Jeremiah Wilson. He founded Convirza over 15 years ago. As the patent-holding inventor of The Maculon, the original, passive, remote conversation monitoring device and sales management system, he shaped the call tracking and marketing analytics industry. He’s positioned the capital raises and recent acquisition.
Famous Five:
Favorite Book? – 48 Laws of Power What CEO do you follow? – N/A Favorite online tool? — Salesforce App How many hours of sleep do you get? — 6 If you could let your 20-year old self know one thing, what would it be? – “I wished I believed in myself more”
Time Stamped Show Notes:
01:51 – Nathan introduces Jeremiah to the show 02:22 – Convirza acquired a portion of their competitor’s assets to expand their customer base 02:56 – Jeremiah shares how they found out about the acquisition 03:29 – Call tracking is what drives the calls 04:00 – Convirza also listens to the calls with machine learning to check the quality of the call 04:46 – If a phrase that the sales agent used didn’t drive conversion, it should be changed 05:00 – Convirza tracks the attribution rate 06:20 – Convirza finds out which billboard led a prospect to call, the cost of the billboard and the actual sales made from those calls 06:54 – Convirza only focuses on where the lead came from and the conversation itself 07:01 – “Our objective is strictly the audio, strictly the call” 07:54 – Convirza is a SaaS business and charges a platform fee plus minutes 08:13 – ACV is around $600K 08:40 – ACV is per business 09:27 – Prior to Convirza, Jeremiah was a national trainer for a company in Ohio and was teaching people how to sell on the phone 10:35 – In 2000, salespeople were looking into live call recordings 11:20 – Jeremiah set-up the stick and the device that could plug into a computer and record calls 12:00 – Jeremiah started with 100 units which cost him $70K 12:20 – Convirza was launched in 2001 13:30 – Convirza had their first client within six months that paid $20K 13:47 – 2010 revenue is $3M 14:05 – Convirza listened to their clients in order to improve their product 14:17 – Convirza has raised $24M in total 14:46 – The investors are private investors 15:55 – Convirza has over a thousand customers 16:09 – Convirza has 50K unique businesses using them 16:42 – 2017 ARR goal is $10M 17:33 – Gross logo churn is 3% 17:44 – Convirza has been focused on having their net negative churn negative for the last 2 years 18:56 – Team size is 66 with 7 in sales and 25 as engineers 19:21 – They have a team of 40 in India who are augmented in their engineering 19:47 – Convirza has an office in Utah and California 20:08 – Pre-acquisition CAC is $1200 21:00 – From the acquisition, they gained around 500 customers (more than double of what they had) 21:23 – LTV is 4 years 21:41 – Convirza’s best source for customers is their webinars 21:52 – They partnered with similar associations and publications in the space to promote their webinars 22:54 – Payback period is 9 months 22:18 – Paid spend was around $6500 in July 2017 24:01 – Gross margin is 60% 24:24 – Convirza built their own platform 26:05 – The Famous Five
3 Key Points:
Acquire a part of your competitor’s assets to grow your own business and customer base. Having another team in another country can be your secret key to success. Focus on one specific goal at a time.
Resources Mentioned:
Simplero – The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost. 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 GetLatka - Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more Klipfolio – Track your business performance across all departments for FREE Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience 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 Show Notes provided by Mallard Creatives