5 Million Users, $250k in MRR, SaaS Founder Michael Hollauf of MindMiester.com

Michael Hollauf

In Episode #398, Nathan interviews Michael Hollauf, co-founder and CEO of MeisterLabs. The company works to provide resources to collaborate across digital platforms. Now they are introducing a new service, MeisterTask, which focuses on better task management and a fun user experience. Hear about how MeisterLabs has hit the ground running and is continuing to introduce new tools to help businesses and entrepreneurs succeed.

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Famous 5:

  • Favorite Book? – Rich Dad Poor Dad
  • What CEO do you follow? — Stewart Butterfield
  • Favorite online tool? — Slack
  • Do you get 8 hours of sleep?—Yes
  • If you could let your 20 year old self know one thing, what would it be? — Buy a flat in London. Be bold. Do it earlier.

Time Stamped Show Notes:

  • 01:05 – Nathan introduces Michael
  • 01:35 – Managing director of MeisterLabs
  • 02:20 – MeisterTask
  • 03:10 – Trello was their inspiration
    • 03:40 – Better task management
    • 04:00 – Something more fun to use and focused on tasks
  • 04:15 – 550000 users
  • 05:10 – 60% of the downloads are through the app store
  • 05:30 – Some features only available in the premium model
  • 06:00 – 5000 paying customers
  • 06:50 – Why people upgrade
    • 07:00 – Better integration
  • 07:20 – Funding
  • 08:00 – MeisterTask revenue for 2015 was $20k
  • 08:20 – MindMeister was $2.5 M
    • 08:35 – Monthly recurring was $220k
    • 09:00 – 5 million users
    • 09:15 – 30000 paying customers
    • Collaboration for mind maps
  • 10:10 – Cost to acquire a new customer is about $30
  • 10:30 – 27% annual churn
  • 11:50 – Average customer stays for about 20 months
    • 12:05 – Monthly plan was changed to a longer plan, which increased retention
  • 12:30 – How MindMeister is growing
    • 12:40 – about $25k/month on Google Ads
    • 13:00 – best keyword is “mind mapping”
  • 13:30 – Competitors
  • 14:00 – Goal for the business is to create a suite of products
  • 14:50 – MeisterTask valuation
  • 16:00 – Michael Hollauf on LinkedIn
  • 16:22 – michael@meisterlabs.com
  • 28:35 — The Famous Five

3 Key Points:

  1. Don’t be afraid to draw from ideas of existing companies.
  2. Establish your end goal for your business.
  3. Be bold. Start your business early.

Resources Mentioned:

  • Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
  • Trello – A similar service to MeisterTask that inspired Michael
  • Slack — Another online tool that inspires Michael and his team
  • Show Notes provided by Mallard Creatives