Sign Easy Passes $200k MRR and 130k Customers To Help Sign Documents withCEO Sunil Patro

sunil-patro

In Episode #499, Nathan interviews Sunil Patro, founder of SignEasy, a technologist, product thinker, and entrepreneur. He has a decade of experience as a member of multiple early stage product teams at Microsoft, Juniper Networks and Tokbox, putting enterprise communication apps to carrier grade routing system to consumer-focused video conferencing software. After facing many problems to sign an important job offer while traveling in Mexico, he was inspired to build a product that could solve this hindrance. Since bootstrapping SignEasy in 2010, he led SignEasy to a growing and profitable company approaching 4M downloads with a 5-star rating in over 150 countries, ranked in top 10 grossing apps and top 100 downloaded apps for business including Apple’s Best New Apps and Editor’s Choice Picks.

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Famous Five:

  • Favorite Book? – Crucial Conversations
  • What CEO do you follow? – Jason Fried
  • Favorite online tool? — Slack
  • Do you get 8 hours of sleep?— Not everyday
  • If you could let your 20-year old self, know one thing, what would it be? – “Just focus on being part of a great team and focus on learning things rapidly and just have an experience. Find the things you enjoy the most at work”

Time Stamped Show Notes:

  • 01:32 – Nathan introduces Sunil to the show
  • 02:33 – SignEasy is a cloud-based easy to use app
    • 02:50 – SignEasy allows users to be completely paperless
  • 03:00 – SignEasy is a SaaS model and has a free trial for 14 days
    • 03:12 – Pay-as-you-go is also available
    • 03:17 – Businesses can subscribe to pro and premium plans
  • 03:34 – Sunil started coding SignEasy in early 2010 and launched around July 2010
  • 03:35 – First year revenue
  • 04:02 – Current number of customers in 2016
    • 04:20 – 40-45% are on subscriptions and the rest are on one-time payment
  • 04:33 – Average monthly RPU is $4-5 for pro and 80-90% are pro-subscriptions
  • 05:09 – Average monthly recurring revenue for SignEasy
    • 05:58 – The difference of their payment plans before and now, and how it affects their MRR
  • 06:41 – SignEasy has grown in the high double digits over the last few years
  • 07:07 – SignEasy is totally bootstrapped
  • 07:25 – Team size: 25-30 people
  • 08:00 – Sunil is based in the Bay Area
  • 08:52 – Gross monthly customer churn
  • 09:02 – SignEasy is focused on SMB
  • 09:45 – Customers can only pay SignEasy annually
  • 10:35 – Lifetime value
  • 10:46 – SignEasy hasn’t done paid user acquisition yet
  • 10:55 – Almost 100% of SignEasy users are inbound based or app store driven
  • 11:57 – Sunil shares how they are reaching a high number of downloads in the app store
    • 12:10 – SignEasy has been in the app store for 6 years
    • 12:30 – There are many factors that the app store considers
    • 12:43 – SignEasy has been using keywords
  • 14:10 – SignEasy gets 60K downloads a month from the app store
    • 14:35 – In iOS, the conversion from free to paid users is 5-6%
    • 14:44 – In Android, the conversion from free to paid users is half the iOS
  • 14:50 – The free trial is either 14 days or limited to 3 documents
  • 15:39 – SignEasy just launched a new feature wherein a user can send a document to sign to multiple people remotely and they can establish a workflow
  • 16:00 – Sunil’s philosophy
  • 17:10 – Nathan made a mock offer of $15M and Sunil is open to it
  • 17:47 – Find Sunil on Twitter and send him an email
  • 19:27 – The Famous Five

3 Key Points:

  1. Strive for that creative freedom and build something that people want.
  2. Follow your passion and choose to do what drives your passion.
  3. Focus on being part of a great team, learning as rapidly as you can.

Resources Mentioned:

  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel
  • Toptal– Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens and follow-up with email sequences
  • @Spatro – Sunil’s Twitter handle
  • SPatro@GetSignEasy.com – Sunil’s email address
  • Show Notes provided by Mallard Creatives