Hey - Marc here.

Happy Saturday morning, motivated B2B SaaS Founders!

Here's at least one tip to keep in mind as you grow your B2B SaaS company:

Today's issue takes about 5 minutes to read.

_______________________________________________

In today's issue, I share some key takeaways from a recent interview between Nathan Latka, the host of Daily Interviews with SaaS Founders, and Ben Barokas, the founder and CEO of Sourcepoint. They discussed how he hit 500 customers for their data privacy product.

Ben has a proven track record for growing businesses that transform the digital content industry, founding and leading the preeminent supply-side platform, Admeld, to its acquisition by Google for a reported $400 million in 2011, where he then served as General Manager of the Global Marketplace Development team.

About Sourcepoint

When Sourcepoint first started, they were focused on ad-blocking technology. However, they quickly realized that the market for that product wasn't as big as they had hoped, so they focused on digital privacy and compliance instead.

Now, they're a digital privacy and compliance platform that helps publishers and marketers manage consumer consent and preferences for data usage. They've been in business for about six years and have grown rapidly, with over 500 customers now using their platform.

The company has experienced significant growth over the past few years, with revenue increasing from $6 million in 2018 to $20 million in 2020. CEO Ben Barokas predicts that they will hit $50 million in revenue by 2024.

PS They have raised $26.2 million in funding, with the most recent round in 2020 bringing in $17 million. They plan to use the funding to continue expanding their product offerings and global reach.

Challenges

Building a talented team.

One of the challenges Ben faced was finding people who had the right combination of technical expertise and business acumen. To overcome this challenge, he focused on building a culture that attracted top talent and invested heavily in training and development programs.

Advice to Other Founders

Focus on the right customers.

Larger customers are more likely to have complex needs and a greater willingness to pay for a robust solution. Such customers include publishers such as The Guardian, Forbes, and NBC Universal. But they also offer scaled-down versions of its platform for smaller businesses.

Prioritize customer support.

Your customers are everything. Sourcepoint has a dedicated team that works on customer support, and they've found that this has helped them to build strong relationships with their customers. Now, their global services team operates 24/7 to configure solutions and deliver proactive, relationship-based support.

Stay ahead of regulations.

The digital privacy landscape is constantly changing, with new regulations and laws being introduced all the time. Sourcepoint has a team that's dedicated to monitoring these changes and ensuring that their platform is always up-to-date. Be proactive and stay ahead of the curve.

Bonus

Ben’s favorite book is "The Hard Thing About Hard Things".
He follows and studies many CEOs and recently finds Jamie Dimon's actions and strategies in navigating the current pressure on the finance sector interesting and noteworthy.
His favorite online tool for building Sourcepoint is the Google Suite of work products.
At 50, he’s happily married for almost 21 years.
Something Ben wishes he knew when he was 20 is that it's all going to be alright.

TL;DR

Sourcepoint was launched in 2015 after a $400 million exit to Google. The company offers a three-tiered pricing plan based on the volume of API calls, a traditional SaaS plan, and unlocking features. Sourcepoint helps protect less than 1% of its customers' spend. They recently raised $17 million in a Series C funding round in 2020, and have a team of 60 evenly distributed. They are leaning on a go-to-market plan that relies on many ex-teammates from Advent to scale to $50 million this year, with the goal of serving 500 customers by 2024.

PS Here is a link to the full interview if you are interested in listening to the full episode: Sourcepoint hits 500 customers for data privacy product, will "definitely hit $50m in 2024"

_________

See you again next week.

Whenever you're ready, there are 2 ways I can help you:

1. 1:1 SOPs Call (Consultation Call for Guidance)

2. Work 1:1 with me to create customized Sales SOPs to remove yourself from the sales process and virtually guarantee that your investment in your next salesperson ensures they will hit their number? (Done for your Service). Click here to see if you qualify.