BROADCASTS.com

Rand Fishkin, who calls himself \u201cThe Wizard of Moz.\u201d He founded Moz in 2007, and they made $39 million in revenue in 2015. Join us as Rand shares his unique journey with Moz and his own insights to what makes businesses like Moz successful. Listen as he tells hid difficult experience of deciding to handover the reigns of CEO for his own company.

Famous Five:

\xa0

• Favorite Book? \u2013 The Billionaire Who Wasn\u2019t
• What CEO do you follow? \u2014 Heather Brunner
• Favorite online tool? \u2014 Buzzsumo

• Do you get 8 hours of sleep?\u2014Not quite.
• If you could let your 20 year old self know one thing, what would it be? \u2014 Software engineering. Stick with the girl you\u2019re dating\u2014she\u2019ll be a great wife.

\xa0

Time Stamped Show Notes:

• 01:10 \u2013 Nathan introduces Rand Fishkin
• 01:35 \u2013 Moz is a software company that assists with SEO
• 02:05 \u2013 Founded in 2007, but first existed as a blog
• • 02:35 \u2013 The blog was an advertising tool for Moz
• 03:20 \u2013 They had 400 people sign up in 6 months
• 04:00 \u2013 2007 revenue was $850k
• 04:25 \u2013 Rand admits to being an amateur at the beginning of Moz
• 05:20 \u2013 Great marketing and retention are super important to consider
• 06:25 \u2013 2015 total revenue is $39 million
• 06:40 \u2013 Churn was 6.3% in April 2016
• • 07:30 \u2013 The logic behind good and bad churn rates
  • 08:00 \u2013 Churn is not the only thing that matters
  • 08:45 \u2013 It\u2019s ok to start out with a higher churn
  • 09:15 \u2013 Different types of churn
• 09:35 \u2013 Upsell revenue
• 10:08 \u2013 They have not hit net negative revenue churn.
• 11:00 \u2013 Customer churn and revenue churn
• 12:10 \u2013 Average customer cost is $119/month
• 12:33 \u2013 Customer acquisition is more complicated because Moz has several different products
• 13:25 \u2013 Lifetime value
• 14:20 \u2013 They want to be conservative with marketing
• • 15:00 \u2013 They want to lower churn
  • 16:05 \u2013 The Costco example
• 16:48 \u2013 Rand replaced himself as CEO
• • 17:05 \u2013 His own decision due to issues with his mental health
  • 17:45 \u2013 It was a painful experience
  • 18:00 \u2013 Now he is feeling much better
  • 18:15 \u2013 He now runs a couple of their products and does promotion and content creation
• 19:05 \u2013 moz.com/rand or @randfish on Twitter
• 20:35 \u2013 The Famous Five

3 Key Points:

• A churn rate is much more complicated that one month\u2019s percentage.
• Find ways to have conservative marketing costs.
• Let your challenges take you to new and more fulfilling places.

Resources Mentioned:

• Host Gator \u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
• Freshbooks - The site Nathan uses to manage his invoices and accounts.
• Leadpages\xa0 \u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible \u2013 Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
• Buzzsumo \u2013 Rand\u2019s favorite online tool

• Show Notes provided by Mallard Creatives