By Noela Tuquero, TCA MarketingJason Wang is the Founder and CEO of TrueVault, the “TurboTax for data privacy” platform that helps direct-to-consumer businesses like MUD\WTR and Salt & Straw comply with global data privacy laws. TrueVault’s automated software makes compliance 85% cheaper and 87% more time-efficient than using lawyers or consultants ($3k vs. $20k and 5 hrs vs. 40 hrs). Beyond getting compliant, TrueVault’s software also helps businesses maintain continuous compliance with existing and future data privacy laws. With cost and time savings like these, it’s easy to see why businesses prefer TrueVault.
$0 to $1.2M ARR in Three YearsIn just 3 years, Wang and his team have built TrueVault into the best ‘one-stop’ solution for data privacy compliance. In terms of milestones:
- TrueVault went from $0 to $1.2M ARR in 3 years.
- In 2022, the company’s revenue growth rate was 525%.
- In 2022, the company’s new customer growth rate was 188%.In today’s ‘How Did You Do It?’, we sat down with Wang to hear exactly how he and his team achieved these growth metrics.
How Did They Do It?The key to TrueVault’s success has been the company’s targeted customer acquisition strategy. TrueVault’s average deal cycle is just 24 days, taking the company, on average, only 1.2 calls to close a deal. With an impressive 48% close rate, TrueVault’s sales approach has helped them land customers such as Huckberry, Citizens of Humanity, and more. What makes their approach so effective is the emphasis placed on identifying and targeting the ‘right customer.’
“We are laser-focused about who we go after,” says Wang. “We put a lot of work into the initial filtering so that once we get the right person (from the right business) on the call, we can provide the most relevant actionable information.”
Before reaching out to a prospect, Wang and his team conduct an initial survey of the company’s website to determine if they 1, may need to be compliant, and 2, are not currently compliant. From there, they utilize LinkedIn to identify the right people at each company to reach out to. Then his team uses a homegrown tool to locate and verify each prospect’s email before adding them to an automated outreach system. During each discovery call, Wang and his team waste no time explaining exactly how the company is non-compliant and why TrueVault is the best solution for them. This data-centric sales approach has helped TrueVault to differentiate itself from competitors and has been an integral factor in the company’s success.
A Note for the TCA Network:If your company meets any of the following requirements, you may be at risk of being non-compliant (Sephora was fined $1.2 million over CCPA violations):
- Your company’s global revenue is over 25 million.
- Your company collects personal information from more than 100,000 people or households in a year from California.
- More than 50% of your revenue comes from retargeting (Facebook ads, Google ads, etc.)Contact Jason Wang and his team to learn how TrueVault can help your business get and stay compliant.
Jason Wang: firstname.lastname@example.org
Disclaimer:The views, information, or opinions expressed during the interview series is solely those of the individuals involved and do not necessarily represent those of Tech Coast Angels and its employees, consultants and interns. Tech Coast Angels is not responsible and does not verify for accuracy any of the information contained in the podcast series available for listening on this site. The primary purpose of this interview series is to inform. This Interview series does not constitute medical or other professional advice or services.#TechCoastAngels #TCA #TrueVault #HowDidYouDoIt? #JasonWang #RevenueGrowth #SaaS #Data #DataCompliance #Compliance #CCPA