SaaS Interviews with CEOs, Startups, Founders EP 488: Hireology $26M Raised, $1.2M MRR, Helping 4000 Customers Hire More Effectively with Hireology CEO Adam Robinson
Nov 24, 2016
20:29
Adam Robinson, CEO and co-founder of Hireology where's he's on a mission to help business owners make better hiring decisions using data and processes. He's known in the recruiting industry, an expert speaker, and author with over 20 years of experience in the field of hiring and selection management.
Famous Five:
- Favorite Book? – Crossing the Chasm
- What CEO do you follow? – Phil Knight
- Favorite online tool? — Evernote
- Do you get 8 hours of sleep?— No
- If you could let your 20-year old self, know one thing, what would it be? – "Take more risks"
Time Stamped Show Notes:
- 01:35 – Nathan introduces Adam to the show
- 02:03 – Hireology is a talent technology platform built specifically for owner/operators
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- 02:14 – Hireology helps the owner with the technology they need in their hiring and employment process
- 02:30 – Hireology has a monthly subscription plan
- 02:36 – Hireology is a SaaS business model
- 02:46 – Hireology is different from Toptal and Upwork
- 03:03 – Hireology was founded mid 2010 and the product was launched in January 2012
- 03:13 – Adam had a recruitment and outsource business before Hireology
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- 03:28 – Adam learned from this business that their clients had terrible interviewing skills
- 03:32 – Adam created an interviewing system and clients started asking to buy it
- 03:44 – Adam sold the business
- 04:13 – Hireology first customers were from Adam's personal and professional network
- 04:40 – Hireology is currently working with under 4000 individually owned businesses in USA
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- 04:50 – Around 100 brands
- 06:20 – How Adam sees Hireology's future
- 07:15 – Adam had a client who was responsible for 40% of their revenue for 3 years
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- 07:35 – Hireology ended up doing 4000 hires for the company
- 08:00 – Average RPU per month is $300 per location
- 08:14 – Kickers Hireology is using to increase RPU
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- 08:18 – Based on employee count per location
- 08:39 – Hireology doesn't increase the price of modules but increases its numbers
- 08:50 – Most of Hireology's system is proprietary technology
- 09:15 – Hireology has 7 close partners that they white-label and sell through their platform
- 09:30 – Average MRR is $1.2 million
- 09:47 – Gross monthly customer churn
- 10:35 – Hireology is an all-inside sales operation for up-selling
- 11:05 – Team size is about 100
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- 11:11 – Based in Chicago
- 11:27 – CAC
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- 11:40 – Between $7-10 depending on the client's industry
- 12:22 – Lifetime value
- 12:45 – Adam wants a business whose name is on a sign and whose personal balance sheets are invested in the business
- 13:15 – "There are 7 million employers in the USA that nobody is talking to and that's the market we want to be in"
- 13:27 – Find Adam in Twitter, LinkedIn and his website. Shoot him an email at arobinson@hireology.com
- 16:00 – Hireology was bootstrapped for the first 2 years and did an institutional raise in 2014
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- 16:12 – Raised $26 million in 2 round from 2014-16
- 16:45 – The Famous Five
3 Key Points:
- Find your target market and tap into that market.
- Don't rely on a client to stay with you forever—the sooner you accept that it's part of the business, the better.
- You need to TAKE more risks!
Resources Mentioned:
- 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 developers.
- Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
- Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
- Assistant.to – The site Nathan uses to book meetings with one email.
- 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.
- @Adrobins – Adam's Twitter handle
- Hireology.com – Adam's business website
- LinkedIn – Adam's LinkedIn account
- ARobinson@Hireology.com – Adam's email address
- Show Notes provided by Mallard Creatives