The Ledger
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Miro's conversion rates fell when free users tested premium business features
“The most popular features, which were the drivers of conversion from starter to business plan, they said, let's pick those two or three features And allow starter plan users to test them out, and they'll see more value, and they'll upgrade. The reverse happene…”
Miro initially required a five-user minimum to ensure teams experienced full value
“When Miro was an early product, the outcome that we are trying to achieve was make sure the users love the product. And they figured out that user love happens when a lot of people come together on the Miro board and collaborate. That's when users get enough v…”
Miro saw a 15% conversion lift by paywalling GIF playback
“One example at Miro was GIFs were very popular, and there was a limitation on free plans to play GIFs. Putting a paywall there, we thought would convert a little bit. The conversion was very big. It was 15%.”
Miro set a 20-user business plan minimum to prevent smaller teams overpaying
“And so when we introduced the business plan, which had security features like SSO included in it, we set another threshold. We set 20 users minimum for the business plan, because if you were smaller than that, You could pay us the higher price, but maybe you w…”
Husid: Miro Uses a Different Search Firm for Almost Every Hire
“Since then, every hire I make, I engage executive search firm. And almost for every new hire, we hire a different executive search firm because we are trying to find the one that specializes on specific area and who have a strong tracker record in that.”
Husid: Adding People and Processes Often Slows Scaling Companies Down
“A lot of people may think that when you scale the company, every net That new employee and that new process can accelerate you, but in a lot of cases it actually slows down us.”
Husid: Investors should accelerate profitable businesses, not sustain them
“So when we build the company, we build it for profit, and investors can accelerate that business, but they can't, kind of, be the only source of that business.”
CEO Andrey Husid Reviews Every Job Offer for Miro's 1,600-Person Team
“We are almost 1600 people. I review every job offer that comes out in the company.”
Husid: Miro is the largest European productivity collaboration company ever
“We've built the kind of biggest productivity collaboration company out of Europe, Ever.”
Miro found reducing paid seat minimums to one did not hurt metrics
“And then as Vero grew and we were scaling up, we wanted the product to be available to everyone. And then we did experimentation and we figured out, Hey, we can now reduce the limits down to one user without actually hurting any of our key metrics.”
Lacher: Visionaries Club LPs Are Exclusively Successful Entrepreneurs and Founders
“The difference from our LP base compared to other VCs is that we only have successful entrepreneurs. So we have 25 unicorn founders, like the founders of UiPath, Miro, Flix, Barcello, Fresh.”
Husid: Miro Scaled From 240 to 1,600 Employees During the Pandemic
“We scale from two 40 to like almost 1600 now.”
Husid: Miro Is Reevaluating Pricing, Messaging, and Headcount From Scratch
“Now entering absolutely new phase, and I need to reevaluate all assumptions we have around every aspect of the company in terms of like head count, in terms of value that we are offering, in terms of messaging, in terms of pricing, in terms of way we servicing…”
Husid: Miro Hired Over 50 Department Heads During the Pandemic
“We entered pandemic with 240 people in a team, and we were lacking senior leadership in a lot of areas. We were lacking middle management in a lot of areas, and through pandemic, we hired more than 50 heads of different parts of the business, which is pretty c…”
Jacobson: Miro Has Approximately 35 Million Total Users
“Right now, you've got, I think, thirty-five million you know, total users, and still growing in a very fast clip”
Husid: Miro grew 3x year-over-year right before the pandemic
“But just before pandemic, we were growing three X year over year, which is pretty normal growth.”
Husid: Miro Reached $5M ARR Before Building a GTM Team
“And then all in 2018, when we were around five million ARR, we started to build our go-to-market team.”
Husid: Over 70% of Miro's Workflows Are Asynchronous, Not Real-Time
“A lot of people start to associate us with the remote work, but actually more than 70% of our workflows were asynchronous.”
Husid: Miro Is Actively Pursuing European Product Engineering M&A
“And we started to do M&As. And of course our core focus on M&As is in Europe today. Because as I said, like product engineering is, is here and all our M&As are focused on, on product engineering. And we did a couple already. Like we closed one last year. We c…”