Time with MyTime, Part I: Bringing Saas to Local On-Demand Services (video)
SMB scheduling and operations platform MyTime is bringing the local On-Demand economy (LODE) to established SMBs, as opposed to the “gig economy” where the discussion usually lies. We discussed with CEO Ethan Anderson during a Keynote at BIA/Kelsey NOW (video below).
In appealing to SMBs with an expanding suite of operational tools to acquire and schedule appointments, MyTime may have also cracked the code for local media’s most nagging and longstanding challenges: on-boarding and retaining SMBs.
As for on-boarding, it populated its scheduling platform with 2 million SMBs, most of which it doesn’t work with. Then when a request for an appointment comes in, it contacts that SMB with a new customer. That naturally leads to a light pitch to use MyTime on deeper (paid) levels.
This “come bearing gifts” approach has proven to warm up potential SMB clients, as opposed to a traditional local advertising sales pitch. The latter is getting more and more challenging with the escalating volume of local media and advertising pitches bombarding SMBs.
As for retention, MyTime applies a principle we’ve examined for a few years: the “operating system for SMBs.” This naturally aides retention because the switching costs of an operational necessity (i.e. scheduling platform) is much higher than, say, an ad campaign.
The cost structure is also simplified, which is vital for non-tech savvy SMBs whose expertise lies instead in their craft. This takes form in a monthly service fee ($9.99 to $39.99), which brings SMBs the model that’s worked so well in the enterprise software world: Saas.
The result of all of this is that MyTime has signed up more than 10,000 businesses, and it’s adding 1,000 new accounts every month. Next it’s looking to grow its Scheduler platform, as well as new complimentary SMBs services such as reputation management.
That and other principles and examples from MyTime can be seen in video embedded below.