I had a chance to do a fun and in-depth interview (52 minutes!) with Eric Sui of Growth Everywhere on the learnings of building, scaling and growing a SaaS business.
You can read it all here (EchoSign CEO Jason Lemkin On Building A $100 Million Dollar Revenue Machine) and see the video below.
- How going from $0 to $100 million in revenue takes trial, error and making mistakes along the way.
- Launched EchoSign from TechCrunch in 2006 and grew his business through press and content marketing.
- Jason made a lot of mistakes in the beginning including launching with the wrong messaging and market position.
- Credits himself with doing one thing right – lavishing existing customers with incredible attention to keep the business growing into a success.
- Reminds us to focus on what you’re good at and love to do. If you’re terrible at sales, but great at content marketing, build a brilliant online community to convert into paying customers.
- Jason knew he was great at closing a huge deal with a company like Google, but couldn’t do 50 cold calls a day to small businesses. He hired people to do it for him and focused on his strengths instead.
- Why Jason thinks getting to $10 million is the magic number in business building. Suddenly you can get a seat at any deal in town and business gets easier. You might not win every deal, but people know your mini-brand.
- By nature, entrepreneurs tend to be impatient. But it takes about two years before you’ll see the benefits of investing in customer care and loyalty, and nearly three years to really see a quantitative impact. In year two, Jason discovered 80% of their growth came from existing customers through upsells and upgrades.
- Why you shouldn’t hire a VP of Sales until you have at least two reps consistently hitting their quota.
- How to use industry standards to set sales quotas and commissions and strategies to keeping customers and employees happy ….
How to Grow Your B2B Revenue:
- Pay lavish attention and care on current customers to foster repeat buyers and word-of-mouth marketing.
- Start with what you know. Focus on growing your content marketing and online community if that’s where your strengths lie.
- Find ways to scale your success techniques. Landing one great sale isn’t enough if you can’t do it more than once.
- Develop your mini-brand until your true brand catches up. Your core, target audience will eventually find your mini-brand and help spread the word as they learn more about your company.”
Let me know what you think!
(Cross-posted @ saastr)