How he grew $1k to $23k SaaS MRR for HR Tech over last 12 months
Aug 17, 2023
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Learn how WeStore grew their monthly revenue from $14k to $23k in a year, shifted focus to larger clients during the recession, discussed funding, team size, and AI automation, acquired customers through word of mouth, and explored growth tactics like leveraging LinkedIn and incentivizing word of mouth.
WeStore.ai transitioned from working with SMBs to targeting larger enterprises, resulting in significant revenue growth.
Despite having fewer customers, WeStore.ai achieved steady revenue growth by moving upscale and securing annual contracts with larger companies.
Deep dives
WeStore.ai Revenue Shift
WeStore.ai has experienced a significant shift in revenue, with their SaaS revenue increasing from $1k to around $21k per month. Previously, a majority of their revenue came from consulting services. They have transitioned from working with SMBs to targeting larger enterprises. Despite having fewer customers (11 down to 4), their revenue has grown.
Steady Growth and Customer Retention
WeStore.ai has achieved steady growth, increasing their revenue from $1k to $23k per month in the span of 12 months. They have maintained a low churn rate by moving upscale and working with larger companies in the industry. Their focus is now on securing annual contracts and building deeper relationships with existing customers to increase the value they provide.
Financial Sustainability and Strategic Approach
WeStore.ai has been operating with a burn rate of around $23k per month and has a runway of 3 to 4 months with their current cash reserves. They are not actively seeking additional funding and aim to self-fund for another 6 months to a year. Despite the urgency created by their burn rate, they are taking a strategic approach to customer acquisition and product development, focusing on building a superior product that outperforms competitors like SAP, Oracle, Workday, and Glint.