Patrick is the founder and ceo of Profitwell, who recently sold resulting in a joint venture with the company Paddle.
Profitwell offer a suite of tools that plug directly into subscription management systems, optimising pricing strategies, revenue recognition and more!
Patrick talks to Ryan all about the pricing strategies he has used to increase revenue as well as his unique 3-step go to market strategy. He also talks about the tactics he has used to grow Profitwell including giving away free subscription financial metrics to over 30,000 companies!
- There are only around 150,000 subscription and Saas companies and Profitwell used this small market to their advantage by brand building and content marketing.
- When your pool of potential clients is small then you have to market to reflect this, generally focusing on high lifetime value and high retention.
- Automation is the future for Saas b2b product. Clients want a simple plug-in software to do the work for them so they can focus on their customers, product and higher value tasks.
- In all businesses there are resilient stages and endurance stages. If you can recognise which one you are in you can then choose the right ways to deal with your challenges.
- The way Profitwell ran their BDR was unique in the industry. They decided to run all messaging through their growth team, rather than relying on inexperienced sales reps. They also built-in unique content to their core marketing strategy, including video and podcasts.
- 80% of Profitwells dollars come from inbound, this meant it took them time to work on their referral programme because they didn’t need to rely on it, something Patrick recognises as a missed opportunity.
- When developing their middle funnel marketing, Profitwell ensured they focused either on personas they were targeting, or they targeted the ‘need’ or ‘pain point’.
- The way to think about pricing is to concentrate on anything that improves your revenue per customer, for this there are a large amount of levers, including the obvious price increases but also things like add-on strategies and value metrics.
“When you have a small pool your go to market has to reflect that”
“We automate your retention and the tactical side of the retention…we’re the best in the world at recovering failed payments, we’re the best in the world at cancellation flows, a bunch of these things”
“We just reinvested every dollar we made back into the business and grew from there”
“Discount doesn’t really move the needle until it’s a massive discount”
Do You Want The Closing Secrets That Helped Close Over $125 Million in New Business for Free?” Grab them HERE: https://www.whalesellingsystem.com/closingsecrets
Founder and CEO
ABOUT THE SHOW
How do you grow like a VC backed company without taking on investors? Do you want to create a lifestyle business, a performance business or an empire? How do you scale to an exit without losing your freedom?
Join the host Ryan Staley every Monday and Wednesday for conversations with the brightest and best Founders, CEO’s and Entrepreneurs to crack the code on repeatable revenue growth, leadership, lifestyle freedom and mindset.
This show has featured Startup and Billion Dollar Founders, Best Selling Authors, and the World’s Top Sales and Marketing Experts like Terry Jones (Founder of Travelocity and Chairman of Kayak), Andrew Gazdecki (Founder of Micro Acquire), Harpaul Sambhi (Founder of Magical with a previous exit to Linkedin) and many more.
This is where Scaling and Sales are made simple in 25 minutes or less.
See omnystudio.com/listener for privacy information.