Ritekit revenue, CEO Saul Fleischman, team size, customer count, churn, and more in 2022.

hello everyone my guest today is saul fleischmann he started right tag back in the day it's hashtags from text and from images and it's building the first such tool that rides in any social media marketers workflow by browser extension and mobile app right kit now provides everything you need to grow an organic unpaid social audience and soft sell to them as you do it so are you ready to take us to the top yeah yeah thanks for having me all right so the website is right kit.com r-i-t-e what's the company doing and what's the revenue model so we started with one tool right tag it grew really big it was hashtag help mostly by browser extension mobile apps came later it got really big and people said i want this but i don't want to pay for that i want to pay for something else for social media publishing so we did something that no one on the team had experience with which was breaking one tool into four and then building those out further so right tag is what people know the the most but then there's also rightly right forged right boost and the essence of it is just automating the nuisance tasks things you would do any anyway with images and tagging influencers uh things like this auto hashtagging we invented that things like that it does for you to save you time um put this on a timeline put this on a timeline for me when did you write the first line of code for right tag i'm not a coder i'm actually the only guy on the team who is not um well you know what i mean when did the company right i'm sorry um was eight and a half years ago ago okay so you sort of officially launched in 2012. the very january 2012 yes okay very cool and and you said you said right tag got really big i mean can you quantify that for me in terms of whatever you want whatever you want to use it's somewhere between i've been checked recently but 20 25 million who have familiarity with right tag and then a tiny speck of them have completed registrations but that tiny spec is 431 000. what do you mean when you say 21 25 million have familiarity what like what does that mean they've visited the site at least once or they've seen one of our advertisements i see okay but but of those you've converted 430 000 into an actual email sign up yes that's a big list there's a lot of them opt out we don't write them all okay so help me understand how even you know getting impressions to a website and getting signups is one thing convincing the sign ups to pay you is another so what were you selling back and it sounds like it's different now but what were you selling back at right yeah so for a very long time you could define write tag as a browser extension yes there was the site you'd sign up set thing a couple things up but you're but after that you didn't come back to the site because you were doing your social in sprout or buffer hootsuite tweetdeck hubspot something from salesforce that's where you did it because you're a professional and you use the best tools and then when you needed hashtags for either an image or text you'd right click on something and you get your solution copy paste um and conversion extremely tough i put it to you this way if i was addressing 10 000 people in a room and said how many people have something some browser extension for which you could define the products value proposition is being delivered by the extension i won't ask you which ones right uh adblock would be an example though all the hands go up right i say okay now you know keep your hands up if you're paying for it so we all use browser extensions but we think of them as free and this one won't be well so that's what i'm trying to get at right is i'm actually looking at the right kit the right tag chrome extension now on the web store north of 20 000 users 60 is that not right yeah why are you shaking your head yes it is oh that is correct okay yeah right right tag on chrome extension you've got 68 reviews over 20 000 users this is the tool that you started with back in 2012. okay and so when you say you got too big and split it off what i'm what i'm actually hearing you say is you couldn't convince these sign up these people who signed up to start paying you and then you it sounds like you said we're gonna get into other lines of business more specific tools no what what we did was with right tag we would have tiers so uh with the higher tiers you would get this and that more stuff but then we what we kept hearing from people is i want the capacity of this higher tier pro or agency so there was light pro and agency but if you're paying 59 a month uh they would say well i want this and that but i don't want to pay you for social media publishing that was a big one right and this thing about like auto-generating posts that's a new habit i've never done that before um so i want to pay for what i want but not that and that's when we realized break it up and then we can offer just right tag just the hashtag help for a spec of the money so right the price for even light the lowest tier went from 108 to 120 to 144 um um uh and then it went to 144 a month no a year okay it was just hashtag help but but like for light the lowest tier went from 108 to 120 to 144 and then we added the solution for images especially powerful for instagram and surprise surprise people care about that more and we lowered the price so it went from 144 to 49 a year so and so then um things took off a bit more and gave us the ability to develop out other tools so right forge right boost right dot l y cta on links and then write tag which of these would you define as your most successful product there's a new thing it's just two months ago it's a thing we actually interacted on you noticed something on me in a forum and it was about the package and with the package we bring it back together and you get a discount deal it's about 45 off when you get all four tools and now this is doing the best for maybe five years running it was right tag that was the biggest seller and now it's switched to package um [Music] it's actually a wild time for us because now the api is our main revenue source how does that work it's monetized it's you take you you're you're familiar with apis right of course so yeah so yeah let's say you've got a medical analytics dashboard or cryptocurrencies dashboard or it's a banking app either way you have people signing up for your thing with a company domain now in their user profile they could have something there where you've got a little blue guy and you could drag in the company logo wouldn't it be nice if the logo just appears and then how is that how is that different than like the clear bit logo api because ours doesn't require attribution um okay clear bit is a competitor um for our company logo thing uh ours gets the logo gives it on a transparent background so it looks good anywhere we have more we update where you send a request and we don't have your logo we have a problem we go looking for it um the machine looks for it and then there's a transparent background and the really big thing is if you're citibank you don't want to give attribution everywhere that you use a logo to clear a bit sure so the way the way the way i found you though uh was on indie hackers um and you have a lot of products under your name and the one that caught my eye was the right kit package which you posted an update in march of 2020 and said you had a 3x customer conversion goal reached and you put the revenue up as about 2 600 per month so this right now is your now most successful sort of bundle product yeah it's looking that way it's been like two months there's no let me just say there's no other individual product that's making you more than twenty six hundred dollars per month the api is the api yeah the api okay the logo images api you have on products it says it says it's a zero in revenue so you just haven't updated that um i don't share the revenue for that and that's one so that's we have 19 solutions there's 19 endpoints it's like having 19 businesses so they said they do radically different things they serve different markets they give you an example of why someone would want company logo either from clearbit or us or other solutions that are out there like what the what that does but how about generating images so that's serving a totally different market so we we get to serve totally different types of customers learn about them find out what what else we can do for them uh and then as we get better at building these things building future ones becomes easier but isn't building the easy part isn't distribution way more difficult there's a hundred canvas out there but canva dominated distribution another billion dollar company i i really revere canva for the experience when you first try it distribution yes i would agree is really tough uh especially with us we're 100 percent self-funded 100 always and how many of you are there full-time five five and it looks like because the chrome extension says it was probably 30. we've been actually as high as 30 a lot of the time we've been in the teens or or around 20. right now it's it's um five but and how many engineers for okay so and i can from the chrome extension publishing location...