SaaS Interviews with CEOs, Startups, Founders
1250 Incentive Every Employee to Sell Using This Tool, $80k in MRR
26 Dec 2018
Chapter 1: What inspired Patrick to create RapidFunnel?
Patience. He founded rapid fire back in 2017. Before that was kind of doing it inside of a much larger company had a private equity fund that invested in the company $300,000 for call it 10 20%. Today, they're serving over 20,000 individual seats across 23 logos, each seat about four bucks, so 80 grand per month in revenue today.
It's too early to really look at churn and CAC numbers, but generally speaking, the numbers are working out. They've got a team of 27 people based totally remote all around the world, profitable, which I love. Again, helping you gamify the prospecting part of your business and your sales team, really turning your entire employee base into an incentivized sales team.
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 two point seven million. I had no money when I started the company.
It was one hundred and sixty million dollars, which is the size of the IPOs. We're a bit strapped. We have like twenty two thousand 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. Hello, everyone. My guest today is Patrick Shaw.
He's a lifelong entrepreneur who has successfully built multiple companies and sales forces, always with an interest in leveraging technology to improve the process. Energetic and inventive, Patrick has passion about people's ability to completely change by changing the story they tell themselves.
He originally created the ideas behind his current company, Rapid Funnel, to help his own sales force. They work so well that it spawned the idea for Rapid Funnel, the name of the company today. Patrick, are you ready to take us to the top?
I am, Nathan, but my mic just changed, I think. All right. Can you hear me?
You sound great on our end.
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Chapter 2: How does RapidFunnel gamify the prospecting process?
Okay. All right. We're good then. Good. So tell us about the company. What does it do and how do you make money?
You know, I was scratching my own itch, if you will. I had a large independent insurance group, and I was always looking for ways to get them more involved in telling the company's story, sharing the story, making it easy, making it effective. And so we built a bunch of tools and lots of iterations later. But ultimately, what we do is we gamify prospecting.
So we create incentives around individuals of any company, whether it's a franchise, direct sales, businesses, around individuals telling that company story more easily.
And walk me through. So let's say I have a sales force of five people. I'm using you. What will they see on a daily basis? Is it an app they have installed or how will they play the game?
Yeah, exactly. They have an app that they download. There are different what we call group codes, so different divisions may have different resources in the app, and they may even have different contests and rewards built around that. But the idea is if a company could take 25% of their advertising budget and they could redirect it into their own people, one is that's a win-win.
Those dollars come back to the company, and who better to tell the story than zealot employees that believe in what the company already does? So they just bump into somebody, and I say, hey, Nathan, listen, you know, I ā You got this car over here. You need your brakes done. I got an employee group code I could send or an employee coupon code I could send to you.
It's actually my employee discount. You know, if I send it over to you and you end up using it, you walk in, you get your discount. I get recognized by the company. It's a win-win.
That's interesting. So just to be clear, is this a way to basically turn every employee into a salesperson or is it more specifically for the sales team?
No, it's probably the first, but obviously it's highly leveraged by sales teams.
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Chapter 3: What is the business model behind RapidFunnel?
23 companies.
20. Oh, wow. So you're selling, you're selling big plans. These are like bulk. This is an enterprise sale, bulk deal kind of thing.
Yeah. Right now. I mean, I think our big play is this small business owner, but, but that, you know, it takes us almost as much work to unload it. upload or onboard a small business owner as it does a company with 5,000 users.
Yeah. Yeah. And remind me, what did you say? I know you said each business might pay kind of 400 bucks per month on average.
Well, that's, listen, that's a new space we're going into. The space we're in right now, they're going to spend, you know, tens of thousands.
I see. And what did you say when you said a few dollars per seat? I mean, we're talking like $2 or $20.
Well, we also have a, so we go to direct sales as an example, because I'd spent a lot of time in that space. of the direct sales industry where I had independent distributors. Mine happened to be in the insurance space, but we can go to them and I can find a field leader and we have a freemium model. We say, just try it. And then the individual user pays $14.95 a month, $14.95 a month.
They get all their resources, all their videos, audios, everything's trackable, all the way to full closed-loop conversion, business analytics on everything. We can tell that individual user who their hottest prospect is. Yeah.
all of a sudden you start checking things out and we're and the system is telling me hey nathan is checking stuff out i call you up i'm like hey nathan you're like yeah you know i just watched one of your videos i'm no kidding
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