SaaS Interviews with CEOs, Startups, Founders
This $100m ARR Company Is Making a Major Change to their Q3 2024 Marketing Strategy
04 Jun 2024
Chapter 1: What is the main focus of Typeform's new marketing strategy for Q3 2024?
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We accelerated growth. On that first brick, we added another almost 60 million. Can we aspire to have paybacks within the year, 6, 8, 12 months? Hello, everyone. Good afternoon. And thank you for being here. I'm fortunate in my position, I have the opportunity to talk to many leaders, other CEOs, other founders, other departmental leaders.
And the question that is in everybody's minds nowadays, especially nowadays, is how can I help my company grow more efficiently? So in the next 20 minutes, I want to share with you our past, how we got to where we are. Let's say there's two chapters to these, up to 125,000 customers globally.
More importantly, I also want to talk to you about how we are focusing and thinking about growth and efficient growth in this third chapter of the company that started in 2023. And in that sense, that is through what we call One Funnel. I would like to also explain you the five specific steps that we've been taking since 2023 to implement that One Funnel.
Hopefully, with the idea that after this, you will take away some new insights and especially some actionable steps
that might help you also grow your companies more efficiently in 2024 and beyond who knows typeform okay that's good that's good thank you thank you for being users and customers of typeform for those who do not know typeform the company was founded in 2012 with the objective of helping companies ask important questions to their most valued audiences.
So think of a marketer that wants to know the name, the surname, the email, the contact details of somebody. Think of the product manager that wants to ask important questions about the new feature or the new product that is available, but needs to improve.
These things are done through mainly surveys and quizzes and forms via text, via video, via voice that people embed in their web pages, in their emails. And all of that was there. But the thing that set Typeform apart was excellent respondent experience.
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Chapter 2: How did Typeform achieve growth from 2012 to 2018?
So we have to learn. So there needs to be quick feedback loops. So we have to know as soon as possible whether something is working or it's not working. And the fourth criteria there was Hopefully, it's not only positive ROI, but it's fast ROI. So can we aspire to have paybacks within the year, six, eight, or maybe 12 months? So those were the decisions.
One goal, number of customers, strategy with clear criteria, and then we found out one tactic. The one tactic was paid marketing, Google search ads. This is mostly what we did. And because we focused, we became very, very good. So our teams could learn very fast how to do that, how to improve it, how to optimize it over time, how to do automatic bidding, how to.
And we also, because we were focused on that, we also created very good partnerships, very good relationships with the partners that helped us achieve those results. So in these four years, we added these three additional bricks. We added 80,000 plus customers. And we added more than 300 submissions, 300 million submissions.
But you might have recalled the previous slide when last year, 22, we only grew 22%. And that was below our average. So second moment of recognition, what got us here will not take us there. Again, we went back to our customers, and this is early 2023. And we say, OK, we don't have 45,000. Now we have 125,000. And taking a look at them, we saw that they were very, very different.
So in company size, where they are from, how they use the product, what for, how much value they derive from this. The average of submissions per customer per month decreased to around 330. But we could see that that average that applies to all customers, there were some customers that got 125 or less per month.
And then within those all customers, we had a target group that got almost 1,000, something in the north of 900. And within that target group, there's other subsegments. Specifically, mid-market companies that are actually using us at a bigger scale, they were buying the enterprise SKUs, and they were getting 15,000 to 22,000 submissions per month. So not all customers are the same.
Some get more value from using Typeform. And we should focus on these customers. Again, we needed to shift from one goal being total number of customers to something else that would support a much more successful strategy. What we did was to shift to total number of submissions.
So now we want to increase, and we want to reach 1 billion, 2 billion, 3 billion submissions as fast and as soon as possible. And that allows us to think about those customers that derive the most value. In the end, the submission is a proxy for value, right? Because when you ask questions, the value is from the answers. So the more answers from more people, the more value you get.
Another thing that happened. is that we were decreasing our growth rate. We were focused on Google search ads. So what we did was a natural thing. Let's do more things. So let's add more channels and sources. Let's kick off, initially, a small sales team. Let's do actions after support. Let's start, maybe, conversations with potential resellers and tech partners.
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