1219 Will Prosperworks and it's 10,000 Paying Customers Win CRM Wars?
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What is the main topic discussed in this episode?
and start companies earlier. Again, launched ProsperWorks back in 2011. Now has over 100,000 customers. Those are seats across 10,000 logos. Average seat price in terms of ARPU, about 60 bucks a month. You can do your own math there to kind of guess revenue. $87 million raised to date. over 20% your month over month, sorry, over 20%, sorry, quarter over quarter growth rate. So fast growing 117% net revenue expansion or retention annually, which is obviously healthy. He's gotten a little bit more aggressive on CAC with the funding, but he's also got confidence in the LTV. It's gone up because he's done a great job managing churn. So less than a six month, 16 month payback period, comfortable spending up to 1100 bucks to get that new seat.
John going after the relationship management space, CRM space. This is the Top Entrepreneurs Podcast, where founders share how they started their companies and got filthy rich or crash and burn. Each episode features revenue numbers, customer counts, and other insider information that creates business news headlines. We went from a couple of hundred thousand dollars to 2.7 million.
I had no money when I started the company. It was $160 million, which is the size of many IPOs.
We're a bit strapped. We have like 22,000 customers. With over 5 million downloads in a very short amount of time, major outlets like Inc. are calling us the fastest growing business show on iTunes. I'm your host, Nathan Latka, and here's today's episode. All right, hello everyone. My guest today is John Lee. He's the CEO and founder of a company called ProsperWorks, which we'll jump into in a second. But first, he has a BS in industrial engineering and operations research from UC Berkeley and currently resides in California with his wife and two daughters. He's a big fan of aquariums and is known for his epic all-hands speeches. John, are you ready to take us to the top? Let's do it. That's a hell of a thing to be known by, your all-hands speeches.
Why are they so famous?
I think it's because everyone's excited about the vision and knowing what's going on in the company and just getting everyone riled up and excited about helping us usher the world into the relationship era, which I'll tell you a little bit about a little later.
So yeah, let's start off first with at all hands meeting today, how many folks are there? Last time it came on, which was over a year ago, you had about 67 people. How many are you at today? 210. 210. Okay. Now tell us about the company. Give me the updated pitch. What do you guys do and how you make money?
Yeah. So ProsperWorks is the first CRM that works for you so that you and your teams can basically spend time on building relationships instead of entering data and managing data. And so what our vision is, is that there's this whole dynamic between buyer and seller that has basically changed. So with the proliferation of the web, buyers have almost near perfect information to make buying and selling decisions. But the reality is that 75% still desire that human connection. that human emotion, and that relationship. Whether that's with a brand or whether that's with the brand ambassador, that doesn't matter. We live today in what we like to call the relationship era, where clearly companies have broken out, have disrupted their respective industries, are the ones that have developed lifelong relationships with their customers.
So some examples of these include Amazon. You know, they've built a trusted relationship between the buyer by connecting them to a community of reviewers so you know what you want to buy and what you're getting at a great price. Google, they've built a trusted relationship with the advertiser to deliver high volumes of leads and also consumers to deliver highly relevant and personalized results, right? a zendesk is actually a really great example right it's a self-service model where you can try before you buy it's easy to use it's delightful they've got transparent pricing atlassian slack others are similarly in that camp and so we're ushering in this relationship era and that era requires new tools for the way that sellers build those relationship with buyers and so the 1980s was about orders in the 90s it was about deals in the 2000s it was about reporting and analytics and 2010 it was about customer experience
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–6:43
2
Who is John Lee and what is ProsperWorks' mission in the CRM market?
6:43–10:42
3
How does ProsperWorks define the 'relationship era' and why does it matter for CRM?
10:42–17:12
4
What product differentiators does ProsperWorks claim versus traditional CRMs?
17:12–21:34
5
How does ProsperWorks integrate with Gmail/G Suite and why is Google partnering with them?
21:34–21:47