Katie Wickham, Director, Marketing @ Payrix
Bob Butler, Chief Commercial Officer @ Payrix
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View the video at http://bcove.me/at8qgxbz.
Thank you, UBM.
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3 Tips to Accelerate You to $100M ARR and Beyond with Payrix
1. Katie Wickham
Director, Marketing
Worldpay from FIS/Payrix
3 Tips to Accelerate to $100M
in ARR and Beyond
Robert Butler
Chief Commercial Officer
Worldpay from FIS/Payrix
1
2. 1. Maintain a Hyper-focus
on your Ideal Client Profile
Build your sales, marketing, customer success and
product development efforts around their needs
3. ● Went after start-ups
initially
● Built all sales, marketing,
customer success and
product strategies around
ICP
● Quickly scaled payments
business
● Early 2022, valued at
$12.3B following $300M
Series D-2 round
3
ICP Success Stories
● Focused on eCommerce
stores
● Built entire commerce
platform around customer
● Entered into embedded
payments, which quickly
became the largest piece
of the business
● Took company to IPO in
2015 and is now worth
roughly $44B
● Originally saw success by
targeting pest control
businesses
● Rebranded in 2021 from
PestRoutes to FieldRoutes
to address broader
segment in field services
● Added embedded
payments to increase total
enterprise value
● Acquired in early 2022 by
ServiceTitan
4. 2. Develop and execute on
an anchor tenant strategy
Delight customers. Form advocates. Leverage
anchor tenants to extend trust into the market.
5. Understanding Anchor Tenant Strategy
● Most relatable — malls
● Add tenants to anchor the mall
○ 1990’s: Sears, JCPenney
○ 2000’s: Abercrombie, American Eagle
2010’s: Nordstrom, Macy’s
● All about retail tenant mix
● Also used by real estate developers,
commercial office buildings
5
1990s
2000s
2010s
6. Deploying the Anchor Tenant Strategy in Your Software Business
6
Ideal Client Profile
Cloud-Business Management
Platform or Marketplace
Purpose-built for specific
vertical market
Serves small-to-mid-sized
businesses
10-500 employees
B2B/B2C
SaaS solution for
self-storage
industry
Marketplace for
online auctions
Engage Land & Expand
Generosity
ecosystem for
non-profits
Leading software
for roofing
contractors
Identify
ICP
Engage
Land & Expand
7. 3. Scale with Customer-
Centric Innovation
Find value-added services to enhance your platform
and unlock new revenue streams to grow
your business.
8. How Slack Keeps Customers at the Forefront of Innovation
8
● Constant use of user feedback to
improve product, customer service,
community, etc.
● Overwhelming focus on addressing
pain points on delighting
customers
● 43% growth year-over-year
between 2020 and 2021
● Acquired by Salesforce in 2021 for
$27.7B, its biggest acquisition in
history
9. How Value-Added Services Enhance Your Platform
9
● Business management platform for landscape businesses
backed by Serent Capital
● Focused on Ideal Client Profile
● Went after a few large landscaping businesses
● Added embedded payments for another revenue stream
● Increased revenue again with embedded lending
● Created a more valuable, differentiated business
management solution for customers in landscaping
10. 10
Key Takeaways
No matter what you
do...stay focused on your
customer
Foster your customer
relationships and they will
multiply
Seek additional
opportunities to innovate,
grow and provide more
value to customers
I appreciate the introduction. Again, I'm Bob Butler – I am the Chief Commercial Officer of Payrix and now Worldpay for Platforms
I have spent the better part of the last 25 years in fintech and the last 4 years driving the business at Payrix
Payrix is an innovative fintech that grew from ~$4M to over $100M in 3 years
Ultimately led to a successful exit
Now, we are the cornerstone of Worldpay for Platforms — which just launched today at SaaStr!
No matter what revenue stage you're at....$100K, $500K, $5M or $50M - we've come up with a few tips that will help you scale and grow your business
Again – we did this at Payrix with a small sales team and an even smaller marketing team – and I am joined today by my marketing partner in crime – Katie Wickham
KW
- Marketing leader, background in SaaS and fintech
- Joined Payrix after our Series A round in 2019
- Live in Atlanta; foodie and dog mom
Our first tip is all about focusing on your ideal client profile, but first, what is an ideal client profile?
Your ICP defines the firmographic, environmental and behavioral attributes of accounts that are expected to become your company’s most valuable customers
For us, we started with broad strokes in the first year and got more specific over time through both qualitative and quantitative analyses
Getting to your ICP is a foundational and organizational-wide decision that impacts downstream sales and marketing
So Katie, why do you need an ICP?
It aligns product, marketing, sales, service and executive teams to the highest-value accounts.
Naturally amongst these teams, this creates a hyper focus on building scalable and repeatable strategies and tactics that enable you to engage your top accounts and convert them more quickly...
Bob, what are some of the best examples of companies that have been successful by focusing on their ICP?
Brex
founded in 2017
Their original ICP focus were providing business credit cards for startups and technology companies who struggled to find credit
Being involved in a startup I am a huge fan of Brex
In five years have gone from $120k pre-seed round to a valuation of over $12 bn in their last series D
Shopify
founded in 2006 - originally started as "Snowdevil" - an online snowboarding shop – company was built out of frustration that there were no easy tools to set up an on line ecommerce site
They had identified the perfect ICP – online ecommerce sites - and began to build everything to support their ICP
in 2013 the company announced Shopify Payments – an embedded payment tool built for their ICP customers – it is now the largest piece of the Shopify business
Everyone now knows Shopify and who they serve – and they now have a public valuation exceeding $40 billion
Field Routes
Field Routes was started in 2009 by two owners of a pest control business – Original name was Pest Routes
Their ICP was simple – independent owner operators of pest control businesses – mostly those operators who serviced residential homes
In 2020 the company added embedded payments to round out their product suite
By 2021 the company expanded into lawn care and re-branded to Field Routes
In early 2022 Field Routes had a successful exit to Service Titan
The key thing each of these companies did was a relentless focus on an IDEAL CLIENT – Product, marketing, sales, support– this laser sharp focus have led each to success and it has been born out by a tremendous increase in total enterprise value
Now Katie – what is the second tip we have for companies who want to scale to 100 million?
Well, Tip number 2 is about developing and executing an anchor tenant strategy
When I think of anchors, I think of security. There are anchors for screws, boats, and anchors for investment portfolios.
And when it comes to your SaaS business, anchor tenants are exactly what they sound like: added security
Find 2, 3, 4 customers that really matter then hyper execute to build strong, loyal customer relationships.
Think of these customers as your most important tenants and ones you can’t afford to lose.
Next, Bob is going to walk you through a fun and relatable example of anchor tenant strategy
Best example is to think of your home town mall
Mall developers have been using the ANCHOR TENANT forever
Every decent sized mall in the country has 3-8 anchor tenants – they are the retailers that draw in all of the supporting retailers
1990s, JCPenney, Sears, Sports Authority
2000s, Belk – Abercrombie -Bed Bath and Beyond
2010s – Nordstrom – Dicks Sporting Goods – Apple
For a SaaS company – find a few key customers – execute like crazy – help them grow – make them your marquis customers – having the anchor tenants in place allow you to sharpen your ICP all while creating a natural referral source for additional business for your company
Identify ICP – we've already talked about
Engage — with few key ICP target
Sign your Anchor clients and expand — land them, execute like crazy/delight them, leverage your relationships to expand further into you ADDRESSABLE market
We used this strategy while scaling at Payrix
So Katie – can you talk to us a little bit about how we did this
Our ICP is a cloud business management platform focusing in a specific vertical (property management, field services, construction, non-profit).
They range in size from 10-500 employees and serve small-to-mid-sized businesses.
Once we had this cookie cutter shape of our ICP, we went after platforms that fit into this mold and engaged with them
Some examples were a software for self-storage businesses, a marketplace for online auctions, roofing contractor software, CRM for non-profits, etc — you can start to see the trend of the ICP
We focused on fostering those relationships and were able to land them as anchor tenants
Soon after, those clients can become our biggest fans and advocates— served as references in our conversations with prospects; provided input on our brand strategy; participated in our customer stories, white papers, podcast and more
BOB
FOR CONTEXT - In the first year, we signed 8 platforms all year – within 2 years when we exited, we were signing 8 platforms/month
Bob – Finally, Katie...what's #3
Our final tip is around enhancing your platform in a meaningful way.
At this point, you’ve spent tons of time/effort building these AWESOME relationships with your customers...and in the process, you find:
You have so much more insight into the challenges your customers face, pain points....and what their goals and aspirations are, even personal and professional motivators
USE THIS. It is a massive opportunity to continue making your customer the hero through focused innovation
It will strengthen your relationship even more and make your product stickier.
Of course, it’s nice when these value-added solutions allow you to make more money
VAS like embedded payments, lending and banking will not only boost your platform's revenue...
They’re also super attractive to potential investors because they increase total enterprise value, lower cost of customer acquisition, increase Net Revenue Retention – all of which are home runs.
On the next slide, I'll share one of my favorite examples... Do I have any fellow Slack enthusiasts in the crowd?
When I think about customer-centric innovation, Slack is one of the first companies that comes to mind.
It could be the fact that I'm still adjusting to our company moving from Slack to Teams earlier this year, but I can tell you I remain a big fan even though I'm not currently a customer.
When Slack was acquired last year for $28B on the heels of 43% YoY growth, it was the biggest acquisition in Salesforce history.
One thing Slack has done exceptionally well is to incorporate user feedback into how they innovate their business. From adding new features/functionality based on user feedback and building an online community, to Slack's social media presence, Slack does customer-centric innovation right in my book.
Back to you, Bob
Adding Value added services is key to growing your revenue pie with EXISTING CUSTOMERS - without having to add new customers
LMN – Landscape business management platform founded by an amazing female entrepreneur in Canada in 2009 – basically a complete CRM for landscape professionals
They focused on their ICP – a few large landscaping businesses – who became their anchor tenants
They ultimately expanded into smaller lawn care and landscape professionals
In 2021 the company added embedded payments to create a large revenue stream - LMN later added embedded lending to help their clients grow – all while adding additional revenue to the company
In 2022 the company is expanding into human resource planning – helping their customers find, hire and retain professionals
Key here for LMN or any SaaS business is to create more value to your customers and offer a truly differentiated solution
Bob
Know exactly who you want as your ideal customer – and do everything you can to build your entire business around that customer – from product development, marketing, sales and especially support – the most important thing is to be able to EXECUTE
Treat your early clients like ROYALTY – they will be your strongest and most fierce advocates
Always find ways through innovation to expand the size of your revenue pie – we think that embedding payments and other financial services into your offering is one of the best ways to increase NRR and grow to $100M+
BOB
Thank you for joining us today and appreciate your time
Visit us at Booth #402 –
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