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Jeff Glueck. He became the CEO of Foursquare in January of 2016 after 18 months as the COO of the company. Prior to that, he was the CEO of Skyfire Labs, co-founder of Site59.com and CMO of Travelocity. Previously, he was a strategy consultant at Monitor Company and served as a White House Fellow in the Clinton Administration. He holds a master\\u2019s degree from Oxford as a Marshall Scholar and a bachelor\\u2019s degree from Harvard College.

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Famous Five:

• Favorite Book? \\u2013 Good to Great
• What CEO do you follow? \\u2013 Adam Neumann
• Favorite online tool? \\u2014 Stitcher
• How many hours of sleep do you get?\\u2014 7
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cIt\\u2019s going to be okay when you take a risk\\u201d

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Time Stamped Show Notes:

• 01:46 \\u2013 Nathan introduces Jeff to the show
• 02:53 \\u2013 Jeff has been with Foursquare for 3 years
  • 02:55 \\u2013 Jeff joined the company while it was evolving into a hot social network in 2012
• 03:10 \\u2013 Foursquare developed the technology of Pilgrim that turned it into a powerful enterprise business
• 03:19 \\u2013 Foursquare\\u2019s early valuation was based on the fact that it would be the next big social media network
  • 03:51 \\u2013 The valuation was only made up because it wasn\\u2019t based on revenue
• 03:57 \\u2013 When Jeff entered, they raised a round and they\\u2019re now growing over 60% in the past 3 years
• 04:13 \\u2013 Foursquare is now more rationally valued
• 04:55 \\u2013 Foursquare has a powerful community of people mapping the world
• 06:05 \\u2013 Pilgrim is based on Foursquare\\u2019s nearly 12B check-ins
• 06:13 \\u2013 Foursquare is having more check-ins today than it did 2 years ago
  • 06:30 \\u2013 The check-ins are called explicit ground trips
  • 06:55 \\u2013 Everytime someone check-in, they\\u2019re mapping the business for Foursquare
  • 07:15 \\u2013 The explicit ground trip makes the program powerful
• 08:06 \\u2013 Foursquare launched the Pilgrim SDK which is a white label way for their developers to add in background content and give users a better experience
• 08:24 \\u2013 Using the Pilgrim technology, Capital One can ask its user if they want to opt-in for being informed about how to receive rewards points
  • 08:36 \\u2013 People overwhelmingly opting-in
  • 09:08 \\u2013 The notification from Capital One encourages people to actually use their mobile wallet
• 09:18 \\u2013 TouchTunes uses the Pilgrim technology
  • 09:25 \\u2013 TouchTunes runs 65K jukeboxes through mobile app
• 10:37 \\u2013 Pilgrim technology has learned when to send notifications
  • 10:47 \\u2013 Pilgrim technology also informs their developers of the best time to send notifications
• 12:08 \\u2013 When Jeff joined, he saw how everyone, including Fortune 500 companies, was using them for free
  • 12:15 \\u2013 Jeff told their CEO that they\\u2019re actually losing money and that they needed to start charging customers
• 12:42 \\u2013 Foursquare didn\\u2019t lose even a single developer after putting up a paywall
• 12:49 \\u2013 The model was licensed-based depending on the usage
• 14:15 \\u2013 Three of the largest headphones in the world are Foursquare\\u2019s customers
• 14:40 \\u2013 Jeff understands how the market changes
  • 14:55 \\u2013 92% of the consumer spending is far from the 8% they spend on e-commerce like amazon
  • 15:10 \\u2013 Foursquare has predicted how Chipotle\\u2019s sales will go down by 30%
• 15:20 \\u2013 \\u201cWe\\u2019re not investors, we\\u2019re technologists\\u201d
• 16:16 \\u2013 Jeff believes that Foursquare\\u2019s mission is to be a location intelligence company
• 16:34 \\u2013 Jeff is proud of Foursquare\\u2019s technology; they can build tools that help companies
• 17:07 \\u2013 Foursquare started out as a consumer company but now, more and more apps are using them for their applications
• 17:51 \\u2013 Jeff believes that in the future, they can also make real estate better
• 18:45 \\u2013 90% of Foursquare\\u2019s revenue is from B2B
• 19:34 \\u2013 Foursquare\\u2019s paying customers are some of the biggest brands in the world who want a company that is as good as Google Maps
• 19:58 \\u2013 People don\\u2019t want to be dependent on Google in the future
• 20:18 \\u2013 \\u201cA lot of smart companies want to build differentiated mobile experiences in the future and we\\u2019re helping them do that, that is our business\\u201d
• 21:48 \\u2013 The Famous Five

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3 Key Points:

1. Even if your company can go IPO, it doesn\\u2019t mean that it should.
2. Offering your services or products for free may work for the short-term, but if your service adds value to your customers, they WILL pay.
3. Focus on what your company is good at.

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Resources Mentioned:

• Simplero \\u2013 The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
• The Top Inbox \\u2013 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 \\u2013 Track your business performance across all departments for FREE
• Hotjar \\u2013 Nathan uses Hotjar to track what you\\u2019re 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 \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
• Audible\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives