Episode 722 | Bootstrapping a Vertical SaaS to 7-Figures in 18 Months
Jul 16, 2024
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In this discussion, James Mooring, co-founder of Astalty, a SaaS firm tailored for Australia's NDIS market, shares his inspiring journey to achieving seven-figure revenue in just 18 months. He dives into their strategic decision-making and clever pricing tactics that fueled remarkable growth. James emphasizes the significance of a strong co-founder partnership and the impact of building a niche product. Additionally, he discusses engaging customers through events and the importance of rapid iteration in entrepreneurship, turning challenges into learning opportunities.
Astalty achieved rapid growth to seven figures in 18 months by focusing on a tailored product for the NDIS sector's specific needs.
The partnership between co-founders, combining technical skills and industry expertise, was crucial for effectively addressing client pain points and evolving the product.
Deep dives
Rapid Growth through Strategic Focus
James Moring and his co-founder rapidly grew their vertical SaaS app, Astalti, to seven figures in annual recurring revenue (ARR) within just 18 months by strategically focusing on a specific niche within the NDIS sector. They identified a gap in the market for software that effectively supported National Disability Insurance Scheme service providers, which allowed them to tailor their product to meet specific client needs. By concentrating on support coordination, they streamlined their initial offerings, ensuring that they addressed a critical pain point rather than trying to build a broad-service CRM from the start. This focused approach not only enabled them to launch quickly but also ensured that they built a product that resonated with their target Audience's demands.
Collaboration of Expertise
The unique combination of technical development skills and industry expertise between the co-founders played a crucial role in Astalti's success. James, the developer, collaborated closely with his co-founder, who had extensive experience in the NDIS space, allowing them to create software that accurately addressed the intricate needs of service providers. This partnership facilitated an efficient translation of industry pain points into effective software features that improved operational efficiency for users. The depth of knowledge that the co-founder brought helped ensure that Astalti not only filled a market gap but also consistently evolved based on practical user feedback.
Innovative Marketing Tactics
Astalti employed innovative marketing tactics, including the launch of a free Chrome extension, that significantly boosted brand recognition and lead generation. This strategic move allowed potential clients to sample the value of their software while simultaneously addressing an immediate need within the NDIS community, thus acting as an effective lead-generation tool. Additionally, the introduction of a free tier, Astalti Lite, helped engage early users who could eventually convert into paying customers by providing them with important feedback and building a user base. The combination of these marketing efforts created a positive feedback loop that propelled growth through word-of-mouth referrals within a close-knit industry.
Customer-Centric Approach
The commitment to exceptional customer support set Astalti apart in a competitive landscape, enabling them to foster a loyal user base. By prioritizing quick and responsive support, they cultivated a community of satisfied customers who became ambassadors for the brand, often recommending the product within their networks. This strong emphasis on customer satisfaction allowed them to maintain net-negative churn, as existing customers were not only retained but also encouraged to share their positive experiences. Through these efforts, Astalti reinforced the concept that building a product is not just about technology but heavily relies on creating and nurturing strong customer relationships.
In episode 722, Rob Walling interviews James Mooring, co-founder of Astalty, a SaaS serving Australia's NDIS market. James reveals how they bootstrapped from zero to seven figures in just 18 months and then they explore the strategic decisions, clever pricing, and deep industry knowledge that propelled Astalty's remarkable growth, proving their success was far more than just a lucky break.
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Topics we cover:
2:44 – NDIS software for providers of disability care
4:23 – Astalty’s rapid growth
6:34 – Finding success with a strong co-founder pairing
8:39 – Deciding to tailor the Astalty MVP
12:25 – Building a free Chrome extension, smart or lucky?
17:18 – Launching a paid plan and nailing the pricing
21:57 – Explosive word of mouth growth
25:19 – Selling at in-person events and in Facebook groups
If you have questions about starting or scaling a software business that you’d like for us to cover, please submit your question for an upcoming episode. We’d love to hear from you!
