SaaS Interviews with CEOs, Startups, Founders
EP 623: rfactr Raises $9m, $900k MRR Helping 220 Customers With Social Selling With CEO Richard Brasser
08 Apr 2017
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 rFactr and how does it help salespeople?
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 is the business model of rFactr?
We just broke our 100,000-unit soul mark. And I'm your host, Nathan Latka. I just finished traveling Southeast Asia for 41 days, and I usually always get sick when I travel, and quite frankly, eating is difficult for me. It's hard to find a restaurant, and I'm spoiled in Austin with my personal chef. Well, I took these little packets with me this time, 30 of them, in my carry-on suitcase.
Chapter 4: How has rFactr evolved since its inception?
They kept me totally healthy with 11 different secret ingredients. You can see them at nathanlaca.com forward slash juice. I'll tell you more later on in the show. That's nathanlaca.com forward slash juice.
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 5: What is the significance of the recent funding round for rFactr?
Nathan Latke here. This episode is 623. And coming up tomorrow morning, you're going to hear from Winmo CEO. He's 37 years old, two kids, Dave Curry. They've passed $1.1 million in monthly recurring revenue, helping 2,000 customers close more sales with their tool, winmo.com.
Chapter 6: How does rFactr measure success with its customers?
Good morning, everybody. Nathan Latke here, and our guest this morning is Richard Brasser. He is the foremost expert in helping companies increase the effectiveness and influence of their sales force through strategic use of social communications. He does this through his company called R-Factor, which we'll jump into.
Having created the sales enablement program for some of the world's best brands, Richard is focused on the pursuit of enabling salespeople to leverage social communication and build more meaningful relationships.
Chapter 7: What challenges does rFactr face in the market?
Richard, are you ready to take us to the top? Absolutely. Good morning. How are you? Thanks for joining.
Chapter 8: What are the key metrics of rFactr's business performance?
I appreciate you coming on. All right. Tell us what RFactor does and what's your business model? How do you make money? So there's an awful lot of buzzwords in the normal descriptions. At the base of it, the truth is that companies need to engage their potential buyers in a more meaningful way. And we know that salespeople that more efficiently build relationships and build trust
and solve solutions, right? So people can't forget that last part of adding value. But the ones that do that win, right?
And, you know, we are very much focused on enhancing their ability to connect with more people, find people to have a conversation with through using and leveraging their social network and allowing companies to make it easy for them to engage, find, and influence people with content. So we have a platform, it's called SocialPort, It's really designed for organizations that have an indirect sales
kind of a world of resellers, agents, advisors, you know, anywhere where you got a bunch of people selling your stuff and you're looking to make it easier for them to have a social presence, have the right content and go out and very effectively hunt the right people, then our platform is designed for that. It's a per month, per user model. So this is a SaaS model? Yeah, absolutely.
And this is not a marketplace play? Like you don't have influencers paying on one side and companies paying on the other? No, no, it's entirely for the companies to leverage with their salespeople. It's an internal tool. There's no kind of outside influence.
And it's directly plugged in typically to their CRM system so they can see the exact amount of dollars that are resulting from the activity and social. So we can actually give that holy grail of what in the world is this worth and why am I paying for it? We can actually run reports in CRM to see it. And so I don't want to go into every different customer cohort. So let's just take an average.
What's the average customer paying you per month? It is across the board. I'm only going to make one disclaimer, is that we started with the top of the enterprise. So we cut this solution and developed it in conjunction with companies like Microsoft, Oracle, SAP, and a lot of others. And now we're coming down market.
So when we do channel activations, those can be small accounts that are paying customers. Somewhere in the couple hundred to a few thousand dollars a month, the large companies are paying massive amounts per month in the six and seven figures. Okay. If you take an average, though, because again, I don't want to go into every single one.
If you just take an average across your entire base, would you say it's $3,000 a month, $5,010? Yeah. Unless you're part of another organization, our typical starting point is about $5,000 a month. Okay, perfect. That's helpful. Let's go back and capture more of the story now, some context. What year did you launch the business in? So this product was created in 2009, late 2009. Great.
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