Mar 4, 2023
Here's a quick round-up of what's been going on at SaaS Club:
I hope you're doing well.
Here's a quick round up of what's been going on at SaaS Club:
Mathew became CEO of Renewtrak in 2020, taking over a startup that was founded 6 years earlier but had failed to get any real traction.
The original founders had built a beta solution, secured initial funding, and managed to get two small customers. But then things stalled.
Although Mathew isn't technically one of the founders, he still had to think and act like one and figure out how to find product market fit fast.
The company had a high churn rate, no new customers, and was quickly burning through the money it had raised.
So it was a tough situation.
In fact, Mathew told me that the first 2 years at Renewtrak were the most difficult and stressful years of his career.
But things eventually paid off.
Today, Renewtrak is doing around $6 million in ARR.
In this episode, you will learn:
What Mathew did to revamp a product with multiple code bases, scaling issues, and lots of onboarding complexity.
How Mathew and his team over-invested in customer service to give their engineering team a year to resolve product issues.
- The pricing challenges the company faced (which almost put it out of business) and what Mathew did to fix that situation.
- How Mathew decided that he couldn't ask his sales team to close more deals until he personally could go out and sell the product.
I hope you enjoy it.
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📗 Book of the Week
This week's book recommendation is from Omer:
How to Get Ideas by Jack Foster
This book explores the process of generating creative ideas and provides practical techniques to enhance creativity and innovation.
🌐 Around the Web
We've started posting daily highlight clips from interviews.
In this clip, Mathew explains Why Focusing on Existing Customers is Key for SaaS Success based on his experience at Renewtrak.
Check out our YouTube channel here.
😍 Let's Get Social
Have a great week!
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P.S. whenever you're ready, here are 3 ways I can help you:
1. SaaS Club Plus: We're re-launching a brand new paid community for SaaS founders with an exciting new offering. Join the waitlist!
2. SaaS Club Launch: A 12-week coaching program to help you launch your SaaS and/or get to $10K MRR faster.
3. SaaS Accelerate: A private coaching program to help SaaS founders get breakthrough results.