This CEO Does $20m/year Selling Software to Chiropractic Offices
Feb 15, 2024
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Matt Prados, CEO who has bootstrapped his way to $20m in revenue with plans to hit $32m in 2024 using an outbound call center strategy. Topics include strategies for targeting chiropractic clinics, managing personal net worth, the impact of physical fitness on business growth, and favorite online tools for building ReviewWave.
Review Wave's success comes from focusing on specific niches within the healthcare industry, such as chiropractic and optometry, and tailoring their solutions to meet the unique needs of these professionals.
Outbound calling is a key growth strategy for Review Wave, with a dedicated team of Sales Development Representatives (SDRs) making a high number of calls per day to generate conversations, book demos, and build strong relationships with potential customers.
Deep dives
Focus on Niche Segments
Review Wave, a SaaS company, has found success by focusing on specific niches within the healthcare industry, particularly chiropractic and optometry. By catering to these specific segments, Review Wave has been able to provide tailored solutions and address the unique needs of these professionals. This focus has allowed them to establish strong relationships and scale their customer base, with plans to add 50% more customers this year.
Outbound Calling and Relationship Building
Review Wave uses outbound calling as a key growth strategy. They have built a dedicated in-house team of Sales Development Representatives (SDRs) who engage in outbound calling efforts. Initially, they had a small two-person call center, but they went all-in on outbound calling during the pandemic, building it up to 30 SDRs. The SDRs focus on making a high number of calls per day in order to generate conversations and book demos. Review Wave's strong emphasis on relationship building, whether through calls, events, or partnerships, has been crucial in their growth.
Expansion and Acquisition
Review Wave's growth strategy includes expanding into new verticals within the healthcare industry. They recently made an all-stock acquisition of a startup called Practice.ai, which has deep roots in optometry. The acquisition aligns with Review Wave's goal of providing innovative solutions and helping optometrists generate additional revenue. Review Wave estimates that there are close to 100,000 potential customers in the US within their target market. In addition to customer acquisition, Review Wave plans to introduce new products and features that will further enhance revenue growth and offer added value to their customers.
Launched in 2016, CEO Matt Prados got rich off dividends and profits. He's bootstrapped to $20m in revenue with plans to hit $32m in 2024. Can he do it? His outbound call center strategy might get him there.
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