How Execvision CEO Steve Richard grew Execvision to $313.8K revenue and 50 customers in 2023.

this is the top where I interview entrepreneurs who are number one or number two in their industry in terms of Revenue or customer base you'll learn how much revenue they're making what their marketing funnel looks like and how many customers they have I'm now at $20,000 per top 5 and6 million he is help on global domination we just broke our 100,000 unit sold Mark and I'm your host Nathan lka okay top dribe this week's winner of The 100 bucks that I give away every Monday is Kim dust she's in the entertainment industry and is currently working a full-time day job and doing her side hustle on the side Kim congrats for you guys this chance to win 100 bucks every Monday simply subscribe to the podcast on iTunes now and then text the word Nathan to 33444 to officially enter again text the word Nathan to 33444 for after you subscribed so folks something very nerve-wracking happened while I was on my way home for Christmas I was on American Airlines flight 1272 flight 12d I get off the plane and I realize I left my MacBook Air 11 in in that back seat pocket I panicked cuz I have so much sensitive data on this computer because of all these companies I'm acquiring I mean hundreds of due diligence stocks so I needed that stuff secure I'm using a tool called jamp now which allows me to manage on my Apple devices I'll tell you what happened and you'll learn if I got my knock book air back Midway through this episode in the meantime try jams now at Nathan la.com secure that's Nathan la.com secure Nathan lka here this is episode 5:32 coming up tomorrow morning you'll learn from Kate and Tim they' raised 1.5 million bucks and just passed 100 Grand a month to recurring Revenue by helping 800 customers manage and track documents Top Drive good morning Nathan laa here our guest today is Steve Richard and his mission and life's work has to help as many sales professionals as possible become wildly successful he's been featured in numerous Publications including the Harvard Business review the Washington Business Journal and the Washington Post outside of work Steve enjoys scuba diving skiing running and watching lots of football he lives in Arlington Virginia with his wife Ellen and their four kids all under the age of seven Steve are you ready to take us to the top let's do it your company CEO and4 kids what are you drinking in the morning believe it or not not coffee generally I'm out of the house running at 5:30 try to get back just in time for the kids to start wake up and get them breakfast that's great all right tell everyone real quick so you're you're founder and CEO of execvision doio tell us what it does and how you make money yep exactly so the whole idea is uh business and sales organizations have all these conversations these conversations are assets to a company and what we're missing is the way Sports coaches uses use Game film on the field going back to football in the uh in the bio when you started out and as a business owner myself I was always frustrated we've got a lot of people on the phones a lot of people doing demos screen sharing meetings I was frustrated that we didn't have the ability to do anything with those there was this call recording Paradox so it's uh execvision is a software is a service product and it's being used by about 50 organizations at this point to improve the conversation is there 50 paid organizations Steve 50 paid correct that's okay and then walk us through exactly what they're paying for tell us about the product sure sure it it allows you to access analyze and share call recordings and understand what's going on inside because there's like I mentioned before this call recording Paradox I always our business had call recording Nathan and nobody did a darn thing with them we had this big pile of unusable call recordings even doing something simple like listening to it and and then saying oh you really need to hear a minute 309 something interesting happens here was virtually impossible so we solved all those problems and and we're also solving problems around reporting on things like are your salespeople talking too much versus are they listening enough are they asking questions um how can you build a library of the best calls for onboarding new people in your organization and okay so I have some questions about the product before I do that they'll help us understand just kind of customer size so on average what's kind of the average customer paying you per month sure on average uh 17 $20,000 per year um and and it ranges in size we have one customer that has five people that are on this five sales people customer success all the way up to Someone Like A HubSpot okay but if you do do a weighted average it's about a 17 to $20,000 annual contract value typically that's correct okay so is it fair to say I can just take 50 customers uh uh obviously do the multiplication you're doing a monthly arpo somewhere around 1500 bucks at that ACV value and then uh can I do 50 times 1500 to get somewhere around uh what is that 70 grand at mrr you you you you you can estimate pretty closely that's right okay good okay so let's go back to the product so look there's a lot of things you know Uber conference records your calls says hey you were talking too much and gives you percentages thing you hear all these different tools that kind of touch on different things that you do but the question I always end up talking to CEOs about that are in the space is just like adoption right I mean even the name exec Vision if I'm an employee I'm going I don't want my Executives to be spying on me like I this PR how do you convince people to actually adopt this thing and use it on a daily basis well the funny thing is they love it so um one of the things that lessons that we learned now Nathan I actually did not build this technology from the ground up we acquired it we were the customer a customer of something called team visibility okay and uh and and we found that people hated that it used a camera that sat on the on the top of a person's computer and it was almost like the eye of moror watching them um they revolted they aimed it into the ceiling tiles um but what we learned from it was was really relevant people want to have the opt-in program and people are looking for feedback especially Millennials in sales jobs customer service jobs support jobs they want U mentoring feedback from senior folks so we uh what we do is for our customers we we put a a coaching request button into whatever their system of record is Salesforce whatever dialer they're using something like a sales law insidesales.com something like that and then they can go and say Hey I want to have feedback so after they they're done with a call after they log their call they say coach me so now all of a sudden what we went what we did is we went back and put that into our our Salesforce and watched what our people did in our services business we've got 35 people on the phone in a separate Services business that funds this technology and what we observed was fascinating every month the percentage of calls where the Reps asked for coaching and feedback went up it was almost magical and I've got the data to prove it and and we see the same exact thing happen in other organizations so it's a question of how do you make it be the right flow so that a it's easy for managers to do something with they can action it they can listen to it what are you doing what are you doing with that what are you doing with the audio and or visual content so that the manager doesn't have to go back through and actually listen to the hourong phone call is there something you're doing to translate kind of voice recognition into text or something to then drive action that's exactly right all the calls are transcribed all the calls are keyword searchable all the calls are indexed based on uh data from CRM like Salesforce um other crms as well so that rather than going in and saying hm what what should I listen to and there's this big pile instead you go all right I only want to hear late stage opportunities where the salesperson use the word value I want I want to hear what what that part of the conversation sounded like and how the customer reacted the prospect reacted to that value conversation so that takes an exercise that would have taken before probably an hour and takes it down to 30 seconds do you have to then train a salespeople to use like the keywords to actually make the thing searchable like what if I use the thing okay hey I'm glad you like our features let me talk more about what you get exactly with this pricing plan or I could could have said what you get for this value like how do you in other words how do you train the salese and relate that back to the Search terms to actually make this stuff valuable you you find out what the best people are doing differently and you clone them you finally have a way to clone you know we've been looking for a way to clone our top performers forever but we really didn't know what they did in their sales calls now we know so when we identify something they do um the customer in the customer's instance of exec Vision they can tailor the keywords on the keyword display you can search for anything else Nathan but just like any other human thing if it's right in front of their face they think about it so if they're looking at 15 different keywords that we know are critical or topics that we we know are critical for a salesperson to hit on it's kind of like jazz it's like hitting the notes in jazz then in all the rest of the conversations...