Global Minds Series #4 | Heather Brunner - Charting your path to $1M in revenue
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Transcript of Global Minds Series #4 | Heather Brunner - Charting your path to $1M in revenue
September 2013 Confidential
Agenda
1. Introductions
2. Charting your path to $1M in revenue
3. Identifying your hero customer
4. Building a company with purpose
5. Discussion
of the top 10,000 sites are powered by
WordPressof CMS Market
27% WordPress has
60%
26% of the web is powered by WordPress
WordPress is the undisputed open source leader of Content Management Systems
• Growth• Hit > 50K recurring
revenue customers in 6 years
• Offices in US and UK
• Efficiency• Raised ~ $40 million• LTV:CAC > 5
• Scale• Highly global > 130
countries• 5% of the online world
visits a WP Engine powered website each day
YEAR OVER YEAR HYPER GROWTH SINCE INCEPTION, WITH > 40% CUSTOMERS COMING FROM ENTERPRISE OFFERING
WP Engine Leads WordPress
Leveraging the Power of WP Engine’s Platform and Managed Service for Differentiation
Num
ber
of C
usto
mer
s
Number of Countries
4 16 62 100 > 130
2010 Today
Company Led byValues and
Proven Team
Founded in 2010; Headquarters in Austin, TX
Offices in London, Limerick, San Francisco and San Antonio
400 Employees
Award winning Workplace and Executive Team
60% Women Execs
31% Women non-exec management
26% Women company wide
28% Non-Caucasian
33% No college degree
Equal pay for equal work
DIVERSITY ATTRACTSDIVERSITY
September 2013 Confidential
Path guide points – Getting started
Ø You must have firm conviction for your business idea and be 100% focused on building a business that will make money!
Ø Define your path to $1M in revenue before you start.
Ø Be committed in your pursuit of building a business that can fund itself.
Ø Do not give Vice President and Chief titles out to early team unless they have the experience to back it up.
September 2013 Confidential
Path guide points – Pre Revenue
Ø Clearly identify and articulate your product or service benefits and why it matters.
Ø Clearly identify the specific customer roles that will benefit from your product.
Ø Prioritize only 1 “hero customer”.
September 2013 Confidential
Your Hero Customer
Ø The single customer persona that is most likely to benefit from and be willing to try your product/service.
Ø Interview 25-40 people who represent your hero customer. This is critical!
Ø Leverage insights from interviews to build/refine your product/service beta.
Ø Go back and offer for them to use your product for free to gather feedback.
September 2013 Confidential
Path guide points – Post-Revenue (1)
Ø The fastest path to growth is exceeding the expectations of the customers you have worked so hard to attract.
Ø Invest in customer service. Be relentless in asking for and acting on customer satisfaction feedback!
Ø Measure customer retention with as much vigor and care as you do new customers. Customer retention = GROWTH!
September 2013 Confidential
Path guide points – Post-Revenue (2)
Ø Ask your early customers to participate in case studies and quotes that prove how your product/service has tangibly benefited them.
Ø Measure customer profitability to build your true cost to serve and evolve your pricing model.
Ø Plan for success now. What will your organization need to look like to support the # of customers at $1M in revenue? At $2M? Beyond?
When it’s right for the customer, right for the company, and you’re proud of your decision, you’ve done the right thing.
When we are learning from our mistakes, we are doing the right thing.
We empower each other to do the right thing. This means we: trust each other, transparently share results, forgive honest mistakes, act ethically, demand excellence from ourselves, and remain accountable to each other.
DO THE RIGHT THING
WP Engine = INVESTMENT We amaze customers with our service, expertise, and transparency.
We are grateful for our role in our customers’ lives, providing peace of mind, and increasing their business and reputation. We will not let them down.
We turn customers into advocates, earning it with every action.
CUSTOMER INSPIRED
We are challenged by the most interesting and meaningful work of our careers and inspired by engaged passionate people.
We celebrate successes and nourish personal growth and leadership.
We support and develop each other, while not forgetting to laugh.
WHERE THE BEST GET BETTER
We choose long-term investment over short-term gain.
We build for growth and profitability, because financial health sustains us and ensures we’re in control of our destiny.
We build lasting relationships with customers, employees, and our communities by making what’s important to them important to us.
BUILT TO LAST
We aspire to earn a leadership position in the WordPress Community through original contribution, sharing expertise, and active participation.
We empower our team to lead and participate in meaningful programs in their own communities.
We support and engage with our local communities, changing lives, growing, and thriving together.
ASPIRING TO LEADCOMMITTED TO GIVE BACK