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The Top Entrepreneurs in Money, Marketing, Business and Life

Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! The Top is FOR YOU IF you are: A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4) STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7) An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1) The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14). Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries. Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at NathanLatka.com/TheTop
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Aug 13, 2017

Mikita Mikado. He’s the CEO of PandaDoc, a company founded to accelerate the way organizations transact. He’s an entrepreneur, engineer, and executive focused on creating self-sustaining companies.

Famous Five:

  • Favorite Book? – Pitch Anything
  • What CEO do you follow? – Satya Nadella
  • Favorite online tool? — Google Calendar
  • How many hours of sleep do you get?— 8
  • If you could let your 20-year old self, know one thing, what would it be? – Mikita would tell himself that he doesn’t have to focus on making so much money and just focus on learning as much as he can

 

Time Stamped Show Notes:

  • 01:24 – Nathan introduces Mikita to the show
  • 02:03 – Jared Fuller was in episode 193 of The Top and is still part of PandaDoc
  • 02:25 – PandaDoc helps organizations the way they transact
    • 02:39 – all kinds of transactions
  • 02:52 – PandaDoc focuses on deals that have substantial value and paperwork
  • 03:06 – PandaDoc can build proposals, quotes, contracts and close deals in a digital fashion
  • 03:30 – PandaDoc’s RPU has increased since last year
  • 03:56 – Annual deals
    • 04:10 – Average customer pay
  • 05:10 – PandaDoc gets most of their customers from word of mouth
    • 05:32 – Using SEO to expand operations
  • 06:15 – PandaDoc gives their small customers templates that they can use in their deals
  • 06:58 – The marketing team finds keywords that are most popular and relevant to them
    • 07:20 – They use Moz and other tools to find keyword
  • 07:59 – PandaDoc isn’t built on top of PDF
  • 08:03 – The templates from PandaDoc are in HTML and not PDF
  • 08:41 – QuoteRoller was the first product that was launched in 2011
    • 08:56 – Pivot to PandaDoc at the end of 2015
  • 09:06 – Team size is now 106
  • 09:23 – The last year total raised was $4.5M in cash and $2M in debt
    • 09:41 – Currently, debt has been paid
    • 09:50 – Total amount raised is $19.5M
  • 10:17 – PandaDoc has more than 7K customers
    • 10:30 – 2 different cohorts of customers
    • 10:55 – PandaDoc has a legacy product and a new product
  • 11:22 – Gross churn is satisfactory
    • 11:50 – From last year’s revenue churn, it was 9%
    • 13:21 – Some inbound marketers use PandaDoc to close a deal then will stop using it
    • 13:50 – 5% monthly logo churn is high for Mikita
  • 14:38 – PandaDoc has around 100 team members and 2 are focused on target customers
  • 15:13 – CAC and LTV varies
  • 16:00 – Mikita is trying to get under 12 months of payback period
  • 16:29 – Fully weighted CAC can be $1200
    • 16:48 – How Mikita assumes CAC
  • 18:47 – The industry’s rule of thumb for payback period is 1.13 of ACV or 14 month payback period
  • 19:05 – PandaDoc has channels with a payback period of 6 months and 2 years
  • 19:29 – PandaDoc has an outbound sales team that is their delta force
    • 19:54 – The outbound sales team finds the industries that PandaDoc should target
    • 21:05 – Paid spend total is under quarter of a million
    • 21:19 – PandaDoc is closed to hit a million in MRR
      • 22:08 – “We want to make an impact”
      • 22:22 – This is a horizontal product
    • 23:47 – PandaDoc focuses on workflow and the actual collaboration on the workflow
      • 23:58 – “We want to system of records for deals or transaction”
    • 24:05 – PandaDoc isn’t going to the CRM space
      • 24:18 – Mikita has been in the CRM space before
      • 24:43 – One of the challenges of CRM now is the emergence of AI
    • 27:12 – Mikita’s consideration on price of acquisition
    • 30:20 – The Famous Five

 

3 Key Points:

  1. Create a product that can serve a different market and fill the gap that the others haven’t seen.
  2. Let your goals guide you, but also keep in mind that having a business means being responsible for your employees.
  3. Multiple revenue cohorts will lead you to multiple marketing and sales strategies.

 

Resources Mentioned:

  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives

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