Michael Hollauf, cofounder and CEO of MeisterLabs. The company works to provide resources to collaborate across digital platforms. Now they are introducing a new service, MeisterTask, which focuses on better task management and a fun user experience. Hear about how MeisterLabs has hit the ground running and is continuing to introduce new tools to help businesses and entrepreneurs succeed.

Famous Five:

 

• Favorite Book? – Rich Dad Poor Dad
• What CEO do you follow? — Stewart Butterfield
• Favorite online tool? — Slack

• Do you get 8 hours of sleep?—Yes
• If you could let your 20 year old self know one thing, what would it be? — Buy a flat in London. Be bold. Do it earlier.

 

Time Stamped Show Notes:

• 01:05 – Nathan introduces Michael
• 01:35 – Managing director of MeisterLabs
• 02:20 – MeisterTask
• 03:10 – Trello was their inspiration
• • 03:40 – Better task management
  • 04:00 – Something more fun to use and focused on tasks
• 04:15 – 550000 users
• 05:10 – 60% of the downloads are through the app store
• 05:30 – Some features only available in the premium model
• 06:00 – 5000 paying customers
• 06:50 – Why people upgrade
• • 07:00 – Better integration
• 07:20 – Funding
• 08:00 – MeisterTask revenue for 2015 was $20k
• 08:20 – MindMeister was $2.5 M
• • 08:35 – Monthly recurring was $220k
  • 09:00 – 5 million users
  • 09:15 – 30000 paying customers
  • Collaboration for mind maps
• 10:10 – Cost to acquire a new customer is about $30
• 10:30 – 27% annual churn
• 11:50 – Average customer stays for about 20 months
• • 12:05 – Monthly plan was changed to a longer plan, which increased retention
• 12:30 – How MindMeister is growing
• • 12:40 – about $25k/month on Google Ads
  • 13:00 – best keyword is “mind mapping”
• 13:30 – Competitors
• 14:00 – Goal for the business is to create a suite of products
• 14:50 – MeisterTask valuation
• 16:00 – Michael Hollauf on LinkedIn
• 16:22 – [email protected]
• 28:35 -- The Famous Five

 

3 Key Points:

• Don’t be afraid to draw from ideas of existing companies.
• Establish your end goal for your business.
• Be bold. Start your business early.

 

Resources Mentioned:

• Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
• Freshbooks - The site Nathan uses to manage his invoices and accounts.
• Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
• Trello – A similar service to MeisterTask that inspired Michael
• Slack -- Another online tool that inspires Michael and his team
• Show Notes provided by Mallard Creatives