SaaS Interviews with CEOs, Startups, Founders
EP 402: 25 Years Old, $32 Million Raised, $11 Million 2015 Transaction Volume with Brian Wong of Kiip
30 Aug 2016
Chapter 1: What is the main topic discussed in this episode?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base.
Chapter 2: What is Kiip and how does it generate revenue?
You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per top. Five and six million. He is hell-bent on global domination.
Chapter 3: What was Brian Wong's journey to founding Kiip?
We just broke our 100,000 unit sold mark. And I'm your host, Nathan Latka. Okay, Top Tribe, this week's winner of the $100 is Rich Jones.
Chapter 4: How much capital has Kiip raised and what are its revenue figures?
Okay, Rich Jones, he is stuck in corporate. He wants to break free.
Chapter 5: What unique revenue model does Kiip use?
He's binging on the show. For your chance to win 100 bucks every Monday morning, simply subscribe to the podcast right now on iTunes and then text the word Nathan to 33444 to prove that you did it.
Chapter 6: How does Kiip's engagement rate impact its business?
top tribe you know i don't have a lot of time to waste that's why i use fresh books to send out invoices and make sure i'm collecting my money to get your free month go to nathanlatka.com forward slash fresh books and enter the top in the how did you hear about us section
Chapter 7: What lessons has Brian Wong learned from his co-founders leaving?
Top Drive, this is episode 402. Coming up tomorrow morning, you're going to learn from Max. His company has raised 650 grand.
Chapter 8: What goals does Kiip have for 2016 and beyond?
It's based in Finland. They've just passed 600 customers. And it's a SaaS company called Promorepublic.com. Top Tribe, good morning. Our guest today is internet entrepreneur Brian Wong. Many of you may or may not know him.
He is the co-founder and CEO of Keap, a category creating mobile rewards network that is redefining mobile advertising through an innovative platform that really leverages moments of achievement inside of games and applications to simultaneously benefit users, developers, and advertisers all at once. It's the trifecta. Brian, are you ready to take us to the top? I am. All right, let's do this.
Okay, first things first. Tell us what Keep does and how do you generate revenue? So Keep is a platform that's embedded into now almost 5,000 apps and it takes triggers or actions that you do in those apps like leveling up in a game or finishing a run or crossing off a to-do in your to-do list app and then rewarding you with something that's sponsored by a brand.
So you could finish running in a running app like RunKeeper per se and then Gatorade could be there to reward you. And we make money by the brands wanting to get into these moments, be in a non-interruptive experience, on mobile and advertising to you and paying to essentially be a part of these moments and to reach new consumers.
So is this like Gatorade says, we want to put $10 million through Keep, you're taking a percentage of that, and then you're figuring out at what moments, whether it's the run through RunKeep or whatever, to introduce Gatorade to the consumer. Is that accurate? Exactly. Okay, got it. So what is the percentage you take on the spend?
So we typically do a 50-50 rev share with our publishers, and so we do have these apps that integrate, and part of their incentive is They get to make money, but at the same time, because we're rewarding their users, we actually increase retention for them as well. So not only do we make money for them, we also help them retain.
So something that a brand's advertising in their apps, actually increasing retention versus reducing it, is actually quite amazing for them, and that's the reason why they're so attracted to this solution. So I don't understand. Walk me through a real example of Gatorade and RunKeeper. Gatorade pays you what, you pay RunKeeper X. How does all the economics work?
Gatorade might run a campaign that says, we want to own weekend running moments. And we'll take over all the triggers or actions that happen over any weekend over the next month of people that are running. And they might pay $100,000. And it's a cost per engagement model.
So every time someone engages with a Gatorade reward, like a coupon or a free song download or whatever it is that they're giving away, that would trigger a revenue event. A developer would get 50 cents if it's a dollar per engagement and we'd get 50 cents. Okay. And what about, so RunKeeper, let's say RunKeeper is the developer on the weekend running moments. The consumer completes the run.
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