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Approaching Half a Million Customers: How to Win in SMB with BILL CEO and Founder René Lacerte
- BILL CEO and Founder René Lacerte talked about winning in SMBs and how Bill managed to achieve 80% gross margins. He emphasized on knowing your why, why are you doing what you're doing and maintaining HARD goals (heartfelt, animated, required, and difficult) as your motivation. He shared that customers aren't asking for AI, they're asking for moving money faster, creating a specific workflow, and insights and forecasting so they can be strategic. There is more stabilization in the wait-and-see economy as per Lacerte and investing for growth has been pretty flat year over year for SMBs.
- BILL provides great value to customers and is more immune to some effects when 'cheap.' The mobile phone user has the highest NPS in BILL as it's super simple and easy. Selling to multiple stakeholders in SMBs is challenging. René suggests focusing on all stakeholders vs just the contract signer.
- BILL is unique because it centralizes the money, creates a moat around network members with its payment capabilities and connects your documents, employees, suppliers, and every part of the transaction.
- BILL aimed to create a category around financial operations for SMBs and succeeded, reaching around $1.3B in revenue. LTV continues to grow, and people tend to stay for a long time. Customer attraction is easier when you fill a need that nobody else is filling. The first 90 days have higher attrition rates.
- BILL's core customers are around 6 million businesses with employees, but it can continue to add more customers and products into financial operations that expand the TAM. Bill has created a second act with its acquisition of Divvy, a Leader in Spend Management for SMBs in 2021.
- René believes that fundamental technologies become fundamental, not because of hype, and AI will be a more integrated part of all of BILL's platforms. They make five million predictions daily using AI on all documents coming in, helping customers move money faster and be strategic about their spending.
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