How Insightpool CEO Devon Wijesinghe grew Insightpool to $3.6M revenue and 100 customers in 2017.

this is the top where I interview entrepreneurs to our 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 twenty thousand dollars per top five in six weigh-ins he has happened on global domination we just broke on a hundred thousand full mark and I'm your host Nathan lakha okay top tribe this week winner is Charlie dag okay he was a middle manager at a manufacturing company he wants to break free and he won the one hundred dollars i gave out every monday for your chance to win simply subscribe to a podcast on itunes right now and then text the word Nathan two three three four four four to prove that you did it top tribe you know I don't have a lot of time to wait that's why I use fresh books that send out invoices and make sure I'm collecting my money to eat your three months go to nathan lucas calm forward slash freshbooks can enter the top in the how did you hear about us section this episode 563 Nathan lucky here and coming up tomorrow morning yonders of parolees they've hit 700 customers $75 average revenue per user per month and five hundred thousand dollars raised what will they knew do next we'll listen to find out Mason ladki here good morning everybody our guest today is Devon oui je stinger and he is the founder and CEO of insight cool he co-founded the business in 2012 and in that short time has led the company from 2 to 60 employees acquired Silicon Valley startup next principles and is currently revolutionising marketing and sales across social Devon are you ready to take us to the top or still it alright tell us what insight cool does first off and how you generate revenue yeah so what we do is we focus on a sector that is growing incredibly quickly called influence or marketing essentially a brand needs to have an army of people syndicating their content with their own voices and no longer do people care about what a brand says pictures about what other people say about that breath our focus is that helping find those individuals for brand so they can build relationships with them and therefore help them and be their marketing army if you will because they have such an affinity towards that product and so forth so our job is to really help mechanize that through software the service platform that we've built got it so your pricing models monthly recurring they can click a plan make a plan yeah yeah pick your slice and it tears up as you want more people and then as you want to do more you know different activities and features but the whole point is that hey you know marketing is otherwise you know an exercise in failure nowadays you know five percent click through a meme to ninety-five percent kino failed influencer marketing can many times self turn that on the head like get a ten influencers talking about you and you might be able to get a hundred people to buy your product so that's the focus that's got it makes good sense um before I go back and learn more about the history starting in 2012 where are you today you have a bunch of pricing what's the average customer paying you per month yeah so the average ARP a if you'd like these SAS metrics is just over three thousand dollars a month okay great that it includes different variations but also we know this is the new space so we also help service both accounts with those windows fun okay so or do you have some professional services included in that three grand earth up here no touch SAS revenue it's a in the beginning training implementation so forth in the nap post that it's really just pierced it's more of what does it take in the beginning to get them started and then after that often races so that three grand you gave me though is that the awesome the races number or the beginning member that's the off to the rate system okay got it okay now take effect of founding you found it in 2012 were you solo founder yes the story was is a 2012 was probably more of the we actually launched it in 2013 but I'm I had previously sold another company had called iver which was in the data space akiro on individuals and sold it in in early 2012 and what do you know about for Devon oh wow I can't release the number miss come on give me a big ol range keep it vague it's a it was 9 bigger so it was a good deal um but but there's a private equity group still owns it so I'm still under I da but basically what that was is you know we built that up to almost 3,500 people that were in the field for us and she was data on individuals and then when i sold it i was looking to get involved in other things and just became a venture investor and said oh well that's just a you know super easy to do because I'm a genius now at 28 and I can definitely tell you I'm not a genius and as I as I looking at different things social became more prevalent as being the newest data set and so I found a couple actually guys that were working I don't want to say college dorm room but it was a college cafeteria they were trying to figure out a way to match your what song you would like with your social media history so think of like itunes but fusing social and i said hey that's interesting seated it and then went on she how'd you see it for a deep-seated for 250 grand okay got it and was just like what what college was a SAT georgia university of georgia ok georgia so like you were like I'm making this up you're like a speaker at the entrepreneurial club these houses came up to you in the capture at the end and you're like wow this is interesting let me see didn't grow up with them close I was actually running something as well called the HEA Atlanta technology angel so like a formalized angel group and they had wanted to come pitch that and as I look at I was like oh I could probably be more helpful as an advisor and as an investor and until i see did it and that's how we met it was Georgia but I met them through here ok got is it you're so are you down there with David Cummings in a benefit detect space and all that definitely yeah is that Davidson Maya what am I you know best friends okay and he's literally next door Jericho haha I was just talking to him 10 minutes ago actually so where is we were met to be talking to right now that's how that works oh is that funny that's funny because he we were the we were the first company in the ATV like we actually not impact the village generalist iris exactly a year when I came in and said David will find your first lease but you got to knock out these walls and put in this dong bell for every new cell that comes in and put in these special lights right clothes basically was like David we're not going to start we're not going to sign a lease give it to us for free for a little while and we'll put up with all the construction then you're gonna put a strike alright so back to insightful thousand 2012 what do you add team size today yeah just two right around 60 people today okay 60 people still in the same place in a TV no we had to build out our own custom space you know be today TV is awesome to launch but if you stay there too long a the math doesn't work and then B is colored living in your mom's basement right if you if he said product market fit and you can scale the business you should go and do something traditional so we actually like the sign if you could definitely see behind me but it's fine behind me that says inside polls it's a completely custom space that we built without now God and then fast forward where we are today is in January 2017 how many customers are you serving per month yeah so it's about over a hundred different large enterprises per month and many of them have like multiple properties that we serve so you know it's in the count of 200 plus some of the properties that we serve so far as an example coke may have sprite and fanta and so forth at each of those are considered different customers so can I do to back into your monthly recurring revenue number can I take 100 kind of brands times the 3 grand arpu to get about 300 grand and mr r that's kind of accurate it's a it's close its close to accurate unfortunately hit release it is marketing guys I can seem right now he's marking which means I nailed it ok I'm right on it all right Devin take us teach us some lessons about economic so your unique most companies kind of at this kind of monthly recurring revenue level you know they're there are foods especially in SMB are like sub you know a hundred bucks right you have kind of less customers paying you way more do you have an inside sales team how do you think about kak and LTV yeah so we do so we have somewhat of a traditional na traditional model so target accounts that are you know given by not just industry but ones we have specific verticals attached to so whether it be cpg and auto and so forth that we have people go after and then we also have an inside team that feels the inbound and you know get the you know kind of calls clothes if you will account socal TV we're we're always on you we're always investing if there's growth and cackle TV makes less sense to worry too much about and when you if you're you know growing quickly just because on you're going to continue...