How To Get 10,000 Customers for Your SaaS Business with Pam OHara of BatchBook
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Ep 143 Pam OHara of BatchBook joins Nathan.
\\nPam O\\u2019Hara is the CEO of Batchbook social CRM, which she co-founded in 2006. She is responsible for setting the overall direction and product strategy for the company. As a businesswoman and mother, she is committed to running a company that can adapt to the unique needs of both its employees and its customers in order to foster better organization, increased productivity and more balanced lifestyles.
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\\n3 Key Points:
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- As a business grows, it gains more sophisticated channels for customer acquisition. \\n
- It\\u2019s important for small businesses to be able to easily add employees and partners to their online communication networks \\u2013 and Batchbook does just that. \\n
- Learning is a lifelong process, fail hard and fail fast instead of concentrating on getting every little thing right. \\n
Episode Notes:
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- 01:00 \\u2013 Nathan\\u2019s introduction to today\\u2019s show \\n
- 01:42 \\u2013 Pam joins the show \\n
- 02:31\\u2013 \\xa0Small businesses needed an online tool to keep up with their advertisers, customers, and speakers \\n
- 03:20 \\u2013 Pam met her lead developer for Batchbook on the playground where their children played \\n
- 05:20 \\u2013 Batchbook, an online service offers two pricings, 33$ or 46$ per month billed annually \\n
- 05:30 \\u2013 They are a 9-year-old company that is self-funded and has around 20 team members \\n
- 05:50 \\u2013 Batchbook is used by tens of thousands of clients \\u2013 free and paid \\n
- 06:36 \\u2013 Batchbook was the first online organizational and sharing service to offer an unlimited user plan \\n
- 08:19 \\u2013 They charge by successful relationships that translate into contacts \\n
- 09:36 \\u2013 The average business using Batchbook pays 42$ a month \\n
- 09:51 \\u2013 Pam looked at things in terms of 10K increments while Batchbook grew \\n
- 11:00 \\u2013 For the first 10K in revenue, Pam\\u2019s priority was getting Batchbook\\u2019s name out through word of mouth and telephone (this was before Facebook was popular) \\n
- 11:51 \\u2013 As a business grows, it gains more sophisticated channels for customer acquisition \\n
- 13:01 \\u2013 Batchbook uses channels like Facebook, Twitter, and LinkedIn for customer acquisition -Targeting a very specific type of customer is usually more successful \\n
- 13:31 \\u2013 A big part of Batchbook is its integration with other software products \\n
- 14:28 \\u2013 Batchbook\\u2019s churn rate is private, but the majority of customer\\u2019s will stay into the second month (mostly because of the free 30 day trial) \\n
- 15:45 \\u2013 After the second month, Batchbook has over a 95% retention rate \\n
- 16:13 \\u2013 Currently Batchbook isn\\u2019t seeking outside funding \\n
- 16:30 \\u2013 Pam\\u2019s team is launching a new standalone product in the first quarter of next year \\n
- 17:25 \\u2013 Currently Batchbook is not at break-even due to marketing spend investments \\n
- 20:07 \\u2013 Famous Five \\n
Famous 5:
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- Favorite Book?\\u2014 The Upside of Down by Megan McArdle and The Hard Thing About Hard Things by Ben Horowitz \\n
- What CEO do you follow?\\u2014 Chris Schroeder \\n
- What is your favorite online tool?\\u2014 Slack \\n
- Do you get 8 hours of sleep?\\u2014 Pam gets 1 to 24 hours of sleep every night \\u2013 highly dependent on her three kids. \\n
- If you could let your 20 year old self know one thing, what would it be?\\u2014 Continue to learn and make mistakes instead of concentrating on doing everything right. \\n
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\\nResources Mentioned:
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- Growth Geeks \\u2013 The way Nathan hires growth hackers on a per project basis for things like info graphics, blog posts, and other growth projects \\n
- Batchbook \\u2013 Pam\\u2019s business \\n
- The Upside of Down by Megan McArdle \\u2013 A book Pam stands by \\n
- The Hard Thing About Hard Things by Ben Horowitz \\u2013 another book Pam stands by \\n
- Slack \\u2013 Pam\\u2019s favorite online tool \\n
- Chris Schroeder \\u2013 CEO Pam follows \\n
- Want to learn how to go from $0-$10k/mo in revenue fast? Join Nathan live on the Starter Tribe Beta free workshop. \\n
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\\nA STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4)
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\\nThe Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).
\\nYour host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries.
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\\nOprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that\'s like an audio version of Pat Flynn\'s monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop
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