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Josh March. He\\u2019s the founder and CEO of Conversocial, a customer engagement solution that helps businesses increase their customer loyalty by enabling effortless, in-the-moment, customer service to social and mobile channels. The largest global firms including Google, Sprint, Hertz and Hyatt Hotels turn to his platform to deliver an amazing, social, first, customer service experience at a large scale. He previously founded the leading social application platform, iPlatform, one of the world\\u2019s first Facebook preferred developer which was acquired in 2012.

Famous Five:

• Favorite Book? \\u2013 The Four Steps to the Epiphany
• What CEO do you follow? \\u2013 Ben Horowitz
• Favorite online tool? \\u2014 Twitter
• How many hours of sleep do you get?\\u2014 6.5
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 Be more self-aware and your own thinking can become your bias

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Time Stamped Show Notes:

• 01:40 \\u2013 Nathan introduces Josh to the show
• 02:51 \\u2013 iPlatform was sold to Betapond in 2012
  • 03:28 \\u2013 The acquisition was a mix of cash and equity
• 03:53 \\u2013 Conversocial is an enterprise SaaS product
• 04:20 \\u2013 Conversocial follows up on customers through social media sites
• 04:38 \\u2013 Conversocial collects messages from different social media channels and analyzes them
• 05:04 \\u2013 Conversocial has raised $20M of venture capital
• 05:33 \\u2013 Conversocial started from iPlatform
• 06:00 \\u2013 Josh saw that they needed to move quickly with Conversocial, so they raised funds
• 06:29 \\u2013 The first round was $2.5M and was a priced equity round
• 07:24 \\u2013 Some of Conversocial\\u2019s customers were an upsell from iPlatform
• 07:34 \\u2013 Team size is around 100
• 08:00 \\u2013 Josh was initially involved with the product development of Conversocial and as they grew and hired great people, he began shifting more of his time to customer acquisition
• 09:33 \\u2013 Their biggest customer pays around a million dollars annually
• 09:50 \\u2013 Conversocial also has customers who pay from $25K to $200K
• 11:00 \\u2013 Conversocial focuses on customer care
• 12:00 \\u2013 The need for a customer contact center is greatly increasing
• 12:28 \\u2013 Conversocial currently has 200 clients
• 13:30 \\u2013 Conversocial has passed their $10M ARR mark
• 14:12 \\u2013 Conversocial has a higher logo churn with small companies
• 14:47 \\u2013 Conversocial\\u2019s net churn is around 120%
• 16:21 \\u2013 Josh flies a lot just to meet customers
• 17:48 \\u2013 Fully weighted CAC varies dramatically depending on the deals
• 18:24 \\u2013 Payback period is around 18 months
• 18:43 \\u2013 Josh won\\u2019t sell to Sprinklr
  • 19:10 \\u2013 Josh thinks Sprinklr\\u2019s vision is far off of Conversocial\\u2019s vision
• 20:30 \\u2013 The Famous Five

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3 Key Points:

1. Focus on the needs of the customers and figure out how you can solve their problems.
2. Social media is being used not only for marketing, but for customer service as well.
3. An entrepreneur should go the \\u201cextra mile\\u201d just to get a client.

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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