PlanetSoho - NOAH13 London
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Introduction to PlanetSoho - Presentation by Ron Daniel, Co-Founder & CEO of PlanetSoho at the NOAH 2013 Conference in London, Old Billingsgate on the 13th of November 2013.
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PlanetSoho - NOAH13 London
- 1. Noah Conference, London 2013
- 2. PlanetSoho, Basic Facts • Founded: 2010 • Head count: 26 people • Location: Tel Aviv and San Francisco • We serve today over 1,100,000 businesses • 60% in The US, 10% in The UK. All of them took the leap and turned their passion into their business.
- 3. The truth about being the first in your market
- 4. The only curve that goes like this from the beginning is usually The Learning Curve
- 5. We have learned SOHO are every where! Being your own boss is the second most common dream among the world's adults population. A huge immediate market: 25M business owners in the immediate US market A super huge potential market: 160M wannabe business owners in the US market A gigantic global market: 2B SOHO and wannabe business owners worldwide
- 6. We found and optimized our users' pulse Their immediate pain is invoicing and tracking, but they stay for the toolkit
- 7. In the last 2 years PlanetSoho: Created a great product with over 1,100,000 registered users Became a familiar and trusted brand with clear market positioning, covered by many top tier media outlets We have also developed a proven acquisition model and gained insight enabling us to scale at the right moment
- 8. It is simple, beautiful, engaging and useful We automate their marketing, sales, management & payment Business contacts, Inventory, Time Tracking, Work Estimates, Work Performed, Reporting, Legal and Financial Toolkit and more. Email Marketing, Web Presence, Facebook Distribution, StoreFront, Marketplaces Integrations and more Invoices and collections both online and offline
- 9. Our engagement matrices started to look like this wonderful J curve Registered users and active users 1,100,000 990,000 880,000 770,000 660,000 550,000 440,000 330,000 220,000 110,000 0 12.2010 12.2011 Registered users 12.2012 Active users 6.13
- 10. Our multiple tests made it clear The SOHO segment won't generate a positive unit economics on a free platform with premium services model
- 11. The solution? Either to turn our users into a product We don't like this idea at all! Or Charge them for using the service
- 12. Our Trial-to-Subscription model is working • 14 days trial with Pre- entered payment information • $9.95/month or $99.50/year • New users blended CAC ~$80 • 25-30% are buying annual bundles
- 13. Positive unit economics All New users' conversion metrics are on a positive trend, above plan Among other similar SaaS companies (in our comparative analysis and others) a 2% 'registered-to-pay' conversion rate is considered to be high.
- 14. In some areas opposite J curve is great :) All New users' conversion metrics are on a positive trend, above plan
- 15. And it creates a surprising new market for us: Banks use us to increase SOHO segment loyalty • Customer growth. • Customer satisfaction. • Customer retention and loyalty. • Cross sale of other bank services
- 16. The future We still have 500,000,000 SOHOs to help be successful They all need a trusted companion
- 17. Thank you, The PlanetSoho Team Learn More: www.PlanetSoho.com / ron@planetsoho.com or Matt.weeks@planetsoho.com