SaaS Interviews with CEOs, Startups, Founders

EP 624: Winmo Passes $1.1M in MRR, Helping 2000 Customers Close More Sales with CEO Dave Currie

09 Apr 2017

24 min

4381 words

2 speakers

09 Apr 2017

Audio

Description

Dave Currie. He's an entrepreneur-leader in the sales intelligence space, specifically for advertising, media, and the tech industry. Since 2014, he's directed the company on a rapid innovation and growth trajectory. They are recognized by their customers and the industry as one of the largest, agile, fast-growing, private companies and the best place to work in America—the company, TheListInc.com. Famous Five: Favorite Book? – The Hard Thing About Hard Things What CEO do you follow? – Kyle Porter Favorite online tool? — N/A Do you get 8 hours of sleep?— Absolutely If you could let your 20-year old self, know one thing, what would it be? – "Balance is as important right now as you thought about it then. Being healthy is #1. Work and everything fall into place when you got your priorities stacked up the right way" Time Stamped Show Notes: 02:40 – Nathan introduces Dave to the show 03:20 – The List is also known from their other products 03:34 – Winmo was launched last year 03:41 – Winmo is the lead brand 03:52 – Winmo is a subscription-based, sales intelligence platform 04:01 – Winmo provides sales intelligence to national advertisers 04:28 – Winmo has an annual subscription 04:45 – Annual subscription increases the valuation 04:55 – Winmo has been completely bootstrapped since day 1 05:09 – The List started in 1995 and went online in the early 2000s 05:25 – Dave came into The List in 2005 05:45 – The List is a joint venture with a company in the UK 06:08 – The team currently has 85 members 06:27 – Average annual customer pay 06:38 – Winmo initially charges $400-500 per user annually 07:07 – CAC 07:14 – "We're very deliberate with our marketing efforts" 07:24 – 2014 paid marketing expenditure was around $100K, but was toned down currently to $50K 08:03 – The $50K would go to Google AdWords and some retargeting 08:17 – Dave's target CAC 08:50 – Dave's looking into 25% conversion rate 09:17 – Winmo has 4 targets in the UK and USA 09:44 – Winmo also sells to marketing services agencies 10:19 – Winmo has a good customer retention 10:46 – Winmo is just a bit stronger in the media space over the agency 11:30 – Winmo's customer retention is a bit lower than revenue retention 12:05 – Lifetime Value 12:24 – Dave calculates retention on a 90-day cycle 13:06 – The question of when you consider a customer a "new customer" 14:10 – Average number of customers 15:35 – Average MRR 15:52 – Dave shares what is considered healthy in his business' space 16:28 – Dave is part of the succession team of The List 16:46 – Dave and the team is not looking into going out and will just stick to being bootstrapped 17:05 – Dave won't sell the company for $90M or higher 19:30 – The Famous Five 3 Key Points: Be deliberate with your marketing – it pays off in the end. A healthy business can stay bootstrapped for a very long time, and still be OK. Regardless of whether you're young or old, new to business or not, balance is KEY. Resources Mentioned: The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Organifi – The juice was Nathan's life saver during his trip in Southeast Asia Klipfolio – Track your business performance across all departments for FREE Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5-hour drive) to listen to audio books Freshbooks – Nathan doesn't waste time so he uses Freshbooks to send out invoices and collect his money. Get your free month NOW Show Notes provided by Mallard Creatives

Chapters

1. Who is Dave Currie and what is his role in sales intelligence? 2. What is Winmo and how does it operate in the sales intelligence space? 3. How does Winmo's subscription model impact its business valuation? 4. What marketing strategies has Winmo implemented to reduce customer acquisition costs? 5. What customer segments does Winmo target in the advertising industry? 6. How does Winmo measure customer retention and what are the current metrics? 7. What are the challenges in calculating lifetime value for Winmo's customers? 8. What advice does Dave Currie offer for maintaining work-life balance?

Featured

Nathan Latka

Dave Currie

Transcription

Chapter 1: Who is Dave Currie and what is his role in sales intelligence?

0.031 - 21.24 Nathan Latka

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. 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 2: What is Winmo and how does it operate in the sales intelligence space?

21.26 - 43.428 Nathan Latka

We just broke our 100,000-unit soul mark. And I'm your host, Nathan Latka. Many of you who I've met in person have seen my unbelievable dashboards that I built. You know, I'm an analytics-like crazy person. I love the data, and I love presenting the data in beautiful dashboards that my team can use on their mobile devices, their phones, and TVs throughout the office.

Chapter 3: How does Winmo's subscription model impact its business valuation?

43.448 - 63.088 Nathan Latka

Now, the way I do this without having to hire a big development team is at nathanlacka.com forward slash analytics. It's using a company called Clipfolio, and I'll tell you more later on in the show how I use them. It's nathanlacka.com forward slash analytics. All right, guys, I talked about this earlier, but I schedule like so many meetings that would blow your mind.

63.108 - 64.75 Nathan Latka

I mean, all my podcast interviews, right?

Chapter 4: What marketing strategies has Winmo implemented to reduce customer acquisition costs?

64.91 - 74.985 Nathan Latka

Hundreds of entrepreneurs I talk to monthly. I schedule and you know what? I do it so efficiently. I get them all to agree to my calendar. So all the calls are back to back to back.

Chapter 5: What customer segments does Winmo target in the advertising industry?

75.005 - 91.974 Nathan Latka

That means I'm not switching in between tasks all day long. I get them to batch so that I can be very efficient. It's so critical. And I use a tool called Acuity Scheduling to do this at NathanLacka.com forward slash schedule. It eliminates back and forth between me and people I'm trying to meet with.

Chapter 6: How does Winmo measure customer retention and what are the current metrics?

92.114 - 106.79 Nathan Latka

It makes it very simple. And most importantly, they help me keep my no-show rate very low because they send out reminders. Helps you look very professional. So go to nathanlaca.com forward slash schedule to sign up and you get a great deal. You know, you guys know this.

Chapter 7: What are the challenges in calculating lifetime value for Winmo's customers?

107.091 - 120.79 Nathan Latka

I hit people hard. I make great deals. And Gavin, the CEO, has given us a great deal. If you sign up like normal people, okay, on their website, you only get a 14-day free trial. If you use my link, nathanlatka.com forward slash schedule, you get 45 days free.

Chapter 8: What advice does Dave Currie offer for maintaining work-life balance?

121.11 - 137.273 Nathan Latka

Okay, it's the best. It's free. Go to nathanlatka.com forward slash schedule right now to sign up and I'll see you there. Nathan Latka here. This is episode 624. And coming up... Tomorrow morning, you're going to learn from Josh McCarter, Josh McCarter of Booker.

137.654 - 163.544 Nathan Latka

They raised $80 million and did $3.5 billion in 2016 transaction volume and over $1.5 million in monthly recurring revenue, helping 10,000 spas and salons manage their businesses more efficiently. He's 44, a father of two, and still manages to get 6.5 hours of sleep every night. How does he do it? Good morning, everybody. Nathan Latka here, and our guest this morning is Dave Curry.

163.564 - 186.255 Nathan Latka

He is an entrepreneurial leader in the sales intelligence space, specifically for advertising, media, and the tech industry. Since 2014, he's directed the company on a rapid innovation and growth trajectory, one recognized by their customers and the industry at large as one of the most agile, fast-growing private companies and best places to work in America. The company is called TheListInc.com.

186.295 - 187.937 Nathan Latka

Dave, are you ready to take us to the top?

188.44 - 189.842 Dave Currie

Thanks very much, Nathan. Thanks for having me.

190.022 - 197.433 Nathan Latka

Good. Yeah, thanks for jumping on. Now, that's your official company name is The List, but people might know you better by some other names. What are some of the products you're working on?

198.234 - 214.819 Dave Currie

Yeah, so we have a couple of sales intelligence platforms that we're well known for that have been in market for 20 years or more, AdData Express and The List Online. We've recently launched in the last 12 months a replacement product, which is the evolution of those two, which a lot of people now know as Winmo.

215.845 - 220.84 Nathan Latka

Winmo, great. So let's focus. I assume Winmo is your largest success in terms of revenue as well, right?

221.422 - 223.348 Dave Currie

Absolutely.

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