Any business’s success can be directly attributed to the quantity and quality of relationships each leadership team has within its community and ecosystem. The ability to open doors and get deals done is due in large part to who you know and how much value you can provide them.
ParkBench has sought out to help real estate agents become the “digital mayor” of their neighborhood and build long-lasting relationships throughout their communities. Their technology aggregates local events, deals, and news while giving agents a platform to interview and feature local community members in well-written articles that provide value to the community right away.
How much is ParkBench doing in MRR?
ParkBench is a SaaS product that also offers marketing services to real estate agents via their sister agency. Their customers, on average, pay between $4,500 and $5,000 for an annual subscription to their software, paid upfront.
The company is serving approximately 1k total customers as of June 2017. According to CEO Amanda Newman, ParkBench added 150 new customers and did $628k in MRR in May of 2017, scaling rapidly from just $80k in MRR and 215 customers 12 months prior.
What is ParkBench’s churn?
ParkBench is exhibiting gross logo churn of 2.75% on a monthly basis at present, with approximately 60-70% of customers currently renewing their annual subscription. The company spends $65k on advertising spend each month, with most of their efforts focused on Facebook ads. ParkBench pays $675 to acquire a new customer today.
In regards to lifetime value, Newman explained that the company estimates an LTV of $13k over approximately 3 years at this point in time. Going forward, ParkBench is looking to spend less on paid advertising spend, due to diminishing returns, and honing in on content creation to drive organic traffic.
How much has ParkBench raised?
ParkBench was accepted into 500 startups in 2016 and used their $125k investment to drive additional growth. Aside from this sum, the company has not raised any outside capital and has not plans to do so in the near future. Newman and their entire team of 30 full-time employees are focused on continuing to grow the business and potentially diversifying their portfolio.