Badger Maps Does $1.2M in 2016, $120k MRR, Looking to 3x with CEO Steven Benson

steve benson

In Episode #560, Nathan interviews Steven Benson. The founder and CEO of Badger Maps – the number one sales app in the Apple app store which helps salespeople become more successful. Badger shows salespeople their customers and leads on the map and connects them with their calendar to build a daily route.

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Famous Five:

  • Favorite Book? – Tools of Titans
  • What CEO do you follow? – N/A
  • Favorite online tool? — Baremetrics
  • Do you get 8 hours of sleep?— No
  • If you could let your 20-year old self, know one thing, what would it be? – Steven wished he had known that he’d learn more working for small companies than big companies

Time Stamped Show Notes:

  • 01:27 – Nathan introduces Steven to the show
  • 02:00 – Badger Maps helps salespeople with their jobs
  • 02:37 – Badger Maps is a SaaS model
  • 02:50 – Average customer pay per month is $35
  • 02:58 – Badger Maps was founded in 2012
  • 03:24 – Badger Maps has 3 co-founders
  • 03:50 – Steven and the other co-founders didn’t really split the equity
  • 04:00 – When splitting the equity, everyone gets a fair deal
    • 04:44 – Steven shares what to consider in splitting equity
    • 05:58 – Badger Maps has an accelerator clause
  • 06:44 – First year revenue is $70K
  • 07:10 – Number of current customers is 4K
  • 07:40 – Apple ranked Badger Maps as #1
  • 08:50 – There are Fortune 500 companies who use Badger Maps
  • 09:01 – The number of customers is both team and individual sales reps
  • 09:16 – Gross monthly customer churn is 3.3%
  • 09:37 – The customers are finding Badger Maps through word of mouth, SEO, and SMM
  • 10:08 – The amount Badger Maps is willing to spend to acquire new customers
  • 10:46 – Badger Maps spent $12K on paid marketing
  • 11:00 – Average CAC
    • 11:24 – Google is around $300
    • 12:06 – In San Francisco, people are spending 100% of LTV on acquisition
  • 12:53 – Badger Maps is bootstrapped
    • 13:03 – Badger Maps had a loan from Lighter Capital
    • 13:45 – Steven shares how Lighter Capital makes loans for SaaS companies
    • 14:10 – Steven is paying 22-28% for the amount they have loaned and there’s no personal guarantee
  • 15:06 – Total revenue in 2016 is around $1.2M
  • 15:20 – Revenue goal in 2017 is $4.5M
  • 17:05 – The Famous Five

3 Key Points:

  1. Be fair and make sure it is a great deal for everyone when splitting equity.
  2. Getting a loan can also be a good option for SaaS companies.
  3. In San Francisco, people are spending 100% of LTV on acquisition.

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
  • Jamf – Jamf helped Nathan keep his Macbook Air 11” secure even when he left it in the airplane’s back seat pocket
  • Freshbooks – Nathan doesn’t waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW
  • Show Notes provided by Mallard Creatives
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