How to Win podcast with Peep Laja

Moving Upmarket for Growth - with Process Street's Vinay Patankar

Dec 11, 2023

Vinay Patankar, Founder and CEO of Process Street, discusses how they identified market needs, monetization strategies, transitioning to larger customers, revenue from inbound channels, differentiation amid competition, and advises founders on product and go-to-market strategies.

24:20

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Episode guests

Vinay Patankar

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Episode notes

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Quick takeaways

Delaying monetization enhanced Process Street's growth curve, making them a more attractive investment opportunity.

Process Street found success by focusing on specific use cases where they outperformed competitors and provided greater flexibility, customization, and brandability.

Deep dives

Process Street's Successful Feature Adoption

Process Street has successfully implemented an AI feature that has achieved 20 to 25% adoption, surpassing the average adoption rates of other features. This improvement in adoption is a direct result of A/B testing, which demonstrated that promoting the AI feature increased conversion rates. While not the most successful feature overall, the AI feature has proven to be a valuable investment, providing substantial utilization and customer value.

Introduction

4min

Transitioning to Revenue: Changes in Sales Strategy and Target Market

3min

Transitioning from SMB to Enterprise: The Concept of Downmarket

9min

Competition, AI Features, Unsuccessful Channels, and Advice for B2B SaaS Founders

6min

Finding Product-Market Fit and Hiring Seniors: Keys to Success

3min

This week on How To Win: Vinay Patankar of Process Street, a workflow management software company. You'll hear why they didn't monetize for the first 2 years, how going upmarket increased retention and revenue, and why they focused the product on specific use cases.

Key Points:
01:15 Identifying market need from personal frustration
03:00 Deciding not to monetize for 2 years to optimize fundraising
06:15 Recognizing larger customers have higher retention and expansion
07:00 Transitioning from SMB to mid-market and enterprise
14:30 Having over 50% of revenue from inbound channels
15:00 Needing specialized use cases to differentiate amid competition
19:00 Advising founders to get very clear on product and go-to-market strategy

Mentioned:

Process Street
https://www.process.st/

Vinay Patankar's Linkedin
https://www.linkedin.com/in/vinaypatankar

Vinay Patankar on X
https://twitter.com/vinayp10?lang=en

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