SaaS Interviews with CEOs, Startups, Founders

EP 614: Pendo Raises $31M Helping 200 Customers With In App Messaging To Drive Usage with CEO Todd Olson

30 Mar 2017

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Todd Olson. He's the CEO and founder of Pendo, a product experience platform that helps product managers deliver successful products. Before Pendo, Todd served as VP of products at Rally Software Development which he led through its public offering. Todd joins Rally in its acquisition of 6th Sense, the company he founded and served as president and CTO. Famous Five: Favorite Book? – Good to Great What CEO do you follow? – Aaron Levie Favorite online tool? — 15Five Do you get 8 hours of sleep?— No If you could let your 20-year old self, know one thing, what would it be? – "I wish I knew more at 21, than I thought I knew" Time Stamped Show Notes: 01:42 – Nathan introduces Todd to the show 02:17 – Pendo provides a solution that helps companies build an application to improve its experience 03:00 – Optimizely uses Pendo to understand the people who are in their trial and onboarding flow 03:32 – Pendo is different to Intercom's space 04:01 – Pendo is a SaaS company 04:21 – Pendo was launched in 2013 05:11 – Todd experimented with different technologies 05:26 – "Every product has key set features" 05:45 – Todd founded 6th Sense and sold it to Rally 06:24 – First year revenue is zero 06:55 – Todd invested $1.2M to start Pendo 07:11 – Pendo has raised a seed round 07:44 – It was a million dollar convertible note 08:15 – Pendo has raised a total of $31M 08:26 – Team size 08:55 – "All of our customers are top-tier" 09:43 – Average customer pay per month 09:52 – Pendo serves mid-market to enterprise companies 10:20 – Todd shares what drives their expansion revenue 10:50 – Pendo increases prices by adding products to existing plans 10:55 – Pendo has tier-prices based on features 11:17 – Todd shares why adding products is their main expansion driver 12:30 – Average number of customers 12:45 – Future target market 13:00 – Average customer churn 13:35 – Pendo has a net negative churn 13:49 – Todd explains net negative churn 14:54 – CAC and LTV ratio is healthy 15:26 – Pendo's expansion plan 15:44 – Average MRR 17:25 – The Famous Five 3 Key Points: Treat all your customers as if they are top-tier customers. Expansion drivers will depend on what suits the company. Be more confident. Resources Mentioned: Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible. Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5-hour drive) to listen to audio books. The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Show Notes provided by Mallard Creatives

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