Learn the secrets of Evernote CEO Phil Libin’s successful strategy for taking a freemium business model into profitability.
Om Malik, GigaOM founder, knows that digital-locker software company Evernote “is an unlikely success story in Silicon Valley,” but much of the credit for that success goes to Evernote CEO Phil Libin. Entrepreneurs can learn from the Evernote CEO and his company’s strategies, and Malik touches on several of these in his post. Malik first points to Evernote’s “frictionless” reach, as it’s “available on pretty much every platform” from mobile to desktop. Even though Evernote is run on a freemium model, the software is designed so that “the more people use it, the more they will pay for it.” The company developed “end points such as apps and browser extensions in order to keep growing” and to keep people using it more and more.
Evernote CEO Phil Libin also laid out a careful plan every year, starting with growth in 2009, variable cost management in 2010, user engagement in 2012, and finally converting users to paying customers in 2013. With careful planning, a cross-platform vision from the beginning, and an eye on the prize while sticking with a freemium model, Evernote CEO Phil Libin’s playbook is one that every entrepreneur can learn from.