In Episode #143, Nathan speaks with Pamela O’hara, the CEO of Batchbook which she co-founded in 2006. Listen as Nathan and Pam talk about using social media channels for customer acquisition and Batchbook’s philosophies when it comes to helping small businesses.
- Favorite Book?— The Upside of Down by Megan McArdle and The Hard Thing About Hard Things by Ben Horowitz
- What CEO do you follow?— Chris Schroeder
- What is your favorite online tool?— Slack
- Do you get 8 hours of sleep?— Pam gets 1 to 24 hours of sleep every night – highly dependent on her three kids.
- If you could let your 20 year old self know one thing, what would it be?— Continue to learn and make mistakes instead of concentrating on doing everything right.
Time Stamped Show Notes:
- 01:00 – Nathan’s introduction to today’s show
- 01:42 – Pam joins the show
- 02:31– Small businesses needed an online tool to keep up with their advertisers, customers, and speakers
- 03:20 – Pam met her lead developer for Batchbook on the playground where their children played
- 05:20 – Batchbook, an online service offers two pricings, 33$ or 46$ per month billed annually
- 05:30 – They are a 9-year-old company that is self-funded and has around 20 team members
- 05:50 – Batchbook is used by tens of thousands of clients – free and paid
- 06:36 – Batchbook was the first online organizational and sharing service to offer an unlimited user plan
- 08:19 – They charge by successful relationships that translate into contacts
- 09:36 – The average business using Batchbook pays 42$ a month
- 09:51 – Pam looked at things in terms of 10K increments while Batchbook grew
- 11:00 – For the first 10K in revenue, Pam’s priority was getting Batchbook’s name out through word of mouth and telephone (this was before Facebook was popular)
- 11:51 – As a business grows, it gains more sophisticated channels for customer acquisition
- 13:01 – Batchbook uses channels like Facebook, Twitter, and LinkedIn for customer acquisition -Targeting a very specific type of customer is usually more successful
- 13:31 – A big part of Batchbook is its integration with other software products
- 14:28 – Batchbook’s churn rate is private, but the majority of customer’s will stay into the second month (mostly because of the free 30 day trial)
- 15:45 – After the second month, Batchbook has over a 95% retention rate
- 16:13 – Currently Batchbook isn’t seeking outside funding
- 16:30 – Pam’s team is launching a new standalone product in the first quarter of next year
- 17:25 – Currently Batchbook is not at break-even due to marketing spend investments
- 20:07 – Famous Five
3 Key Points:
- As a business grows, it gains more sophisticated channels for customer acquisition.
- It’s important for small businesses to be able to easily add employees and partners to their online communication networks – and Batchbook does just that.
- Learning is a lifelong process, fail hard and fail fast instead of concentrating on getting every little thing right.
- Growth Geeks – The way Nathan hires growth hackers on a per project basis for things like info graphics, blog posts, and other growth projects
- Batchbook – Pam’s business
- The Upside of Down by Megan McArdle – A book Pam stands by
- The Hard Thing About Hard Things by Ben Horowitz – another book Pam stands by
- Slack – Pam’s favorite online tool
- Chris Schroeder – CEO Pam follows
Pam is the CEO of Batchbook social CRM, which she co-founded in 2006. She is responsible for setting the overall direction and product strategy for the company. As a businesswoman and mother, she is committed to running a company that can adapt to the unique needs of both its employees and its customers in order to foster better organization, increased productivity and more balanced lifestyles.
Show Notes provided by Mallard Creatives