Published: Oct. 12, 2017, 9 a.m.
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Michael Litt. He\\u2019s the co-founder and CEO of a leading video marketing platform called Vidyard. While he\\u2019s not bringing leading video-based technologies to market, he serves as general partner at Garage Capital, a seed stage fund focused on supercluster companies looking to expand their networks in the Silicon Valley. He also sits as Communitech\\u2019s board of directors, a KW-based organization designed to help companies start, grow and succeed.\\xa0
Famous Five:
- Favorite Book? \\u2013 N/A
- What CEO do you follow? \\u2013 Shannon Stubo
- Favorite online tool? \\u2014 Coinbase
- How many hours of sleep do you get?\\u2014 5
- If you could let your 20-year old self, know one thing, what would it be? \\u2013 You need a big support network and focus your energy into building a business
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Time Stamped Show Notes:
- 01:41 \\u2013 Nathan introduces Michael to the show
- 02:16 \\u2013 Michael was in Episode 414 of The Top and back then, they only had 132 people on their team
- 02:30 \\u2013 Vidyard now has around 250 employees
- 02:38 \\u2013 Vidyard has 3 offices
- 02:44 \\u2013 Vidyard has launch multiple products including a self-serve product called Viewedit
- 03:13 \\u2013 Vidyard just had 100K users sign up after launching Viewedit, which is free
- 03:33 \\u2013 It\\u2019s currently a chrome extension
- 04:22 \\u2013 Michael shares how they spent their last amount that was raised
- 04:51 \\u2013 Vidyard had their series C in January of 2017
- 05:30 \\u2013 Michael believes that the CFO should be the \\u201chouse of no\\u201d
- 06:00 \\u2013 Everybody should be accountable for their finances and Vidyard uses Adaptive Insights for budgeting
- 06:43 \\u2013 Vidyard has to be very careful with their lifeline and maintain their cash flow
- 07:23 \\u2013 Michael\\u2019s goal as the CEO
- 08:39 \\u2013 Vidyard\\u2019s RPU has grown over time
- 08:53 \\u2013 Target for upsell is 30% of net new revenue
- 10:03 \\u2013 Annual logo churn
- 10:13 \\u2013 Net retention
- 10:42 \\u2013 Over thousands customers are using Vidyard\\u2019s platform
- 10:57 \\u2013 Viewedit is being used in tons of organizations
- 11:46 \\u2013 Michael believes Vidyard will double, year over year
- 13:00 \\u2013 Streaming cost for Vidyard
- 13:11 \\u2013 Vidyard streams over 50M videos a day
- 13:15 \\u2013 Vidyard subscribed on the Netflix model
- 14:41 \\u2013 Weirdest strategy Michael employed to get new customers
- 15:08 \\u2013 The strategy was inspired by Gary Vaynerchuk
- 17:17 \\u2013 Michael shares how they were able to get customers from companies in other countries
- 19:10 \\u2013 New CMOs in a company are one of the best target customers, so Michael looks out for new CMOs announcements
- 19:54 \\u2013 Payback period is usually 18 months
- 21:02 \\u2013 Payback period reflects your company\\u2019s status
- 21:20 \\u2013 CAC
- 21:35 \\u2013 Michael is also looking into zero-cost marketing
- 22:09 \\u2013 Michael won\\u2019t sell Vidyard to Salesforce, even with a $300M offer
- 22:55 \\u2013 The Famous Five
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3 Key Points:
- Use your funds conservatively and make everyone accountable for budgeting.
- How your company is doing reflects on your payback period.
- Make sure you have a big support network in place.
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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
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