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.

 

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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 Craig Maxwell, the founder and CEO of Salesbolt. They discussed how he hit $20k in MRR using a free Chrome extension PLG motion.

Craig Maxwell is a sales and marketing expert with 9 years of experience in the technology industry. He has held various roles at companies like Ebsta, including SDR AE, and SDR manager, and in sales operations. Learn more about Craig on his LinkedIn profile.

About Salesbolt

In just one year, Salesbolt’s monthly revenue has surged from $12k to $20k, from $35 a month back in 2021. Chrome extension has been highly effective in driving customer acquisition. Around 80% of the company's leads are generated through this extension, resulting in approximately 30 to 40 leads per week.

While the Chrome extension generates the majority of leads, Salesbolt has expanded into the Salesforce AppExchange space, targeting a more significant ticket size. This Salesforce app focuses on data enrichment, champion tracking, and contact tracking, with a minimum pricing span of $12k per year.

As Salesbolt gains traction in this market, it anticipates attracting more mid-market and enterprise customers. With minimal expenses, including the use of contractors and proprietary tools like Leadgo.io for email finding, they managed to keep costs low while achieving break-even and minimal profit margins.

To scale the business from 80 customers to 800 in the next two years, Salesbolt is focusing on making its enrichment app more product-led in terms of growth. This involves exploring niche markets, and other CRMs, and expanding its offerings beyond Salesforce.

Challenges

Balancing roles.

One of the early challenges faced by Craig was transitioning from an SDR role to an AE role at Ebsta. This shift required him to adapt to new responsibilities and develop new skills. It also marked the beginning of his interest in learning to code, which eventually led him to pursue a more technical path.

Advice to Other Founders

Leverage Chrome extensions as a distribution channel.

With 90% of leads coming from their Chrome extension, it underscores the value of exploring unconventional avenues for user acquisition. This demonstrates that even seemingly small tools can have a significant impact on user growth when effectively designed and positioned within the market.

Focus on product-led growth.

While the Chrome extension thrived with its distribution channel, the enrichment app required a different approach. Not all products within their portfolio may grow the same way, and be prepared to adjust their strategies accordingly, targeting specific niches and CRM systems effectively.

Be open to reevaluating your direction and skills.

Craig's shift from sales roles to learning to code and founding Salesbolt showcases the value of strategic iteration and pivoting. Rather than sticking to one path, he adapted his skills and career trajectory based on his evolving interests and market opportunities.

Bonus

  1. When asked about his favorite book, Craig responded, 'The Psychology of Money' by Morgan Housel is one of his favorites.

  2. He has been inspired by Chris Voss, who was also a guest on Nathan Latka’s show.

  3. His current favorite online tool for Salesbolt has to be Jira. It's indispensable for managing tickets for his development team and facilitating seamless communication.

  4. Craig wishes he had known that starting something isn't as hard as it seems; sometimes, you just need to take the leap and do it.

TL;DR

Salesbolt, led by founder Craig Maxwell, is experiencing significant revenue growth through a combination of a powerful Chrome extension, Salesforce AppExchange expansion, and cost-efficient operations. Maxwell's resourcefulness and determination drive the company's success, and they are strategically positioning themselves for further growth in the sales and marketing technology industry.

PS Here is a link to the full interview if you are interested in listening to the full episode: Genius Way he Hit $20k MRR Using a Free Chrome Extension PLG Motion


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See you again next week.


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