SaaS Interviews with CEOs, Startups, Founders
How he makes $7k/mo from app the fund his new SaaS tool
03 Jul 2022
Chapter 1: What is the revenue model for LamaFi and Sturpee?
Oh, okay. So you're doing $350 per month on Lama? Yeah. Ah, this is great. Okay. So you have some... This is good. You have some revenue. You are listening to Conversations with Nathan Latka, where I sit down and interview the top SaaS founders, like Eric Wan from Zoom. If you'd like to subscribe, go to getlatka.com.
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Chapter 2: How does LamaFi help reduce churn for SaaS companies?
It's like a big Excel sheet for all of these podcast interviews. Check it out right now at getlatka.com. Hey folks, my guest today is Filippo Baratini. He is the founder of LamaFi and Sturpee, helping founders and SaaS companies grow and scale by reducing churn and improving LTV. Filippo, are you ready to take us to the top?
Yeah, let's go.
All right. So just to be clear, which one is which? Which one does more revenue, LamaFi or Sturpee?
LamaFi.
Chapter 3: What insights have been gained from early users of LamaFi?
Yeah, LamaFi does churn reduction and LTV boosting, and Sturpee is for financial modeling. So still in the founder space.
So tell me how you attack helping sort of SaaS companies reduce churn and improve LTV. How does your software work?
Yeah, so basically it's a code snippet, very lightweight, that you install on your website. And, you know, when a customer goes to cancel, they usually click a cancel button. And it's just a model asking for confirmation. And we take it from there. So we go through a quick survey. And we try to understand the main reasons.
Chapter 4: How does the team manage their equity and roles?
So first step is understanding the problem. Then with insight, you can fix them. But also we can do some custom offers for the user depending on his answers to those questions.
I see. And how many customers today have installed this code snippet on their website?
Yeah, so we are pre-launch now, basically. So we are just doing some, we have some users. So we have around five to 10 users that are actively using it with their business.
So what are you learning? You got your first five to 10 users to install the snippet.
Chapter 5: What challenges does the team face regarding customer acquisition?
What are you learning?
So yeah, we are learning that actually other SaaS companies have the same issues as we do, because LamaFy actually developed it for us. So it was a tool that we added to Sturdy to manage our churn, at least to know why people were canceling, which is a big blind spot sometimes. And then we decided to package it and to sell to others.
Yeah, we see that most founders don't know why people are canceling. They're more focused around product onboarding, which is totally understandable. And so they are liking it a lot, like getting to know why it's cool.
So you built it for yourself, which is great. How many engineers, like what's the total team size just on Llamify?
Yeah, so we are a small team.
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Chapter 6: How does the app monetization strategy work for the guest's mobile app?
We are three, two people here in Italy, me and a co-worker. And then we have a co-founder in Italy.
Yes. And does the same, do you three own both Sturpee and Llamaply? Yes. Okay. And what, you split equity evenly amongst the three of you or no?
No. So one of us is actually like an employee, like a contractor. And the two, me and the guy in America, John, big shout out to him.
Chapter 7: What are the top reasons customers cancel their subscriptions?
We have like a kind of 50-50. I own a bit more because I started before he joined.
55 for you, 45 for him, right? Yeah. All right. That's cool. So you're using this on... When did you realize churn was an issue at Sturpey? I mean, can you share? What is the revenue that Sturpey does?
Yeah, so Sturpey is also not that big of a revenue.
Chapter 8: How does the guest envision the future of LamaFi and Sturpee?
We have around 500 MRR, but it's a big revenue per account. So we have... more users, let's say.
How many customers are on Stirpy?
I think around, I don't remember now, but let's say more than 100.
Yeah. Okay. So if you're doing 500 a month in revenue across 100 customers, each one pays about $5 a month?
Yeah. Okay. No, let's say it's more like $10 a month, $9.99. You experiment $99, $15 around the price range. So we change price over time, of course. We're always experimenting.
Okay. But 100 customers, $500 a month in monthly recurring revenue, you're going, churn's an issue. How do we solve it? You built a tool for yourself.
Yeah, exactly. We wanted to know why people were leaving, and instead of manual outreach, sending the email which no one responds, and stuff like that, we said, we have an engineering team in-house, let's just build a quick survey. And yeah, that worked pretty well.
How long did it take you to build the JavaScript code for Sturpey?
Oh, okay. So building for us was a week, like one week, maybe. Yeah, we have a good engineering team. But then packaging it and transforming it into a solution that can work for others, it took a bit more, like a couple of months, maybe.
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