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The Top Entrepreneurs in Money, Marketing, Business and Life

Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! The Top is FOR YOU IF you are: A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4) STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7) An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1) The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14). Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries. Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at NathanLatka.com/TheTop
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Now displaying: Page 1
Aug 7, 2017

Jessica Lee. Nathan met Jessica a few months ago and Jessica toured Nathan in 500 Startups’ office in San Francisco. She’s the founder of Bitesize. She helps companies drive revenue with text message conversations.

Famous Five:

  • Favorite Book? – #GIRLBOSS
  • What CEO do you follow? – Sophia Amoruso
  • Favorite online tool? — Trello
  • How many hours of sleep do you get?— 6-8
  • If you could let your 20-year old self, know one thing, what would it be? – “Everybody has the same kind of challenges and overcoming them is the REAL WORK

 

Time Stamped Show Notes:

  • 01:37 – HandStack and Bitesize are the same company
  • 01:49 – Bitesize helps brands drive revenue through interactive text messaging
  • 02:00 – A new movie studio has a new movie and wants to reach a million movie goers
    • 02:10 – Bitesize will reach people by text message
    • 02:20 – The messages will be from a movie character and the approach is interactive
    • 02:42 – Bitesize will drive the person to a download link at the end of the conversation
  • 03:01 – Building a list for text is the challenge for Bitesize
  • 03:25 – Bitesize uses manual texting tool
    • 03:40 – There’s a law that’s protecting consumers where you can’t randomly message people with algorithms or without human intervention
    • 03:56 – Bitesize helps client send text with manual human intervention
  • 04:27 – Jessica shares how an actual message happens
    • 04:30 – The company will create a group chat, add people, and click send manually
    • 04:39 – People’s reply will go to your app and you can continue to interact with them
  • 05:08 – The difference with the usual group text and from Bitesize is, you don’t get to see other people’s messages
  • 05:34 – Bitesize charges per text and data
    • 05:42 – Per text charge is .25₵
  • 06:11 – Most of Bitesize’s costs is from data
    • 06:16 – Twilio is at .02₵
    • 06:45 – Data charges can go up to .16₵
  • 06:58 – BiteSize’s clients pay them for their marketing skills too
  • 07:15 – For a thousand new messages, an average of 6% will reply which a lot higher than social media ads
  • 07:45 – A lot of Bitesize’s customers will send millions of texts
  • 08:13 – Revenue is measured by campaigns: 140 for the last 6 months
  • 08:41 – Bitesize has raised $125K from 500 Startups
  • 08:56 – Team size is 6
    • 09:03 – 3 in the bay area and 3 elsewhere
  • 09:26 – Average MRR
  • 09:58 – 50% of the campaigns are paying quarterly and some campaigns are daily
    • 10:20 – Each campaign pays an average of $10K to $100K for the .25₵ per text messages
  • 10:43 – 10% of Bitesize’s customers are from referrals
    • 10:50 – Initially, Bitesize was focused on outbound sales
    • 11:08 – “Because our product was so unique, people like to know what it is”
  • 11:38 – Bitesize originally started with political campaigns
    • 11:49 – Because of Jessica’s background, most campaigns are for the democrats
  • 12:29 – Jessica believes that Bitesize is a tool that is meant to connect people in a more meaningful way than ads
  • 13:05 – 2013 revenue is around $250
  • 13:17 – 2016 revenue is $300K for 6 months
    • 13:30 – They pivoted to a more commercial use case in the final 6 months
  • 13:40 – 2017 target
  • 13:59 – “My hope is to grow organically”
  • 16:05 – The Famous Five

 

3 Key Points:

  1. Texts can be very spammy but if done right, the return is better than with online ads.
  2. Messages should connect people in a more meaningful way.
  3. Growing organically is cheaper, and it creates more resonance, but it’s harder to do.

 

Resources Mentioned:

  • The Top Inbox – 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 – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re 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 – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s 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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