015 was $20k
- 08:20 \\u2013 MindMeister was $2.5 M
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- 08:35 \\u2013 Monthly recurring was $220k
- 09:00 \\u2013 5 million users
- 09:15 \\u2013 30000 paying customers
- Collaboration for mind maps
- 10:10 \\u2013 Cost to acquire a new customer is about $30
- 10:30 \\u2013 27% annual churn
- 11:50 \\u2013 Average customer stays for about 20 months
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- 12:05 \\u2013 Monthly plan was changed to a longer plan, which increased retention
- 12:30 \\u2013 How MindMeister is growing
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- 12:40 \\u2013 about $25k/month on Google Ads
- 13:00 \\u2013 best keyword is \\u201cmind mapping\\u201d
- 13:30 \\u2013 Competitors
- 14:00 \\u2013 Goal for the business is to create a suite of products
- 14:50 \\u2013 MeisterTask valuation
- 16:00 \\u2013 Michael Hollauf on LinkedIn
- 16:22 \\u2013 michael@meisterlabs.com
- 28:35 -- The Famous Five
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3 Key Points:
- Don\\u2019t be afraid to draw from ideas of existing companies.
- Establish your end goal for your business.
- Be bold. Start your business early.
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Resources Mentioned:
- Host Gator \\u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Freshbooks - The site Nathan uses to manage his invoices and accounts.
- Leadpages\\xa0 \\u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible \\u2013 Nathan uses Audible when he\'s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
- Trello \\u2013 A similar service to MeisterTask that inspired Michael
- Slack -- Another online tool that inspires Michael and his team
- Show Notes provided by Mallard Creatives
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