Learning how to sell when it is (almost) too late2 min read
On this month’s episode of the Struggle, with talk with Joachim Klein, President of ThreeKit. Originally from Germany, Joachim has been living in San Francisco for the past three years.
ThreeKit is Joachim’s fourth foray into Enterprise SaaS, a field he is fully subscribed to at this point. He started off his path in a company called BigMachines, the subject of the conversation on this episode.
Joachim joined it in September 2000 as EMEA MD, nine months after BigMachines had been started. The startup helped manufacturing companies provide the best possible quotes for their big machines. Joachim remembers the first year as particularly exhilarating. They were receiving a lot of interest from prospects, had many great conversations with them and all in all got a lot of praise for the problem they were tackling. On top of that, they had raised $30 million in funding so there was plenty of money in the bank. Bullish about the future of the company, BigMachines hired a lot of people that year, preparing for the demand they would get once these prospects became customers.
Sounds great, doesn’t it? This wouldn’t be an episode of the Struggle if BigMachines lived happily ever after, would it? They ran out of money before they had sold anything. On the verge of bankruptcy, BigMachines was forced to lay off 70% of its workforce. Joachim lost his entire team.
One night during this rocky period, Joachim’s wife asked him, “Would you invest in BigMachines right now?” and Joachim admitted, “No, I wouldn’t put even $100 in. The company is dead.”
The company didn’t die and instead eventually got acquired by Oracle but not before a major turnaround, achieved thanks to a lot of self-reflection, change, and learning how to sell. That’s the story of this episode of the Struggle.
If you can be as honest and open as Joachim or any of the other guests we have hosted on the Struggle, get in touch and send us your story on [email protected]
How to build a massive SaaS business selling to SMEs
If you are not subscribed, join the community by subscribing here and share it with your fellow SaaS enthusiasts. “Churn is the single most important metric in any recurring revenue business. That applies to enterprise, consumer, and SME”, said Mark MacLeod, Coach, Advisor and Investor, on SaaStock’s Dublin stage. Just take a cohort of 100K of…
Lessons from 47 leaders in Growth, with Arthur Nobel (Knight Capital)
In this week’s episode of the SaaS Revolution Show, SaaStock’s Alexander Theuma is in conversation with Arthur Nobel, Principal at Knight Capital. Arthur shares lessons he’s learnt from 47 leaders in growth. Arthur shares: ✅ Findings of raising between Series A to C ✅ Strategic vs internal challenges SaaS companies are facing about scaling ✅…
How to scale your SaaS Business with a Self-Service Knowledge Base
This is a sponsored post by Kovai.co. SaaS businesses encounter many problems as they scale, but one of the crucial problems to have is too many customers. Usually, when a business is just starting out they take pride in helping each individual customer personally. However, this strategy is not a long-term solution. As the company…