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Building	the		
Billion	Dollar		
SaaS	Unicorn	
The	CEO	Guide	of	Key	Insights	and	Metrics	
for	B2B	Software	as	a	Service	Companies	
By	Kelly	Schwedland
Rising	Table	Stakes	
Christopher	Janz,	SaaS	Investor	
http://tomtunguz.com/table-stakes-saas/	
	
Note:	
Tom	Tunguz	noted	Blogger	and	VC	With	firm	
Redpoint	noted	in	a	recent	vLog	that	copying	a	
business	model	is	typically	not	a	good	idea,	since	
they	have	diminishing	value	over	time	as	more	
folks	copy.	
That	said,	it	is	increasingly	important	to	
understand	what	the	business	models	of	
successful	companies	look	like	as	a	sanity	check	
for	the	numbers	that	you	are	seeing	and	
projecting
Why	a	$Billion?	–	It’s	Investable	
*	Each	investor	has	their	own	
investment	thesis,	certain	
products,	markets	or	business	
models	that	they	prefer.	Look	
for	a	good	match	to	your	
product	offering	and	market	
validation	
Typical	Investor	Interests:	
•  $1B+	Market	
•  Scalable	Solution		
•  Recurring	Revenue	
•  Past	Successes	
•  Full	team	
•  Traction	
https://www.saastr.com/tam-is-great-but-what-really-matters-is-that-you-believe-you-can-hit-100m-in-7-years/	
Note:	
One	of	the	top	questions	asked	by	Investors.	
What	problem	do	you	solve	and	how	big	an	
opportunity	(market)		is	that?		
Generally	investors	are	interested	in	opportunities	
that	have	a	$B+	market	potential	and	growing.	
Since	SaaS	companies	are	recurring	revenue	idealy	
with	high	operating	margins,	a	Billion	Dollar	
valuation	requires	roughly	$100M+	in	annual	
recurring	revenues	
	
(Whether	your	product	and	team	can	get	there	
are	the	other	two	other	biggies.)
Growth	Stage	Key	Points	
I.  Terms	&	Metrics	
II.  Roadmap	
III.  Sustaining	Growth	
IV.  Benchmarks
I.	Key	Terms	&	Metrics	for	SaaS	
1.  Cash	Flow	
2.  MRR/ARR	
3.  CAC	&	LTV	
4.  SEI	
5.  ACV	
6.  NPS	
7.  Churn	
8.  LVR	
9.  TtV	
10.  Cohort	analysis	
11.  Revenue	per	Employee	
	
If	you	only	read	one	article	on	SaaS	metrics	this	is	it:	
http://www.forentrepreneurs.com/saas-metrics-2/	
	
For	an	alternate	look	at	metrics:	
https://updata.com/insights/saas-metrics-framework/	
	
	
For	Developing	a	KPI	dashboard	for	a	SaaS	company:	
http://christophjanz.blogspot.de/2013/04/a-kpi-dashboard-for-early-stage-saas.html	
	
Leading		
Indicator	
Leading		
Indicator	
Note:	
For	those	that	are	on	their	first	time	building	a	
SaaS	business	with	institutional	investor	backing,	
here	are	some	of	the	key	terms	you	are	going	to	
need	to	learn	and	track.
Ron	Gill,	NetSuite:		
If	plans	go	well,	you	may	decide	it	is	time	to	hit	the	accelerator	(increasing	
spending	on	lead	generation,	hiring	additional	sales	reps,	adding	data	center	
capacity,	etc.)	in	order	to	pick-up	the	pace	of	customer	acquisition.		
	
The	thing	that	surprises	many	investors	and	boards	of	directors	about	the	
SaaS	model	is	that,	even	with	perfect	execution,	an	acceleration	of	growth	
will	often	be	accompanied	by	a	squeeze	on	profitability	and	cash	flow.	
	
1.	Cash	Flow	-	Don’t	run	out	of	money	
Note:	
While	this	seems	the	most	obvious.	Running	out	
of	cash	is	the	end	of	any	startup	or	scale	up.	
So	needless	to	say,	this	is	the	the	most	import	
number	to	keep	track	of.	
Understanding	the	rate	of	your	growth	and	being	
able	to	predict	the	cash	burn	effectively	is	of	
paramount	importance	while	scaling.
2.	MRR	&	ARR	
There	are	two	kinds	of	SaaS	business:	
•  Those	with	primarily	monthly	
contracts,	with	some	longer	term	
contracts.	In	this	business,	the	primary	
focus	will	be	on	MRR	(Monthly	
Recurring	Revenue)	
•  Those	with	primarily	annual	contracts,	
with	some	contracts	for	multiple	
years.	Here	the	primary	focus	is	on	
ARR	(Annual	Recurring	Revenue)	
	
(In	practice	MRR	and	ARR	often	are	used	with	both	types	of	businesses	interchangeably	to	
describe	current	monthly	revenue	recognized	or	monthly	revenue	annualized)	
Tip:	
Reverse	Engineering	MRR	Growth	
•  The	First	$1M	ARR	Goal	–	6	months	
•  Simple	Math:	
•  $1M	ARR	=	$83K	MRR	
•  $83K/	$1000/mo.	ACV	=	83	customers	
•  83/6	mo.	=	~	14	new	customers	per	
month	
(or	one	new	customer	every	2	days,	
simple!)	
http://sixteenventures.com/saas-secret-to-one-
million-dollars
LTV	>	3x	CAC		
Months	to	recover	CAC	<	12	Months	
3.	CAC	&	LTV:		Viability	Test	
Business	model	viability,	in	the	majority	of	startups,	will	come	down	to	balancing	two	variables:	
•  CAC:	Cost	to	Acquire	Customers	(Sales,	Marketing	&	Customer	onboarding)	
•  LTV:	Lifetime	Value	of	a	Customer	or	The	ability	to	monetize	those	customers	
http://www.forentrepreneurs.com/startup-killer/
9
4.	GEI	–	Growth	Efficiency	Index	
GEI	then	is	how	long	it	takes	before	new	customers	start	being	additive	to	Revenue	
				(A	GEI	of	.5	=	half	a	year,	1	=	1year,	2	=	2years,	etc.)	
	
Growth	Expense	=	Marketing,	Sales,	Customer	Success	onboarding	
https://www.zuora.com/guides/subscription-finance-basics/	
Answers	the	Question:	
	
“How	much	new	recurring	revenue	can	
we	get	out	of	a	given	investment?”		
	
Lets	say	you	spend	$1	on	Growth		
(sales,	marketing,	onboarding.)		
How	many	new	recurring	revenue	
dollars	does	that	buy	you?
5.	Matching	CAC,	LTV	&	ACV	
• Product	Pricing,	Sales	Strategy	and	Product	are	all	interconnected.	
http://vcwithme.co/2015/03/30/optimizing-the-ltvcac-ratio/	
	
http://pando.com/2013/06/15/what-the-data-reveals-about-how-to-make-SaaS-secret-sauce/	
	
	
Average	SaaS	Companies	
Well	marketed,	easy	to	use		
and	easy	to	implement	
ACV=	Average	Contract	Value	
VS.
11
6.	NPS	–	Net	Promoter	Score	
http://www.netpromotersystem.com/about/why-net-promoter.aspx	
Bain	analysis	showed	that	sustained	value	creators—
companies	that	achieve	long-term	profitable	growth—have	Net	
Promoter	Scores	(NPS)	two	times	higher	than	the	average	
company.	And	Net	Promoter	leaders	on	average	grow	at	more	
than	twice	the	rate	of	competitors.	
Leading		
Indicator	
*	As	a	leading	indicator	this	will	likely	tell	
you	what	churn	will	look	like		in	the	months	
ahead
7.	Churn	=	Customer	Health	
Big	impact	on	value	over	time	
Churn	at	a	per	customer	basis	is	always	
going	to	happen	with	closings	and	
turnover.	
	
But	on	a	dollar	level	this	isn’t	
necessarily	true.		
	
Target	upselling	and	cross-selling	to	
effect	negative	dollar	Churn	
Note:	
A	handy	quick	guide:	Churn	Quick	Ratio	=		
new	$MRR	this	month	/	$MRR	lost		
What’s	good,	what’s	bad		
	
 	What	you	want		
		  	Get	to	$1M	ARR				~12	months	after	launch		
		  	Net	New	MRR	keeps	increasing	quarter	over	quarter		
		  	Maintain	a	Churn	Ratio	>	4		
 	What	to	watch	out	for		
		  	A	Churn	Ratio	<	2		
		churn	is	too	high	/new	sales	aren’t	working		
		  	Net	New	MRR	is	flat	or	down	quarter	over	quarter		
		  	Takes	18+	months	to	get	to	$1M	ARR
http://www.slideshare.net/03133938319/saastr	Churn	=	loss	of	ARR	(MRR)	to	total	ARR	(MRR).	
	
http://www.forentrepreneurs.com/why-churn-is-critical-in-saas/
8.	Cohort	Analysis	
http://andrewchen.co/the-easiest-spreadsheet-for-churn-mrr-and-cohort-analysis-guest-post/	
	
•  The	only	way	to	truly	know	net	MRR	growth	
•  A	simple	way	to	understand	Customer	Retention/	Churn	through	multiple	
product	iterations.
9.	LVR	-	Lead	Velocity	Rate	
• Qualified	Lead	Velocity	Rate	(LVR),	your	
growth	in	qualified	leads,	measured	month-
over-month,	every	month.	
• Grow	your	LVR	about	10-20%	greater	than	
your	desired	MRR	growth	—	you’ll	hit	your	
revenue	goals.	
• You’ll	see	the	future	of	your	business	12-18	
months	out,	clear	as	can	be.	
http://www.saastr.com/why-lead-velocity-rate-lvr-is-the-most-important-metric-in-saas/	
	
Leading		
Indicator	
*	As	a	leading	indicator	this	will	likely	tell	
you	what	Sales	will	look	like		in	the	months	
ahead.
10.	TtV-	Time	to	Value	
• How	fast	can	a	customer	derive	value	from	your	product?	
• Ways	to	Improve:	
• Simplicity	wins…	
be	feature-complete,	not	feature-rich	
• Hack	the	onboarding	flow	
• Document,	Document,	Document	
• Quantify,	Set	goals	and	Benchmark	
http://www.rre.com/blog/89
Median	revenue	per	Employee	by	year	since	
founding	
11.	Revenue	per	Employee	
• Two	development	tracks	one	goal	
• Product	Value	and	Internal		
Efficiency	always	seem	to	be		
competing	for	internal	talent,	
but	they	are	flip	sides	to	the		
same	productivity	coin.	
• Use	Rev/Emp	as	a	priority		
decision	guide.	
http://tomtunguz.com/employee-productivity-patterns-saas/	
	
Note:	Best	in	class	companies	like	Salesforce	and	
FinancialEngines	are	able	to	achieve	more	than	
$300k	in	revenue	per	employee	per	year
II.	Roadmap
5	ways	to	build	a	$B	business	
http://christophjanz.blogspot.com/2014/10/five-ways-to-build-100-million-business.html	
	
http://tomtunguz.com/2015-saas-multiples/	
	
In	SaaS	to	get	a	Billion	Dollar	valuation	you	need	somewhere	
over	$100M	in	Annual	Revenue.	
You	essentially	need:	
	
~	1,000	enterprise	customers	at	$100k+	/Yr	or	
~	10,000	medium-sized		at	$10k+	/yr	or	
~	100,000	small	businesses	at	$1k/yr	or	
~	1	million	consumers	at	$100+	/yr	each	or	
~	10	million	active	consumers	who	you	monetize	at	$10+	per	
year	each	by	selling	ads	
Examples: 	2014	Rev	 	Valuation*	
HUBS			 	 	$115M	 	 	$1.3B	
ZEN 						 	 	$127M	 	 	$1.9B	
MKTO 	 	$149M 	 	$1.1B	
*Also	dependent	on	growth	rate	and	Cost	of	Revenue.	Avg	5-10	x	Rev	multiples	
Note:	
Understanding	which	segment	of	the	market	you	are	going	after	is	vital	
in	determining	your	strategy	for	building	the	company	
	
(I.e.	if	you	are	going	after	a	Million	consumers	at	$100/yr	then	you	
probably	can’t	afford	a	direct	sales	approach.	
In	fact,	You	probably	can’t	even	afford	an	advertising	approach,	as	
Dropbox	found	in	tests,	advertising	cost	them	$287	per	paid	$100	user.	
So	the	incentivized/	viral	strategy	became	necessary.)
“T2D3”	Growth	Phases*	
*T2D3	=	Triple	twice,	Double	three	times	
Note:	
Neeraj	Agrawal	at	Battery	Ventures	was	nice	
enough	to	share	some	insights	from	several	of	
their	SaaS	investments.	
Starting	from	the	$2M	ARR	several	seemed	to	
follow	a	very	similar	path.	
While	it	is	possible	to	arrive	at	$100M	ARR	from	a	
variety	of	paths,	having	guideposts	to	shoot	for	is	
a	very	helpful	tool.	
	
https://www.linkedin.com/pulse/saas-adventure-
triple-double-1b-neeraj-agrawal/
T2D3	Cont’d	
• Phase	1:	Establish	a	great	product-market	fit	
• Phase	2:	Get	to	$2	million	in	ARR	(annual	recurring	revenue)	
• Phase	3:	Triple	to	$6	million	in	ARR	
• Phase	4:	Triple	to	$18	million	
• Phase	5:	Double	to	$36	million	in	ARR	
• Phase	6:	Double	to	$72	million	
• Phase	7:	Double	to	$144	million	
http://techcrunch.com/2015/02/01/the-saas-travel-adventure/
Phase	0:	Lean	Startup	Process	
http://www.slideshare.net/KellySchwedland/lean-startup-basics-evidence-based-entrepreneurship	
	
Also:	The	20	Interview	rule	
http://www.saastr.com/planning-to-do-a-saas-start-up-dont-forget-the-20-interview-rule/	
	
Note:	If	you	are	still	starting	out,	then	you	need	this	presentation:	
Note:	
Without	taking	up	too	much	time,	use	a	lean	
Startup	approach	combined	with	Agile	
development	to	get	to	viable	product	
(	There	is	an	entire	other	deck	on	that	process)	
	
At	a	minimum	use	the	20	interview	Rule	before	
writing	the	first	line	of	code.
Phase	1:	Product/Market/	(Team)	Fit	
• The	Simple	definition	–	When	your	problems	shift	to	keeping	up	
with	demand	rather	than	finding	more	customers.	
• The	only	thing	that	matters:	Market	
	
• Warning	signs	you	aren’t	there:	
• Product	Market	Fit	Myths	
http://pmarchive.com/guide_to_startups_part4.html	
	
http://vcwithme.co/2014/11/10/five-signs-your-product-market-fit-isnt-real/	
	
http://www.feld.com/archives/2015/01/illusion-product-market-fit-saas-companies.html	
	
Note:	
Product	market	fit	is	the	hardest	thing	to	capture	since	there	doesn’t	seem	to	be	any	consensus	on	what	
it	will	truly	mean	for	your	company.	From	my	experience,	in	hindsight,	it	was	probably	when	our	focus	
shifted	to	internal	scaling	issues	rather	than	the	question	of	how	how	do	we	find	customers.	
	
Mark	Andreesen	has	a	very	simple	approach	that	the	only	thing	that	matters	is	the	Market.	
In	a	great	market	--	a	market	with	lots	of	real	potential	customers	--	the	market	pulls	product	out	of	the	
startup.	~Rachleff’s	Corollary	of	Startup	Success	(named	after	Andy	Rachleff	formerly	of	Benchmark	
Capital)	
And	you	can	always	feel	product/market	fit	when	it's	happening.	The	customers	are	buying	the	product	
just	as	fast	as	you	can	make	it	--	or	usage	is	growing	just	as	fast	as	you	can	add	more	servers.	Money	
from	customers	is	piling	up	in	your	company	checking	account.	You're	hiring	sales	and	customer	support	
staff	as	fast	as	you	can….	
	
Warning	signs	you	aren’t	there:		
You	have	ten	to	twenty	customers…						…and	have	for	a	while	
Founders	sold	the	product	but	the	sales	people	you’ve	hired	can’t	figure	it	out	
Services	are	>	25%	of	your	revenue	
You	can’t	get	access	to	senior	deciders	
Your	first	round	of	renewals	goes	horribly	wrong	
	
Myth’s	on	Product	Market	Fit	
Myth	#1:	Product	market	fit	is	always	a	discrete,	big	bang	event	
Myth	#2:	It’s	patently	obvious	when	you	have	product	market	fit	
Myth	#3:	Once	you	achieve	product	market	fit,	you	can’t	lose	it.	
Myth	#4:	Once	you	have	product-market	fit,	you	don’t	have	to	sweat	the	competition.
Building	a	replicable	model*		
http://www.slideshare.net/KellySchwedland/generic-system-strategy-flow-chart	
	
*Documenting	the	systems	
throughout	the	business	so	
that	they	can	be	replicated	
by	the	next	hire.	
Example	of	a	system	strategy	flow	chart	
Note:	
Working	with	growing	companies	I’ve	found	that	
the	first	inhibiter	to	growth	was	that	the	founder/	
owners	had	everything	in	their	head.	
	
Replication	requires	that	it	be	transferable	to	
other	individuals.	
	
The	diagram	is	designed	to	be	a	thought	exercise	
in	thinking	through	the	processes	inside	the	
company	and	then	documenting	and	releasing	to	
others	to	use	and	then	build	on/	modify.	
	
I’ve	found	that	focusing	on	the	key	results/	
metrics	of	the	process	helps	allow	for	
improvements	to	the	process.
Focus:	Marketing,	Sales,	Revenue	
http://www.bvp.com/blog/new-whitepaper-released-%E2%80%9C30-qa-every-saas-revenue-leader-needs-know%E2%80%9D	
	“30	Answers	that	Every	SaaS	Revenue	Leader	Needs	to	Know”	
Note:	
While	having	an	overall	system	strategy	is	
important,	In	order	to	scale,	sales	and	customer	
success	becomes	one	of	the	critical	processes.	
	
Fortunately	Bessemer	was	nice	enough	to	give	us	
30	key	questions	that	we	need	to	be	able	to	
answer	to	own	growth.
III.	Sustaining	Growth	
http://chaotic-flow.com/media/saas-growth-strategy.pdf	
	
Note:	
I’ve	rarely	ever	seen	a	company	with	one	product	
and	one	go	to	market	channel	sustain	growth.	
Eventually	you	run	out	of	ads	to	buy	or	emails	to	
send.
Median	GP	Ratio	by	year	for	Public	
SaaS	companies		
How	fast	should	we	grow?	
• Rule	of	thumb	–	Growth	Rate	+	Profit	should	equal	40%	
	
• Starting	from	around	$1m	ARR		
growth	should	be	higher	but		
should	still	best	the	rule	of	40	
	
(100%	growth	+		-60%	profit	=	40%	GP)	
• If	not,	retool	sales	and	operations		
before	growing.	
http://tomtunguz.com/rule-of-40	
	
https://feld.com/archives/2015/02/rule-40-healthy-saas-company.html
Accelerating	Customer		
					Acquisition	and	Retention	
• Remove	Buyer	Roadblocks:	
• Increase	Awareness	
• Facilitate	Evaluation	
• Streamline	Purchase	
• Simplify	Onboarding	
• Improve	Retention	
• Remind	Customers	of	Value	they	are	getting	
• Triggered	up-selling	and	cross-selling	that	expanded	usage	of	your	service	
(and	revenue)			
http://chaotic-flow.com/SaaS-marketing-accelerating-customer-acquisition/		
	
http://sixteenventures.com/customer-retention-profitability
Improving	Lead	to	Conversion	Ratio	
• Measure	and	optimize	each	conversion	channel.	
http://blogs.salesforce.com/company/2014/11/b2b-sales-benchmark-research-finds-some-pipeline-surprises-infographic-gp.html	
	
B2B	Sales	Benchmark	Research	by	Implisit	using	Salesforce	data
Overcoming	the	Growth	Challenge	
http://www.slideshare.net/500startups/alex-moore-25097027	
	
Polynomial	Growth:	The	Additive	Value	of	new	Sales	Channels		
Polynomial	Growth	By	Alex	Moor,	CEO	of	Baydin	
Note:	
Investors	aren’t	at	all	excited	about	linear	growth	
companies	and	everyone	want	to	see	the	
exponential	hockey	stick	growth.	
	In	reality	very	few	B2B	companies	scale	
exponentially.	Which	is	why	it’s	important	to	
understand	that	during	the	growth	process	there	
are	several	levers	that	may	need	to	be	added	to	
sustain	growth.	
Alex	Moore,	CEO	of	Baydin,	lays	out	the	case	that	
most	true	scaling	companies	that	are	investor	
darlings	actually	have	a	series	of	additive	elements	
that	as	they	are	applied	create	a	Pseudo	
exponential	growth	curve	that	he	calls	Polynomial.
IV.	Benchmarking	
• How	Does	your	SaaS	business	stack	up?	
• Growth	
https://benchmarks.openviewpartners.com/	
• Pacific	Crest	SaaS	survey	data	(2017)	
http://www.forentrepreneurs.com/2017-saas-survey-part-1/	
• Sales	Reps	
https://blog.bridgegroupinc.com/2017-saas-ae-metrics-report	
• Conversion	rates		
https://blog.capterra.com/average-b2b-conversion-rate/	
• Customer	success		
http://customer-success-resources.totango.com/h/i/266476515-2016-customer-success-salary-survey-state-of-
the-profession-report
54%
Co's offer
PS along w/
Subscriptions
25%
Co's give quota
relief for PS but
no commissions
Avg. PS Rev
as % 1st
Year ACV
25%
3
Months new
ISR Ramp Time
60%
$2.2-2.5k 6
$150-180k
4-5x
$130k
$630-720k
1:7
3x
1:5
50%
50%
60%
30% $80-100k 60%35 1:75
2
70
60%
40%
10
$70k
1:2
20%
80%
36% 93%
8.5%
6%
55%
40%
87%
13%
15%
30%
30:70
66%
91%
50%
90% = 81%
2%
6 40% $5.5-7k 3-4
$200-330k $800k-1.3M$220k
3-5x 4:15x
Co’s give quota
relief on 1st
year ACV only
Co’s pay
~ nothing for 2+
yrs on contract
Avg. quota
achievement
Avg.
commission on
NBB ARR quota
Avg.
commission on
upsell ARR
Co’s pay full
commission
for upsells
Co’s offer
add’l team
bonuses
NBB from
new logos
NBB from
net upsells
Conversion
rate: SQL to
opportunity
Conversion rate:
Opportunity
to closed deal
Ratio vertical mkt
territories: geo
Co’s offer trials
(try-before-
you-buy)
Months new
BDR ramp time
Calls/contacts
per day
Cold calls
MQL
follow up
Target # of
SQL’s/wk
OTE: 60/40
Base/Variable
Ratio
BDR : FSR
of BDR teams
report to mktg
Promoted
from BDR
MRR
per deal
ARR
quota per Q
Closed
deals per Q
ARR annual
quota
Ratio
ISR quota:salary
Beg. Q pipeline
coverage
Ratio
Manager : ISR
Ratio
SEs : ISR
OTE:
50/50 B/V
Co’s compensate
on Cust. Sat
(e.g. NPS)
Co’s compensate
on renewal ARR
AMs
responsible
for upsell ARR
Time spent
on customer
support
OTE:
70/30 B/V
Co’s give bonus
for cust. case
study/press
Avg. acct
renewals per Q
Avg. Ratio
AMs : customers
Median
annual gross
$ retention
Retention
equiv. in
SMB vs. VSB
Churn in VSBs is
uncontrollable
on avg.
Median renewals
commission
rate
Months new
FSR ramp time
Promoted
from ISR
MRR
per deal
Closed
deals per Q
ARR quota
per Q
ARR annual
quota
Ratio
FSR quota:salary
Beg. Q Pipeline
Coverage
Ratio
ISR:FSR
OTE:
50/50 B/V
1:3
Ratio
SE: ISR
30-50%
Avg.
NPS score
BUS DEV
REPS (BDR)
INSIDE SALES
REPS (ISR)
FIELD
REPS (FSR)
NEW BUSINESS
BOOKINGS (NBB)
RETENTION
ACCOUNT MANAGERS PROF. SERVICES
INSIGHT’S PERIODIC TABLE
OF SAAS SALES METRICS
MQL = Marketing Qualified Lead
SQL = Sales Qualified Lead
Net Upsells = Upsells less customer downgrades
OTE = On-Target Earnings
SMB = Small-Medium business < 1000 employees
VSB = Very Small Business < 50 Employees
MRR = Monthly Recurring Revenue
ARR = Annual Recurring Revenue
ACV = Annual Contract Value, equ. to ARR Quota
SE = Sales Engineer/Solution Architect
B/V = Base Salary/Variable Salary
Legend:
https://www.insightpartners.com/ideas/metrics/
“Make	no	small	plans	for	they	have	no	power	to	stir	the	soul.”	~	Niccolò	
Machiavelli.
33	
Have	questions?	
See	something	I	missed?	
Let	me	know.		
	
Kelly	Schwedland	
219-405-5723	
Kellys@elevateventures.com	
	
	
	
ElevateVentures.com
Extras	
34
• SaaS	Resources	
• Rules	of	thumb	in	SaaS	
• More	Periodic	tables	metrics	
• Standard	Conversion	metric	tracking
More	SaaS	Resources	
• http://www.saastr.com/	
• http://tomtunguz.com/categories/saas/	
• http://www.forentrepreneurs.com/saas/	
• http://sixteenventures.com/page/?s=B2B+SaaS	
• Pitching	a	VC	
• http://www.bothsidesofthetable.com/pitching-a-vc	
• https://www.linkedin.com/pulse/target-investment-pitch-kelly-
schwedland/
SaaS	Metrics	-Rules	of	Thumb	
http://chaotic-flow.com/saas-metrics-guide-to-saas-financial-performance/
http://chaotic-flow.com/saas-metrics-guide-to-saas-financial-performance/
38
SaaS	Financial	&	Operating	Metrics	
https://www.insightpartners.com/ideas/metrics/insights-periodic-table-of-saas-financial-operating-metrics/
INSIGHT’S PERIODIC TABLE
OF B2B DIGITAL MARKETING
METRICS
40
Software	Development	Metrics	
https://www.insightpartners.com/ideas/metrics/insights-periodic-table-of-software-development-metrics/
Sample	Conversion	Metrics	
Stage Conversion	Status Conv.		
%
Est.	Value	
(*not*	cost)
Acquisition Visitors	->	Site/Widget/Landing	Page	
(2+	pages,	10+	sec,	1+	clicks	=	don’t	abandon)
60% $.05
Activation “Happy”	1st	Visit;	Usage/Signup	
(clicks/time/pages,	email/profile	reg,	feature	usage)
15% $.25
Retention Users	Come	Back;	Multiple	Visits	
(1-3x	visits/mo;	email/feed	open	rate	/	CTR)
5% $1
Referral Users	Refer	Others	
(cust	sat	>=8;	viral	K	factor	>	1;	)
1% $5
Revenue Users	Pay	/	Generate	$$$	
(first	txn,	break-even,	target	profitability)
2% $50
Source:	David	McClure,	500Hats
Step	1:	Acquisition	
Users	come	to	the	site/app	from	various	channels:	
•  Affiliate		
•  Develop	affiliate	program,	create	rewards	scheme	
•  Identify	target	affiliates	
•  Apps	&	Widgets	
•  Create	widget	to	embed	in	other	websites,	facebook,	outlook,	email	
•  Build	API	for	others	to	build	on	top	of,	encourage	open	development,	create	revenue	sharing	model	
•  Free	tool	
•  Biz	Dev	
•  Identify	and	calling/networking	with	target	industries	e.g.	Jones	Lang	
•  Channel	partnerships	
•  Blog	
•  Create	original	blog	content	
•  Share	useful	content	relevant	to	target	users	e.g.	Hubspot	
•  Create	videos	and	podcasts	
•  Share	features	e.g.	Producthunt,	Facebook	like,	twitter	tweet,	LinkedIn	share,	stumble	upon,	
•  Campaigns	&	Contests	
•  Running	online	contests,	giving	away	gifts	
•  Sponsor	Hackathons	and	local	events	
•  Industry	events	(	raffle	off	free	subscription	to	capture	interested	individuals)	
•  Advertising	
•  TV,	Radio,	Print	
•  Online	paid	adverting	e.g.	Google	Adwords,	Facebook	Ads,	industry,	online	publications	
•  Software	review	sites:	(G2	Crowd,	Capterra)
Step	1:	Acquisition	Contd…	
Users	come	to	the	site/app	from	various	channels:	
•  Domains	
•  Registers	multiple	domains	focused	on	specific	elements	
•  Email		
•  Obtain	targeted	email	lists,	send	out	emails	e.g.	SalesLoft	
•  Pay	email	marketing	firms	e.g.	constantcontact	
•  PR	
•  Press	releases	
•  Placement	on	sites	like	Yahoo	News,	Google	News	
•  Mentions	on	tech	websites	e.g.	Techcrunch,	mashable,		
•  Communication	and	relationship	with	journalists	
•  Communication	and	relationships	with	tech	bloggers,	magazine	writers,	
•  Develop	a	PR	package	to	download	
•  Paid	PR	
•  SEM	&	SEO	
•  Find	most	relevant	and	popular	terms	and	embed	in	website	
•  Get	linked/mentioned	on	other	websites	
•  Create	backend	tools	e.g.	web	analytics,	log	file	analyzing	
•  Social	Networks	
•  Facebook,	Twitter,	LinkedIn	pages	
•  Youtube,	Pinterest,	Instagram	
•  Startup	blogs	and	networks	e.g.		
•  Tapping	into	IRL	networks	
Metrics	to	Track	by	source:	
-  Quantity(#)	
-  Cost	($)	
-  Conversion	(%)
Step	2:	Activation	
Users	enjoy	1st	visit	i.e.	“happy”	experience	
•  Homepage/Landing	Page	
•  Conduct	A/B	testing	of	UI,	impact	of	various	of	colors,	placements	and	UI	
•  Track	page	views,	clicks,	time	spent	on	site	
•  Keep	page	clean	and	simple	
•  Downloadable	Whitepapers,	Ebooks,	Case	studies	
•  Set	activation	goal	e.g.	get	emails	
•  Product	Features	
•  Test	success	of	different	product	features	
•  Iterate	fast	
•  Provide	incentives	and	encourage	call	to	action	
Metrics	to	Track	by	source:	
-  Pages	per	visit	
-  Time	on	site	
-  Conversion	(%)
Step	3:	Retention	
Users	comeback	to	visit	site	multiple	times:	
•  Emails	&	Alerts	
•  Lifecycle	emails	e.g.	3	day,	1	week,	1	month	
•  Status	emails	e.g.	best	of	week/month	
•  Event	based	emails	“something	happened”	
•  Easy	to	unsubscribe	
•  Easy	to	read	emails	(Important	info	in	subject,	small	body)	
•  Blogs,	News	Feeds,	Twitter	Feeds	
•  Track	Impressions	
•  Track	commentary	
•  System	Events	&	Time-based	Features	
•  Release	features	with	maturity	/demand	of	customers	
•  Release	features	around	events	
•  Cohort	Analysis	
•  Conduct	cohort	analysis		
(dist.	of	visits	over	time,	rate	of	delay,	customer	lifecycle)	
Metrics	to	Track:	
-  Source	
-  Quantity	
-  Conversions	
-  Visitor	Loyalty	
-  Session	Length
Step	4:	Referral	
Users	like	product	enough	to	refer	others:	
•  Viral	Loops	
•  Create	incentive	for	sharing	e.g.	rewards	
•  Create	same-side	networking	effect	so	users	benefit	from	inviting	others	
•  Make	sharing	easy	
•  Track	viral	growth(Growth	factor	=	X*Y*Z	where	X	=	%	of	users	who	invite	others,	y	=	avg	
number	of	people	invited,	Z	=	%	users	who	accepted	invitation).	Track	growth	of	different	
channels	
•  Emails,	Widgets	&	Social	
•  Make	it	easy	for	users	to	invite	others	from	app/web	
•  Penetrate	a	specific	customer	segment	with	widgets	
•  Build	API	for	others	to	build	on	top	of,	encourage	open	development	
•  Affiliates,	Contests	
•  Ads,	Affiliates,	Cross-promote	app	with	other	developers
Step	5:	Revenues	
Users	conduct	some	monetization	behavior:	
•  Revenue	
•  Freemium/	Free	Trial	Model	–	figure	out	optimal	model,	price	
•  Subscription/Recurring	Transactions	
•  Create	API	for	other	developments,	profit	sharing	
•  Track	profitability:	Lifetime	value	>	Cost	per	acquisition	+	Cost	of	service	(paying	&	free)	
•  Build	profitability	model	
•  Biz	Dev	
•  Create	channel	partnerships	
•  Form	alliances	versus	competing	
•  Target	tech	savvy	users/early	adopters	initially	
•  Target	industries	and	functions

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