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Chris Savage. He\u2019s the CEO and cofounder of Wistia, a leading video platform that enables business teams to harness the connective power of video. They help over 400K businesses connect better with their customers using video as the medium.

Famous Five:

• Favorite Book? \u2013 Masters of Doom
• What CEO do you follow? \u2013 Ben Chestnut
• Favorite online tool? \u2014 Quip
• How many hours of sleep do you get?\u2014 8
• If you could let your 20-year old self, know one thing, what would it be? \u2013 \u201cPersistence is the difference between success and failure\u201d

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Time Stamped Show Notes:

• 01:51 \u2013 Nathan introduces Chris to the show
• 02:17 \u2013 Wistia is a SaaS business
• 02:20 \u2013 Wistia is a platform where you can upload your videos and customize them for your site
• 02:49 \u2013 Wistia charges based on the number of videos
• 02:55 \u2013 ACV is $100 a month and it\u2019s 25 cents per video
• 03:38 \u2013 Wistia is already 11 years old
• 04:09 \u2013 Wistia didn\u2019t make money their first year
• 05:08 \u2013 Chris and his cofounder needed at least 15K a month to live
• 05:55 \u2013 Wistia made a mistake when they weren\u2019t charging based on the storage
• 06:35 \u2013 Chris explains their decision to change their pricing
• 07:04 \u2013 Gross margin is in the 70s
• 07:43 \u2013 Total number of customers
• 08:00 \u2013 Wistia still has a free trial for 3 videos
  • 08:05 \u2013 There are a few hundred thousand free users
• 09:21 \u2013 One the best things Wistia offers is inspirational and useful content for free accounts
• 10:05 \u2013 Wistia gets 15% of direct, attributable conversion from free accounts
• 10:30 \u2013 Wistia has raised two rounds with a total of $1M
• 11:09 \u2013 \u201cWe are very focused on long-term\u201d
• 11:29 \u2013 Chris wants Wistia to be less complex for users
• 12:27 \u2013 Customer churn is 1.6% a month
• 12:47 \u2013 On a unit economic basis, Wistia is consistently expanding
• 13:11 \u2013 LTV is approaching $5K
• 13:20 \u2013 CAC
• 16:00 \u2013 Stretch goal in December of 2017
  • 16:09 \u2013 Wistia is focused on profitability
• 17:06 \u2013 Wistia is doing a more than million dollars a month in revenue
• 17:22 \u2013 Wistia has raised less than what they\u2019re making monthly
• 18:50 \u2013 The Famous Five

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3 Key Points:

1. Changing the price of your product won\u2019t necessarily equate to profitability\u2014balance is the key.
2. Converting customers from free to paid takes a lot of testing and patience.
3. Persistency is the difference between success and failure.

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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