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SaaS Interviews with CEOs, Startups, Founders

What if you knew data behind the fastest growing SaaS companies today? Each morning join Nathan Latka as he spends 15 minutes interviewing SaaS founders. You'll learn how SaaS CEO's launched their startup and grew it into a business. SaaS Founders range from bootstrapped to funded, MVP to 10,000 customers, pre revenue to pre IPO.
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Now displaying: Page 1
Oct 12, 2017

Michael Litt. He’s the co-founder and CEO of a leading video marketing platform called Vidyard. While he’s 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’s board of directors, a KW-based organization designed to help companies start, grow and succeed. 

Famous Five:

  • Favorite Book? – N/A
  • What CEO do you follow? – Shannon Stubo
  • Favorite online tool? — Coinbase
  • How many hours of sleep do you get?— 5
  • If you could let your 20-year old self, know one thing, what would it be? – You need a big support network and focus your energy into building a business

 

Time Stamped Show Notes:

  • 01:41 – Nathan introduces Michael to the show
  • 02:16 – Michael was in Episode 414 of The Top and back then, they only had 132 people on their team
  • 02:30 – Vidyard now has around 250 employees
  • 02:38 – Vidyard has 3 offices
  • 02:44 – Vidyard has launch multiple products including a self-serve product called Viewedit
    • 03:13 – Vidyard just had 100K users sign up after launching Viewedit, which is free
    • 03:33 – It’s currently a chrome extension
  • 04:22 – Michael shares how they spent their last amount that was raised
    • 04:51 – Vidyard had their series C in January of 2017
    • 05:30 – Michael believes that the CFO should be the “house of no”
    • 06:00 – Everybody should be accountable for their finances and Vidyard uses Adaptive Insights for budgeting
    • 06:43 – Vidyard has to be very careful with their lifeline and maintain their cash flow
  • 07:23 – Michael’s goal as the CEO
  • 08:39 – Vidyard’s RPU has grown over time
  • 08:53 – Target for upsell is 30% of net new revenue
  • 10:03 – Annual logo churn
  • 10:13 – Net retention
  • 10:42 – Over thousands customers are using Vidyard’s platform
  • 10:57 – Viewedit is being used in tons of organizations
  • 11:46 – Michael believes Vidyard will double, year over year
  • 13:00 – Streaming cost for Vidyard
    • 13:11 – Vidyard streams over 50M videos a day
    • 13:15 – Vidyard subscribed on the Netflix model
  • 14:41 – Weirdest strategy Michael employed to get new customers
    • 15:08 – The strategy was inspired by Gary Vaynerchuk
    • 17:17 – Michael shares how they were able to get customers from companies in other countries
    • 19:10 – New CMOs in a company are one of the best target customers, so Michael looks out for new CMOs announcements
  • 19:54 – Payback period is usually 18 months
    • 21:02 – Payback period reflects your company’s status
  • 21:20 – CAC
    • 21:35 – Michael is also looking into zero-cost marketing
  • 22:09 – Michael won’t sell Vidyard to Salesforce, even with a $300M offer
  • 22:55 – The Famous Five

 

3 Key Points:

  1. Use your funds conservatively and make everyone accountable for budgeting.
  2. How your company is doing reflects on your payback period.
  3. Make sure you have a big support network in place.

 

Resources Mentioned:

  • Simplero – The easiest way to launch your own membership course like the big influencers do but at 1/10th the cost.
  • 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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