How Getmintent CEO Matt Dion grew Getmintent to $1.5M revenue and 130 customers in 2024.

just got done editing this interview you guys are gonna love it before i do that though i want you to know that i'm going to be in the comments for the next 30 minutes or so answering your questions if there's additional questions you want me to ask the ceo next time i interview them leave them below or if you're just loving the data points i get ceos to share click the thumbs up button below that's your way of telling me you're loving this stuff and i'll get you more of it additionally again i'll be in the comments answering any questions you have all right for 30 minutes enjoy the interview hello everyone my guest today is matt dion he's the ceo of mintend it's a technology and he's a technology industry veteran with 24 years of experience ushering early stage companies through the tricky early adopter and early majority market phases the company's focused on making the best marketers better matt you ready to take us to you bet yes why are you in software you need to be like you know kisses you know roadie or something just be on the road with them 24 7. well you know what i i'm a drummer i started drumming in high school and uh i guess um i had to make a calculation back then could i make more money being a drummer or uh going into into technology and well i you know that's where it took me but uh yeah i'm a big kiss fan though so give us more detail what what is mint helping marketers do yeah so there's two aspects of it um one is we provide a sas platform to get marketers on the same page around the uh you know the planning the production the distribution and the measurement of all of their digital content and then we also have a set of complementary services digital marketing services that complement that so we can actually help marketers uh figuring out their personas and and creating their content and distributing their content and all of that and so just to clarify if you look at the past 12 months and you and you break total revenue into two buckets one is true sas and one is consulting professional services the extra things you offer what percentage you say is pure sas uh pure sas without customers using any services from us it's probably it's it's about 75 oh okay okay yeah and then the other 25 is people using our software and our services together yep that's great not not a bad thing to have all because you obviously some extra touch drives drives deeper uh usage and hopefully higher retention which can be all positive things yeah absolutely so how do you structure your team then so how many of them are focused on services exclusively versus the tech side um it's about the same i i would so we've got a little bit more on services just because it's uh more labor intensive right so my team's 17 people and there's uh six full-time and about three or four contractors that we use and they're they're just purely in the software with the customers every day doing it for them and then uh i've got a dev team of uh six and then i've got sales marketing customer success is the rest how many quota carrying reps do you have um three three okay three okay so so let's get some of the back story here now for people that missed your first episode it was back in episode seven it was episode 714. we did that matt are you ready for this we did that back in september of 2018. i mean that was that a year and a half ago wow it was a while ago yeah so you you told me back then you had about a hundred customers where are you at today um we're slightly higher than that um you know the services side of things um [Music] it grows it grows quite slowly you know because it's it's you know you need people behind that so we've increased that by a few and then the software side since we spoke we probably added 20 or 30 uh clients from the mix there so commonly 130 customers total right now yeah i mean the the uh since we spoke like when we spoke we were just uh i hadn't even completed the acquisition uh of that other company and so oh sorry which other company well so i bought another company out of toronto uh called g-shift and so you were right in the middle of i was right in the middle of acquiring that customer or sorry that company when we last spoke so that closed in october and really a lot of uh that year was spent sort of bringing the two companies together merging the platforms the people the systems and so you know we weren't necessarily focused on aggressive growth we were focused on making everything work together well so um now end of the day the company doubled in size and got to cash flow positive so it was a really good move that acquisition and now we're you know focusing on the sales and marketing required to get growth what what was g-shift doing in terms of revenue run rate when you decided to purchase it um they were doing uh about a million and a half so and we were doing about a million and so we brought the companies together we decided to sunset uh some of the technology and merge the other piece into our piece and then uh roll the software services together so it was a sort of a bit of a reshuffling so that that was back in again october 2018 you're at a million there at 1.5 2.5 total plus some growth over the past year and a half so i mean are you guys past three yet three million run rate no is so so we actually rationalized some stuff so we like i said we sunset some product uh that we had that we just sort of let that sort of you know disappear and then um we you know we were investing in merging the platform so where i would say that from the acquisition to now if you just look at the top line we're flat okay got it so about so about 2 million 2.5 million in terms of run rate yeah but yeah yeah yeah okay and and then so so help me understand when you buy a company how do you decide what to sunset and what to double down on um yeah well basically we looked at the uh basically we looked at what customer usage right and what and what people wanted and so what we decided to sunset is we had a um uh legacy well what we think of as legacy seo products so the traditional seo uh analytics platform and we actually decided that uh we wanted to there were two parts to g shift one was this sdo platform and one was this tracking capability so the ability to put a unique url on every piece of content that goes out through every channel so that you can see the engagement um we felt that seo was just changing so quickly that we actually morphed that into another product that we're going to be launching this year which is using more machine learning to actually proactively optimize the content before publishing it versus the traditional seo is to publish let google crawl it see how you show up in the search results tweak it you know it's a very slow manual iterative process and so we actually we sunseted the traditional uh platform but we actually took the know-how and the technology and morphed it into a new product that we're going to be launching this year so it was really just where things are going and where we saw our customers getting value and that's what we decided uh where to invest and where to sunset okay and so how's that impacting things like churn what's gross annual revenue trend look like these days well so on the core platform that we invested in our we got the churn like i think i told you when uh last we spoke when i took the company over three years ago we had a 57 churn rate it was just a completely unsustainable situation and we brought that churn rate down to less than five percent so on the core content marketing platform you know the calendar the workflows the tracking uh that churn rate is very very low on the traditional seo product the churn um [Music] probably like 40 so still really high but sort of done done intentionally and you know we're giving those you know we're still supporting those customers fully in fact what we've done with that product is we've included um some concierge services because we found with seo um it's it's a tricky process and you need some expertise to do it so we actually folded it some services for those clients so we've that churn rate has come down a lot because we're doing a lot more hand holding on that and then when the new products ready we'll be going back out to all of the those existing clients previous clients and uh obviously new clients yeah if you just look at revenue so ignore which product the revenue is coming from but if you looked at monthly revenue exactly a year ago and let's say it was again about a hundred and twenty hundred thirty hundred forty thousand dollars that cohort that was paying you then if you just look at a revenue churn what what what were they paying you know exactly one year later maybe last month were they at like 120 000 so there's 20k of revenue churn there or how would you quantify that yeah uh if i look at it that way then it's it's about flat it's about flat so we've had we've had look so if you look at the cohorts the legacy stuff high churn the the stuff we're investing in our current product low churn and then we've had some growth so the growth is probably compensated for the churn of the legacy products so i'd say overall our sort of pure software staff has been flat so net revenue retention 100 percent no that's not bad by the way uh at this price point but but i still...