Vinay Patankar. He’s the CEO of Process Street, the simplest way to manage your teams’ recurring processes and workflows. Vinay sets up new clients, onboard employees and manages content publishing with his tool. He also co-host the podcast Business Systems Explored where he deep dives into business systems with industry experts.

Famous Five:

Favorite Book? – The Hard Thing About Hard Things
What CEO do you follow? – Elon Musk, Zach Nelson and Marc Benioff
Favorite online tool? — io
How many hours of sleep do you get?— 8
If you could let your 20-year old self, know one thing, what would it be? – “That you can make money on the internet”

Time Stamped Show Notes:

00:50 – Nathan introduces Vinay to the show
01:28 – Process Street is a tool that helps companies build and manage their workflows and processes
01:34 – Process Street is a SaaS product, charging on a monthly or yearly subscription based on the number of users one has
01:44 – The vision is to make workflows easy
02:28 – Process Street is from an intuitive perspective
02:53 – Average customer pay
03:42 – Process Street has options for pricing and incentives for annual contracts
04:04 – Process Street was launched in 2013 as a side project
04:10 – Seed round was raised a year and a half ago
04:20 – Team size is 21
04:30 – Total raised was $1.3M
04:47 – Process Street went through Angel Cloud
05:10 – Nathan thinks that the one who will win the space is the one who is better at distribution
05:42 – Distribution is the key in finding a scalable sales process and getting the pricing right
05:57 – The space is very fragmented
06:34 – Vinay thinks they don’t need to beat the competition, they just need to grab enough volume of shares
06:52 – Process Street focuses on SEO
- 07:04 – They measure their rank from targeted keywords
07:28 – Process Street has a marketing team that helps with distribution
- 08:13 – SEO is cost-effective
08:35 – CAC from the SEO efforts
09:06 – MRPU
09:17 – Process Street doesn’t spend in other marketing channels
09:26 – Process Street invests in sales deeper into their funnels
10:00 – Expansion rate varies depending on the size of the customer
10:28 – Process Street has a healthy expansion revenue
11:26 – 15 of the team are focused on marketing
11:35 – Process Street is still working on their headcount expenses
11:56 – Process Street will adjust and optimize pricing
12:29 – Average number of customers
12:41 – MRR
13:03 – Process Street’s goal is to raise an A round at the first or second quarter of 2018
13:20 – Target MRR by the end of 2017
13:35 – Process Street has no paid acquisition
14:50 – The Famous Five

3 Key Points:

The one that will scale in the project management space is the one that is better at distribution.
You don’t always need to beat your competitors, just gain your shares and increase your volume.
There is real money that can be made on the internet.

Resources Mentioned:

The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
Klipfolio – Track your business performance across all departments for FREE
Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives

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706: This 31 Year Old Raised $1.3M To Help You Be More Efficient