Formstack CEO Chris Byers explains how Formstack differentiates itself from free competitors like Google Forms by focusing on multi-user process automation.
Insight
Byers: The core web forms market cannot support a $100M business
“As you grow, you know, as you grow a business, one of the things that gets obviously more challenging is, I mean, realistically, the core and initial market forms, let's say, it's just, it's not going to grow to a hundred million dollar business.”
Insight
Byers: 12-month payback is safer than targeting 3x LTV/CAC
“We actually went back to the twelve-month payback because it, A, is simpler for people to understand. It's actually a little bit more conservative because you can get pretty crazy in terms of keeping a, say, three LTV to CAC ratio.”
Disclosure
Byers: Formstack targets $100M in revenue rather than seeking an acquisition
“Yeah, I think at this point, we're still trying to grow a really Large enterprise, and I think we're trying to figure out how do we get to a hundred million dollars in revenue. And so, of course, we're always going to be entertaining, you know, an offer or som…”
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Byers: Formstack customers pay an average of $60 to $80 monthly
“On average, 6070, 80 bucks a month.”
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Formstack reaches 16,000 paying customer accounts and 100,000 active users
“I've grown to kind of 16,000 and there were about a 100,000 kind of active users sitting on top of those paid accounts.”
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Formstack sustains 30% to 40% annual growth over multiple years
“Yeah, I mean, we, we've kind of been in the 30 to 40% growth range probably for the past few years.”