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In episode #5, Anna Nadeina talks with Henrik-Jan, co-founder and CEO of Perdoo, a strategy execution and OKR software.
Henrik-Jan hails from the Netherlands and has a diverse educational background. He studied law but quickly realized that a career in law was not for him. Transitioning into management consulting, he focused on implementing strategic projects rather than developing strategies. This experience set the foundation for his entrepreneurial journey.
The Birth of Perdoo
Perdoo’s inception was not a glamorous tale but rather a simple idea. While exploring various business concepts with his co-founder Jonathan Morris, they stumbled upon the concept of OKRs (Objectives and Key Results) through a Google Ventures video. This sparked the idea to create software that would help companies manage their OKRs effectively.
The duo launched a simple landing page to gauge interest, which resulted in 1,500 signups in the first month. This validation encouraged them to develop a prototype, ultimately leading to the creation of Perdoo.
Evolving from OKR Software to Strategy Execution Tool
Initially, Perdoo focused solely on OKRs, but over time it evolved into a comprehensive strategy execution tool. This transition came from recognizing that companies needed a more holistic approach to strategy management that included resource allocation and performance tracking.
Customer Acquisition: Inbound Marketing and Ideal Customer Profile
Henrik-Jan emphasizes the importance of organic traffic. Early on, Perdoo relied heavily on content marketing, including ebooks and videos, to attract customers without spending on paid ads. This approach allowed them to bootstrap their business effectively.
Initially, the team lacked a clear Ideal Customer Profile (ICP), as they received diverse customer inquiries. However, after analyzing incoming leads over four to five years, they developed a well-defined ICP that focused on tech companies, which represented around 60% of their customer base.
Funding Decisions: Bootstrapping vs. Venture Capital
Henrik-Jan and his co-founder initially bootstrapped the company, relying on angel investments rather than pursuing venture capital. While they raised approximately €600,000, most of it came from convertible notes. They valued investors who understood their business model and provided resources beyond just cash.
They consciously avoided venture capital, believing that their niche product required a different approach to growth. Instead, they focused on sustainable growth and profitability, which allowed them to maintain control over their company.
The Impact of Competitors and Market Dynamics
As the market for OKR software became more competitive, Henrik-Jan noted the challenges of competing against VC-backed companies. These competitors often had substantial marketing budgets, making it difficult for Perdoo to maintain visibility in search results. However, Henrik-Jan remained confident in their approach, believing that sustainable growth would lead to long-term success.
Customer-Centric Approach and Building Relationships
Perdoo’s customer-centric approach has been instrumental in its success. The company emphasizes the importance of understanding customer needs and providing exceptional support. They offer coaching services to help customers implement OKRs, which has been a valuable source of feedback for product development.
Additionally, Henrik-Jan highlights the significance of building relationships with customers. By engaging with them through coaching and support, they gain insights into their challenges and can tailor their product accordingly.
Content Marketing as a Growth Strategy
Content marketing has played a crucial role in Perdoo’s growth. By creating valuable content, they have established themselves as thought leaders in the OKR space. This strategy not only attracts new customers but also helps retain existing ones by providing ongoing value.
Lessons Learned in Recruiting
Henrik-Jan candidly discusses the challenges faced in recruiting. He acknowledges the mistakes made in hiring and the importance of addressing issues with team members promptly. Keeping toxic employees on board for too long can negatively impact the company culture and overall productivity.
Keys to Success: Weekly Co-Founder Meetings
One of the best practices Henrik-Jan recommends is holding weekly meetings with co-founders. This practice fosters open communication, alignment on goals, and quick decision-making. Even in a remote work environment, these meetings are essential for maintaining cohesion within the team.
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