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First 100, 1,000 and 3,000 customers, handling churn, and lessons on term sheets and LOIs from Review Wave

Matt Prados · Review Wave

Published September 1, 2022
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About this resource

Matt Prados, Founder of Review Wave, shares:

- How we got our first 100, 1000, and 3000 customers

- Churn and how to address it

- What he’s learned about term sheets and LOIs

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What you’ll learn

Matt Prados discusses building Review Wave through a deliberate in-person culture, pragmatic financing decisions, persistence through setbacks, and long-term relationships.

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Key moments

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Choose a working culture

“don't do decks yeah I'm like man you have such a [ __ ] good story but this deck is just not gonna work just let me do a deck and let me just interview you and he was game you're letting us do it so that's good so I mean I'm just I'm an operator I don't go around I don't speak on stages you know literally Nathan asked me to speak and I was like no I'm I'm actually not going to come I just archived that email I was like I got too much [ __ ] going on I went home that night and then I felt guilty because I've been exactly where you guys are in these seats and needing to hear one or”
Watch at 02:25

Build the company narrative

“that from a 99 starting point to 299 399 499 and with another 300 available add-ons so we definitely pushed the you know go up Market scenario there I was gonna say so on this screen right now everyone's saying you're spending 1800 bucks to get these doctors as customers but the average initial ACV is it was about what today so I mean you know you've got 35 000 is what our um you know guys calculated but in reality at our growth rate half of our customers”
Watch at 07:16

Consider liquidity choices

“no take the note don't ever try to raise during summer it was on vacation nobody wants to like make meetings and stuff so it's very hard to get VC firms to do anything during that time but yeah no we sent it out to everybody who basically reached out ever to us to just get some feedback see what the deal was uh that was you know probably 40 different firms from that we ended up in 30 different uh conversations and uh from that we got down to like three um based term sheets and uh you know and”
Watch at 12:04

Persist through setbacks

“would get this if it wasn't here um did you get into tax consequences of the secondary and how to process it and if so you know how did you think about doing that if you did close it so let me give you two options pay a lot of [ __ ] taxes yeah well so would you oh so two two big options right did you decide to go the route of having that 15 million go into the company first and the company repurchasing your shares or was it the investor buying your shares directly and then your which you have common and then and then they Auto convert the common the preferred in this round yeah the latter the latter yeah”
Watch at 16:38

Invest in relationships

“so we actually pay them uh 15 minutes a day to read and encourage them to read more and”
Watch at 21:32

Revenue growth

“Doubled Revenue Each Year, 5 years.”
Read slide 2

Customer-growth stages

“Let’s start with Section 1 Sell Idea I’m going to show you FIRST 100 CUST. First 1000 Clients 3000+ Clients Proof of Concept Scale Free Trials Month to month agreements 30 Day Money Back Guarantee Increase Offering Enterprise Clients Idea”
Read slide 7

Retention measures

“Let’s Jump in to Section 2 Retain Sales Expectations I’m going to talk about LOGO CHURN REVENUE CHURN NET REVENUE CHURN Quits Cohort Date vs Date White Glove Set Up NPS Downgrades Upgrades”
Read slide 13

Funding to accelerate growth

“Funding Will Accelerate Our Growth This funding only allows us to do what we are already doing, but faster”
Read slide 18

Review Wave core values

“Review Wave Core Values: We Show Up We L.U.R.N We Handle It We Win We Do Fun”
Read slide 20

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About the speaker
Matt Prados

Matt Prados

Founder · Review Wave

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Matt Prados is the Founder and CEO of Review Wave, a platform that helps healthcare practitioners gain and retain patients with 24/7 online booking and personalized post-appointment messages. Matt Prados started his career in sales and marketing after dropping out of college. He led as CEO of Chiropractic Traffic for six years while also founding Gotcha Local helping dentists and chiropractors with their sales and marketing.

Company revenue
$13M
Team size
200

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Slide text

Find a passage in the slides and open the original deck.

24 passages

Review Wave growth context

  1. Slide 1Open deck

    Matt Prados Founder of Review Wave Bootstrapped to $100m+ Valuation Founder500, Sept 2022

  2. Slide 2Open deck

    Doubled Revenue Each Year, 5 years.

  3. Slide 3Open deck

    Review Wave Revenue Growth

  4. Slide 5Open deck

    My Ask…

The client-growth story

  1. Slide 6Open deck

    3000 Clients and beyond Over the next 20 minutes: First 100 Clients I’m going to tell you my story SELL CHURN VULTURE CAPITALISTS First 1000 Clients Logo Churn Revenue Churn Net Revenue Churn Cold Emails NDAs and LOIs Turn your head and Cough

  2. Slide 7Open deck

    Let’s start with Section 1 Sell Idea I’m going to show you FIRST 100 CUST. First 1000 Clients 3000+ Clients Proof of Concept Scale Free Trials Month to month agreements 30 Day Money Back Guarantee Increase Offering Enterprise Clients Idea

  3. Slide 8Open deck

    Home Office 0-100 Clients

  4. Slide 9Open deck

    Section 1 Sell Idea I’m going to talk about FIRST 100 CLIENTS FIRST 1000 CLIENTS 3000+ Clients Proof of Concept Scale Free Trials Month to month agreements 30 Day Money Back Guarantee Increase Offering Enterprise Clients Build Out Management

  5. Slide 10Open deck

    2015, My Home in CA Garage Office First 1000 Clients

  6. Slide 11Open deck

    Section 1 Sell Idea I’m going to talk about FIRST 100 CLIENTS FIRST 1000 CLIENTS 3000+ CLIENTS Proof of Concept Scale Free Trials Month to month agreements 30 Day Money Back Guarantee Increase Offering Enterprise Clients Build Out Management

  7. Slide 12Open deck

    2015, My Home in CA December 2021: 3000+ Clients

Retention and churn

  1. Slide 13Open deck

    Let’s Jump in to Section 2 Retain Sales Expectations I’m going to talk about LOGO CHURN REVENUE CHURN NET REVENUE CHURN Quits Cohort Date vs Date White Glove Set Up NPS Downgrades Upgrades

Funding preparation

  1. Slide 14Open deck

    Buy Book - Venture Deals Let’s Jump in to Section 3 Vultures Dating Phase I’m going to talk about COLD EMAILS TERM SHEETS TURN HEAD & COUGH Rubber Meets the road Learn

  2. Slide 15Open deck

    … a peek at our deck

  3. Slide 16Open deck

    Review Wave at a Glance

  4. Slide 17Open deck

    How We Stack Up Review Wave is one of the only profitable SMB SaaS solution that is ready to help offices become more efficient

Funding and team

  1. Slide 18Open deck

    Funding Will Accelerate Our Growth This funding only allows us to do what we are already doing, but faster

  2. Slide 19Open deck

    Review Wave Team Experienced Founding team with deep connections and understanding of the chiropractic industry

Values and giving

  1. Slide 20Open deck

    Review Wave Core Values: We Show Up We L.U.R.N We Handle It We Win We Do Fun

  2. Slide 21Open deck

    My Top Book Recommendations Extreme Revenue Growth Winning 80/20 Sales & Marketing Never Lose A Customer Again How To Influence Friend 6. Giftology 7. What You Do Is Who You Are.

  3. Slide 22Open deck

    August 2022 Donate To Shit That Matters…

  4. Slide 23Open deck

    August 2022 Donations Operation Underground Railroad - We provided 16 weeks of groceries to survivors of human trafficking. NEGU - We provided about 165 Joy Jars to children battling cancer. USO - We provided 20 deployed soldiers the chance to record bedtime stories for their kids back home. We donated to Robb School Memorial Fund where 21 people lost their lives at Robb Elementary School. HumanKind - We provided 56 backpacks to kids for their first night in foster care. Soles4Souls - We donated 50 pairs of shoes to kids in need.

  5. Slide 24Open deck

    August 2022 Donations Mercy House - We provided 500 meals to individuals seeks refuge in an emergency shelter. The Autism Community in Action - We provided scholarships for 12 parents/caregivers to attend a conference where they will receive education and support. Foster Love - We provided 33 birthday boxes to foster youth. Operation Underground Railroad - We provided 25 human trafficking survivors with personalized therapy sessions. Mission Life International - We provided chiropractic prenatal care for 13 mothers and babies in Haiti.

  6. Slide 25Open deck

    September 2022 Matt Prados CEO of Review Wave