Rich Liu: The GTM Story of Navan ($9+ Billion Valuation)

Navan is revolutionizing the business travel and expense management space, transforming how companies handle their T&E needs. With over $1.5 billion in funding, Navan has expanded its services to process billions in travel budgets for thousands of customers worldwide.

In a recent episode of Unicorn Builders, I sat down with Rich Liu Liu, CEO of Navan Travel, to learn about the company's journey from a startup to becoming a leading provider of comprehensive T&E solutions for businesses of all sizes.

When Rich joined Navan (then TripActions) as CRO in 2018, the company was at the end of its Series A funding round, about to raise its Series B. Rich described the company at that time as a small, energetic startup operating out of a former Box Software office in Palo Alto. The team was tightly packed across three or four floors, with a palpable energy and a focus on solving customer problems quickly. The company had just begun to gain traction with early adopters in the tech industry but was still in the early stages of developing its go-to-market strategy and scaling its operations.

Topics Discussed:

• Navan's evolution from a travel-focused platform to a comprehensive T&E solution
• The company's strategy for scaling and expanding into new markets and segments
• Navan's approach to building a global infrastructure to serve customers worldwide
• The impact of product-led growth on Navan's expansion
• Navan's perspective on category creation and positioning in the market
• The challenges and successes in educating the market about their value proposition

#1: Sequence your go-to-market expansion strategically

Rich emphasized the importance of prioritizing markets where you can sell effectively today while building capabilities for future segments. "It was really important to not try to do all of those at once," he explained. B2B founders should assess their current product capabilities, identify gaps, and sequence their market expansion efforts. This approach allows for rapid growth while ensuring each new market or segment is properly resourced and executed. Don't spread yourself too thin by trying to tackle every opportunity simultaneously.

#2: Evolve your narrative for different buyer personas

Navan shifted from selling "Netflix for travel" to positioning their solution as a strategic lever for CFOs. Rich noted, "What we're actually building is this pretty important and valuable tool stack to help you start to visualize." B2B founders should adapt their messaging as they move upmarket or target different decision-makers. Develop narratives that resonate with the specific pain points and goals of each key persona in your target accounts.

#3: Implement rigorous enablement processes for messaging alignment

Rich stressed the importance of aligning the entire team on messaging. He described how "Ariel and Ilan would sit with the field team daily and then weekly until we can actually download what's in their brain." B2B founders should create structured processes to ensure consistent messaging across the organization. Consider daily or weekly sessions to transfer knowledge from leadership to the broader team, especially when introducing new positioning or entering new markets.

#4: Don't force category creation for its own sake

Rich addressed the trend of category creation, saying, "There's a pure marketing spin to that. But then there's sort of like the real nuts and bolts side of it." He emphasized focusing on solving real customer problems rather than artificially creating a category. Rich explained Navan's approach: "It's not so much a category of like, oh, let's go create something that draws a ring fence around, something that therefore we can own. It's actually looking at... If we were to look at all the stuff that needs to happen for a strong T&E program to work... how would you draw a ring fence around it?" B2B founders should prioritize addressing customer needs comprehensively. A new category may emerge organically from solving real problems, rather than being forced as a marketing exercise.

#5: Hire a CRO based on your 12-24 month objectives

Rich emphasized the importance of aligning your CRO hire with your near-term goals: "You need to hire the best for what you need done over the next twelve or 24 months." He advised founders to consider their specific situation: "What do I actually need to accomplish in this area over the next twelve to 24 months?" B2B founders should avoid the temptation to hire the most senior or experienced CRO available. Instead, focus on finding someone whose skills and experience match your current stage and immediate growth objectives. As Rich noted, "If you're saying three or four years, you might be a totally different company and that person might not be able to catch the rope from where it is today."

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