How WebPT Grew Into a Leading PT Software With Over $80M ARR -- #41
Heidi Jannenga, President and Co-Founder of WebPT, talks about how their cloud-based idea grew into the leading physical therapy software on the market. WebPT did over $80M in revenue last year with a 99% customer retention rate.
Visit https://www.leadquizzes.com/podcast for the complete show notes of every podcast episode.
Topics Discussed in this Episode:
- [01:38] How Heidi first came up with the idea for WebPT
- [06:03] How they saved a tremendous amount of money in building their platform by finding a technical co-founder
- [07:03] Launching their product, deciding on pricing, and getting customers
- [09:59] How much money they were saving versus how much money they were spending for transcription
- [10:41] WebPT’s secret sauce and how they started getting leads
- [13:13] Building WebPT’s marketing strategy
- [14:49] How much traffic they’re getting from their content and SEO
- [16:06] Creating brand awareness among university students
- [17:08] Doing trade shows and building their reputation
- [18:10] Going after the SMB space and engaging with their customers to improve their platform
- [20:53] WebPT’s retention rate in the past and now
- [21:52] The challenge of getting customers on board
- [23:54] WebPT’s workflow
- [25:42] WebPT’s Idea Portal and other ways of getting customer feedback
- [28:51] Bringing on a CEO and scaling the company
- [32:19] What made them decide to raise funds and how they did it successfully
- [38:17] Taking risks to grow the business
- [40:32] Growing through acquisitions
- [41:21] Why Heidi thought the business would fail and what she did about it
- [42:41] What had the biggest impact on WebPT’s growth
- [43:17] The area that Heidi had to personally grow in to grow the business
- Having a technical co-founder and a subject matter expert is a very good fusion to launching a successful product.
- What’s tremendously important during the early stage of a business is staying niche.
- The number one reason acquisitions fail is because there’s not a culture fit between the two companies.
- It’s okay to be vulnerable even as a leader. You don’t have to have all the answers, and it’s okay to say you don’t know. That vulnerability component in a leader can lead to loyalty.
- Know the impact that your business is having on customers.
- Bring people that are smarter than you into your business but still own that you’re the leader they’re looking up to.
“You can’t discount the actual product. The product has to work… If it’s a shitty product, you’re going to have a problem with people leaving.”
“As a leader, it’s okay to be vulnerable. I think too often we have our work selves and we have our out-of-work selves, and the authenticity is what people really migrate to.”
More from Heidi Jannenga:
Thank you for listening! If you enjoyed this episode, subscribe to this podcast! And don’t forget to leave me a rating and a review on iTunes!