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#7 Early days: Build a product and very little else - (Supermetrics) Mikael Thuneberg | Slush 2022
Build a product without breaking the bank: hear how Supermetrics achieved 55 million euros in annual recurring revenue without raising external funding, complex sales processes, or a big team.
- Build a product with little else, Ronald’s lesson is that you don’t need to raise a lot of capital or build an expensive team to start a successful company.
- The company’s strategy has been to embed the product tightly into existing products, reducing the need for expensive developments or complex sales processes.
- The distribution of the product has been a key differentiator and has been achieved through a low-cost and efficient approach.
- The company has never sought external funding and has always been profitable, reducing the need for investments.
- The founder didn’t have a business or technical background, but still managed to build a successful company.
- The company has been successful in building a large and loyal client base, with 17,000 clients ranging from one-man SEO to huge companies like Google.
- The company’s pricing has been very competitive, with the founder’s aim being to make the product accessible to many customers.
- The company’s sales process has been kept simple, with the product doing a lot of the work in terms of convincing customers.
- The company has had no salespeople for many years, as the product was able to grow through word-of-mouth and customer referrals.
- In 2018, the company decided to start hiring salespeople, which has led to continued growth and increased revenue.
- The company has been able to grow to 55 million euros in annual recurring revenue, making it a successful and profitable business.
- The company’s success can be attributed to its efficient and low-cost approach, as well as its ability to embed itself tightly into existing products and systems.
- The company’s founder believes that their approach is counterintuitive, as many people would recommend taking a more expensive and complicated approach to building a successful company.