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2018 Tech Adoption Summit: Headline Talk — Building a Leading Challenger Brand — The Gusto Story

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This session was presented at the LSA’s Tech Adoption Summit in San Francisco on November 6-7, 2018.

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2018 Tech Adoption Summit: Headline Talk — Building a Leading Challenger Brand — The Gusto Story

  1. 1. Confidential - Do not distribute
  2. 2. Hi, we’re Gusto 2
  3. 3. Confidential - Do not distribute 1 US Census Data 2 Public filings 3 Gusto today Integrated software and service: payroll, benefits, HR 60k+ customers = 1% of all employers in US 70+ NPS Companies with <100 employees 98% of firms and 33%of the workforce1 Top 3 payroll brands combined serve 45% of category 55%is still fragmented, underserved, offline2 Gusto Customer Farmgirl Flowers
  4. 4. Confidential - Do not distribute 4 Gusto Customer Bucket Feet Gusto’s proposition Work is fundamentally good and should empower a better life for employers and employees Cloud distribution enables access for previously underserved markets Enterprise HR targets professional buyers and users Payroll is the best system of record as the core of all people-related solutions at work
  5. 5. SMB customers don’t have small or mid-sized expectations 5
  6. 6. 6 | Confidential – Do Not Distribute SMBs love their work 60%of SMBs would grow their business or keep doing what they’re doing, even if they won the lottery. Gusto proprietary segmentation research, 2018
  7. 7. 7 | Confidential – Do Not Distribute But SMBs aren’t all in it for the same reasons. A minority of SMBs prioritize business growth over everything else. Others are just as likely to wish for personal advancement as non-work goals. Gusto proprietary segmentation research, 2018
  8. 8. Gusto Discovery Topline 8 | © 2018 Gusto + Sequitur | Confidential & Proprietary Micah Local Solar Power If my business fails, everything else is moot.
  9. 9. 9 | Confidential – Do Not Distribute Creating a great place to work can lead to SMB success. >50% of SMBs see great workplaces as critical to success & productivity . Another 33%see it as a responsibility . Gusto proprietary segmentation research, 2018
  10. 10. 10 | Confidential – Do Not Distribute SMBs care about creating a great place to work. And they want to do more. 93% spend at least some time on creating a great place to work for their team 70% would like to spend more time on creating a great place to work. This increases with company size.
  11. 11. Gusto Discovery Topline 11 | © 2018 Gusto + Sequitur | Confidential & Proprietary Tracy My business fails if my people aren’t happy.
  12. 12. Our customers’ high expectations are specific 12
  13. 13. 13 | Confidential – Do Not Distribute Q: Does your company employ an HR professional in house or full-time? (n = 2,001) Q: Does your company pay for an outside HR advisor or consultant? (n = 2,001) More than half of businesses with <10 employees have HR folks. And advisors and consultants are common.
  14. 14. 14 | Confidential – Do Not Distribute Q: When shopping for payroll, benefits, or HR tools, what do you primarily shop for? (n = 2,001) Strong desire for all -in-one solutions. But outsourcing is not desired by comparison.
  15. 15. Full-service = software + service, with expertise built in 15
  16. 16. Gusto Discovery Topline 16 | © 2018 Gusto + Sequitur | Confidential & Proprietary Kevin Sophia’s Restaurant I need partners who know me. I need people I can trust. Experts.Treat me like I treat my customers.
  17. 17. Gusto Discovery Topline 17 | © 2018 Gusto + Sequitur | Confidential & Proprietary Emily Modern Macrame I didn’t get into this to be an HR person. I could literally lose everything with one lawsuit
  18. 18. I’m a survivor. How do I hold it all together? By being an eternal optimist. But the HR stuff is so painful! I need a partner, not just another vendor. 18
  19. 19. 19 | Confidential – Do Not Distribute Easy Innovative Expert Compliant Affordable Honest Caring Optimistic Friendly Respons. Fun Trusted Partner ADP 14% 1% 13% -1% -6% 3% -5% -2% -4% 0% -24% 12% BambooHR 19% 0% 1% -3% -5% 3% -3% -3% 1% 1% -13% 2% Gusto 19% 1% 6% -1% -1% -1% -8% -1% -1% -3% -12% 0% Intuit 20% 4% 9% -4% -2% 1% -4% -3% -6% 0% -21% 4% Namely 30% -2% -2% 2% -5% -3% -2% -7% -7% -2% -9% 6% Paychex 15% 1% 9% -2% -2% -1% -7% -4% -1% 4% -17% 4% Paycom 18% -2% 4% -4% 1% 2% -3% -6% 0% 1% -10% 0% Paycor 14% -1% 1% -5% 3% 1% -1% 0% -2% 2% -11% 1% Paylocity 19% 3% 3% -6% -1% -3% -3% 1% -4% -1% -11% 2% PayNet 17% -2% 4% -4% -1% 1% 0% -2% -4% 0% -12% 4% Square 19% 9% 2% -2% -6% 1% -4% -1% -3% 0% -15% 0% TriNet 16% 1% -4% 2% 0% -1% 0% -4% -2% 3% -9% -3% Workday 11% 1% 4% 4% -8% -3% -4% -2% 0% -3% -6% 6% Zenefits 16% -2% 5% -5% -1% -3% 2% -5% -3% 1% -5% -2% Clear expectations from any and all providers. But not a lot of differentiation among them.
  20. 20. How do we reach these customers? 20
  21. 21. 21 | Confidential – Do Not Distribute Meet them in the moments and mediums that matter And each interaction must provide actual value and relieve specific pain Don’t have an “influencer strategy.” Support the advisors who support our customers. Result: ⅓ of new revenue for Gusto comes via accountant relationships. Don’t have an “SEO” or “inbound strategy.” Create content that helps SMBs. Period. Result: ⅔ of new direct revenue is organic. Don’t overthink your segmentation or customer journey. Listen, discover, respond. Result: CAC mo payback well ahead of targets and benchmarks. Pillar 1 Pillar 2 Pillar 3
  22. 22. Confidential - Do not distribute 22 Thank you PS: we’re hiring! Gusto Customer Andy’s Autosport
  23. 23. Go #WithGusto

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