Rod Favaron - CEO, Spredfast


Rod Favaron, CEO Spredfast

Rod Favaron is currently the President and CEO at Spredfast, a social analytics and management software company. Spredfast is a portfolio company of Lead Edge Capital. Rod is a successful serial entrepreneur. He was formerly the CEO of Lombardi Software, a business process management software platform that sold to IBM in 2010. Prior to Lombardi, Rod was the CEO of Mediaprise, a brand resource management solution for multi-channel marketing.

Summary Notes on SaaS

Key SaaS metrics
Must have clear metrics for pipeline tracking and lead tracking relative to marketing dollars spent
Conversion tracking is critical – win rates overall/per vertical, bookings and booking growth
Usage patterns are key once customer is onboarded
Customer success – conducting surveys and measuring happiness (renewals are best indicators)
It helps to capture KPIs and every 90 days and send these back to customers to make sure they are hitting their business goals
Retention metrics
Dependent on size of customer and if it’s a 3rd gen product or new product
For a more mature market with more enterprise customers, the company should have 90%+ renewal rates, revenue retention 100%+
For a brand new market, a company should strive for 80%+ renewal rates
Best practices on Services
Important to identify what skills customers have, where they have gaps and if they can fill these gaps themselves
Why SaaS companies are valuable