How We’ve Built a Killer Affiliate Program to Acquire Over 5000 Customers

B2B SaaS Podcast

In this episode of the B2B SaaS podcast, host Upendra Varma sits down with Dana Dunford, the CEO of Hemlane, a property management platform. Dana sheds light on Hemlane's unique approach to property management and the strategies that have propelled its growth, particularly focusing on the development of a robust affiliate program.

Here are the key takeaways:

Company Overview:

• Hemlane offers a hybrid property management platform catering to rental property owners seeking an alternative to traditional property management services.
• With a portfolio of 23,000 rental properties across all 50 states, Hemlane stands out in the market for targeting small mom-and-pop property owners.

Customer Acquisition:

• Dana emphasizes the challenge of creating a new category within an industry and discusses Hemlane's early reliance on referrals for customer acquisition.
• The company leveraged its network and personal connections to initiate warm introductions and gather valuable feedback from potential customers.
• Dana shares insights into Hemlane's affiliate program, which contributes to over 50% of customer acquisitions through strategic partnerships and referrals from satisfied customers.

Sales and Pricing:

• The average customer pays just over $79 per month, with an average portfolio size of eight rental properties.
• Hemlane's sales approach is low-touch, with demos provided as needed, reflecting the self-service nature of its target market.
• The company maintains a churn rate of less than 1%, focusing on maximizing revenue retention and ancillary services to drive additional revenue streams.

Funding and Growth:

• Hemlane has raised over $12 million in funding through Series Seed and Series A rounds, positioning the company for continued expansion.
• The company's strong performance has surpassed key milestones, with current projections well exceeding the $5-10 million ARR benchmark sought by investors for the Series B round.

Vision and Future Plans:

• Dana envisions Hemlane as a catalyst for eliminating the stigma associated with rental property ownership and empowering individuals to build passive income streams through real estate investments.
• The company aims to further scale its operations, enabling property owners to manage and expand their portfolios seamlessly from anywhere.