Genius Viral Strategy: Growing Our Live-Music Vertical SaaS to an Incredible $6M+ ARR

In this episode host Upendra Varma welcomes Matt Ford, co-founder and CEO of Prism FM, a vertical SaaS solution for the live music industry.

Here are the talking points,

Product:

• Prism FM organizes all elements of planning live events, including financials, paperwork, payments, and accounting.

Understanding the Customers:

• Prism serves various customer profiles, including music venue owners, performing art centers, Broadway organizers, and talent agencies.

Origins and Background:

• Matt's journey into building Prism stemmed from his experience as a concert promoter and tech entrepreneur.
• He identified the industry's need for a software system to streamline operations.

Initial Growth and Challenges:

• Matt initially closed the first 20 deals personally, leveraging his network and attending conferences.
• Transitioning from founder-led sales to a team-based approach, Prism explored channels like SEO/SEM and traditional marketing.

Sales Process and Pricing Strategy:

• Sales cycles vary, with smaller deals closing quicker and larger deals taking longer.
• Prism employs a sophisticated sales pitch focusing on price validation and showcasing value through time and efficiency gains.

Product Marketing and Network Effects:

• Word of mouth plays a significant role due to inherent network effects, with existing users advocating for Prism within their networks.
• Product marketing emphasizes the platform's ability to connect and streamline workflows between venues and talent agencies.

Team and Product Development:

• Prism's team consists of 26 members primarily focused on product development, engineering, sales, and customer support.
• Matt underscores the importance of in-house product development, emphasizing quality over outsourcing.

Funding and Vision:

• Prism recently closed a $5 million Series B round, totaling $15 million in funding.
• Matt envisions Prism becoming an industry standard within the live music sector, with plans for expansion and potential acquisitions.

Future Growth:

• While specific revenue targets remain uncertain, Matt believes Prism has the potential to reach hundreds of millions in recurring revenue.
• The focus remains on evolving the product to meet industry needs and capitalize on network effects.