How Trust & Will Achieved $1M+ Revenue with a Strategic Hybrid Model

In the rapidly evolving landscape of online services, Trust & Will has emerged as a leader in modern estate planning. Founded by Cody Barbo, the company offers a hybrid model that combines upfront fees with an ongoing subscription service. This approach has enabled Trust & Will to break a $1 million revenue run rate in 2019, with promising growth projections for the coming years. In this comprehensive blog post, we’ll explore how Trust & Will achieved these milestones, focusing on key metrics, growth tactics, and the strategies that set them apart in the real estate software industry.

2018: Launched with a Hybrid Model and Achieved First Revenue

Trust & Will launched its first product, a basic last will and testament, in the states of California and Texas in April 2018. This launch coincided with the completion of the Techstars accelerator program, marking the company’s official entry into the market. The hybrid model, combining one-time fees with a subscription plan, was designed to offer flexibility and affordability to customers.

Initial funding of approximately $500,000 facilitated the development of a robust platform capable of handling sensitive estate planning documents. The company’s first paid customer marked a significant milestone, validating the demand for a modern approach to estate planning.

How Trust & Will Used Partnerships to Drive 65,000 Signups

Strategic partnerships have been a cornerstone of Trust & Will’s growth strategy. One notable collaboration is with Haven Life Insurance, a subsidiary of MassMutual. This partnership integrates Trust & Will’s services into Haven Life’s benefits package, providing free wills for policyholders and driving significant customer acquisition.

Partnerships like these allow Trust & Will to offer their products at a wholesale rate, ensuring steady revenue while expanding their customer base. This strategy has contributed to over 65,000 signups, with a conversion rate of 10-20% to paid services.

2019: Expanded Product Line and Revenue Streams

In 2019, Trust & Will expanded its product offerings to include not just wills, but also guardianship and trust packages. The trust package, priced at $399 to $499 with a $50 annual subscription, has become a significant revenue driver, reflecting the growing consumer awareness of the importance of comprehensive estate planning.

These expanded offerings cater to a broad demographic, from young parents seeking guardianship solutions to older adults looking for complete trust services. By aligning their products with customer needs, Trust & Will has positioned itself as a go-to solution for estate planning.

Breaking the $1 Million Revenue Run Rate in 2019

The company’s strategic focus on partnerships and product expansion led to breaking the $1 million revenue run rate in 2019. This achievement was driven by both one-time setup fees and the anticipated subscription revenue, which is set to commence in 2020.

Cody Barbo, CEO of Trust & Will, emphasized the importance of transitioning to a subscription model to ensure long-term customer retention and revenue growth. By converting initial product purchases into ongoing subscriptions, the company aims to enhance customer lifetime value and reduce churn.

2020: Projected Subscription Revenue and Future Growth

Looking ahead, Trust & Will is poised to capitalize on its hybrid revenue model by fully implementing its subscription service in 2020. With a target of surpassing a $1 million subscription revenue run rate, the company is focused on leveraging existing partnerships and exploring new opportunities in the financial advisory space.

Barbo’s vision includes expanding Trust & Will’s reach through financial advisors and wealth managers, tapping into an extensive network of professionals who frequently discuss estate planning with clients. This channel sales strategy is expected to drive further growth and solidify the company’s market position.

The Road Ahead: Scaling with Venture Funding and Strategic Execution

Trust & Will’s recent $6 million Series A funding round is a testament to investor confidence in the company’s business model and growth potential. This capital injection will support marketing efforts, technology development, and team expansion, laying the groundwork for future success.

With a team of 11, including five engineers, Trust & Will is well-equipped to enhance its platform and expand its product offerings. The company’s San Diego location offers cost advantages, allowing funds to stretch further compared to other tech hubs.

In summary, Trust & Will’s strategic approach to growth, emphasizing partnerships and a flexible pricing model, has enabled it to exceed revenue targets and position itself as a leader in the estate planning industry. As the company continues to innovate and expand its offerings, it is well on its way to achieving new milestones and redefining the future of estate planning.

For more information, visit Trust & Will’s website or explore their profile on GetLatka. You can also learn more about the industry on the real estate software category page and discover other companies in the United States.