Discussion on the impact of COVID-19, automating marketing processes with Refurizer, formation and valuation of the company, generating revenue and growth through sales efforts, customer acquisition costs and churn rate calculation, and quick questions with revenue update.
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Quick takeaways
Refurizer.com has experienced impressive revenue growth, transitioning from $80,000 in 2016 to over $1 million in 2017, and currently serving over 1,000 paying clients and 13,000 freemium users.
Refurizer.com's call center utilizes a performance-based sales system, with a team of 20 individuals making 20,000 calls per week, effectively acquiring new customers and sustaining growth through set-up fees and recurring payments.
Deep dives
Refurizer.com: Automating Marketing Processes
Refurizer.com is an advanced marketing automation platform that focuses on automating tasks that people dislike or neglect. The platform streamlines processes such as referral requests, review management, loyalty programs, and customer retention. It offers solutions to businesses that struggle with asking for reviews or attracting customers back. Refurizer.com has seen impressive growth, transitioning from $80,000 in revenue in 2016 to over $1 million in 2017. Today, the platform serves over 1,000 paying clients and has amassed 13,000 freemium users. With a sales team of 20 individuals making 20,000 calls per week, Refurizer.com has been able to sustain its growth by utilizing a performance-based sales system, focused on set-up fees and recurring payments.
Call Center Strategy for Customer Acquisition
Refurizer.com's call center boasts 20 agents who reach out to 20,000 businesses every week. The company's innovative compensation structure for sales representatives allows them to earn significant commissions and residual income. Call center agents receive a portion of the set-up fees and a percentage of the monthly recurring payments. By leveraging this model, Refurizer.com has been able to acquire new customers effectively and maintain a cost-effective approach. The set-up fees generated by the call center cover the company's customer acquisition costs, enabling sustainable growth. The efforts of the call center, along with other marketing initiatives, have resulted in revenue growth from $115,000 a month in 2020 to around $150,000 a month at present.
Managing Churn and Future Plans
Refurizer.com keeps its churn rate low, averaging 5.5% to 6.5% monthly, by implementing a stringent measurement approach. The company counts multiple instances of churn from the same customer as separate occurrences. Additionally, Refurizer.com offers a strong money-back guarantee, which affects churn figures. To further reduce churn, the company has created a dedicated churn management team and employs data analysis to predict customer churn. With the recent infusion of $500,000 in funding, Refurizer.com is expanding its operations. The company plans to open four new customer acquisition channels, including SDR email campaigns and LinkedIn prospecting. These developments aim to continue their growth trajectory and establish Refurizer.com as a leading marketing automation platform.
Andre founded 4 marketing companies in three countries. Hi is born entrepreneur, starting making money at age 7, at 14 he had his three income streams. His desire to help local-small-businesses created one of the world most advanced marketing automation today.
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