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

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