How Socicake CEO Ifiok Nkem grew Socicake to $93.6K revenue and 250 customers in 2024.

hello everyone my guest today is if you came he is a passionate entrepreneur and digital product creator after experiencing a career shift from being a medical doctor to entrepreneurship he founded snapple labs a tech innovation lab that has helped create and successfully launch multiple sas best sellers if y'all get ready to take us to the top sure i am okay tell me about your sas product that you helped create that is doing the most revenue right now what's the name of it okay that is so sick spell it s-o-c-i-c-a-k-e society dot com yes what's the company do okay basically what we do is simple we make it super easy for users to leverage the power of facebook to increase their traffic their leads and their sales okay what do you charge for this monthly okay we charge 47 dollars and we have a plan for 27.47 we have different plans okay on average though what do customers pay per month [Music] 47 47 yes 47 and when do you launch this company okay we launched in january this year we actually did a lifetime deal when we launched okay did you was it with a platform or you did it yourself what was with the platform we launched on jvzoo okay jvzoom um how many sales did you get on jv zoom okay we had 3450 cells on driving zoom in some of these okay at what price point at 67 between 47 and 67 that was actually a lifetime deal okay so 47 times 3 450 is 1 000 sorry 162 000 in revenue is that right yes that's for the front end but when we add the upsells because we add upsells in the funnel so we added total of 220 thousand dollars in revenue okay what was the upsell okay the upsells was number one the provision because the front end was actually lifetime so the first upsell was the probation which included additional features that's the one that is for the seven dollars per month we also had the second upsell which is the social media agency kits for those that want to use our software for their agency business we gave them done for you websites done for you proposals done for you email swipes everything that they need to use to start a social media marketing agency and if you're real quick stop your video and restart it just because it froze uh we'll keep talking while you do that though so you launched in 2019 do the jv zoom deal how many customers today do you have that are actually paying monthly we have 250 customers paying monthly pay monthly as does the pro users okay so 250 times 47 a month can i do that you're doing 11 700 per month in revenue yes and a year ago you had nothing right because you're just now launching yes you're right are you getting the 250 customers monthly from those that signed up via jvzoo or is there a different way you're getting them mostly from those that sign up from the in 3000 plus customers that sign up we actually grew that to 524 post launch that came for the front end lifetime deal so most of them are those that sign up on jvzoo okay 215. and um help me understand how did you recruit affiliates to market on jvzoo okay to market on jvzoo it's and what we did was we partnered with him someone that that's marie brown a partner with marie brown spell speller mario m-a-r-i-o mario brown mario brown yes we partner with mario brown jvzoo okay oh so that was your only affiliate that was our partner he was responsible for recruiting affiliates for us so what we do is we did the product developments and we partnered with mario brown and mary brown was responsible for recruiting affiliates for us what kickback did you pay affiliates manager what kickback did you pay him okay um he gets a percentage of about 25 percent okay so on two hundred thousand dollars in sales he would get 50 50 000. yes okay and does mario brown have a website is it mario brown.net is that the right one yes does it okay um did he tell you about like who the affiliates were so you could use them again in the future or no okay yes we have a relationship with the affiliates like the current launch we are doing on saturday during the second of june i actually went out alone we are doing that alone without an affiliate manager because after that particular launch we now created a relationship with the affiliates so they can actually promote our future launches okay and it is uh did i mean was mario brown an affiliate himself or did he just go recruit other affiliates okay he was also promoting he promoted it but with a blind a blank a blind um link not using his own affiliate link but sending traffic directly to the sales page since it was part of the launch very cool that's what managers do yeah that's great i think it's a great model to launch companies so now are you focusing all in on this company are you building other companies as well we are focusing on this company you know snappy labs actually take innovation up we have different teams for different creating different products okay the social team how many are on this how many people are on this product okay it's eight and are you burning capital or are you cash flow positive we are possessive we are everything is bootstrapped but for now we are positive okay so boots strapped in casual positive and what is churn how many customers do you lose every month about 2.5 percent okay so annually that comes out to what about uh 26 27 yes all right and um do you have any expansion revenue yet or no is it too early it's still we're still working on impressing our and getting our own traffic and also am growing the scaling up from our own traffic we are working on our marketing funnels like you can see if you go to kick.com that is a new website that we are using it looks great by the way okay thank you but your pricing button at the top doesn't work but it still looks great it's okay i think it's when i was on the home page and i clicked pricing it just it it wasn't loading maybe it was taking it maybe it was taking some time or something it looks like it loaded now but you have 20 27 a month 47 a month and 97 a month right yes yeah that's great um okay cool and then um what kick so you paid mario brown 20 what kickback did you pay to jvzoo and what did you pay to other affiliates okay for jvzoo for dj visually they get five percent okay five percent and then affiliates gets fifty percent okay so of the two hundred thousand dollars you made fifty thousand went to mario and then a hundred thousand went to affiliates you get fifty percent and then ten thousand went to jb zoo so that's ten plus fifty plus a hundred so 160 000 were cost so you only really made like forty or fifty thousand dollars in cash from that right yes for the launch yeah but now you're reinvesting that to drive growth what's it costing you today to get a new forty seven dollar a month customer to get the need new 47 customer it takes about 68 okay so you're paid back in two months yes and where are you where are you spending that money typically facebook ads okay what about if they do the greatest same channel we spend it on this facebook ads we were targeting those that came to the sales page during the launch and we also involved in a greater chunk of our traffic our ads is for retargeting ads for those that visited our sales page we are about them 40 000 and visitors come to us this is our sales page and we also have us running for code traffic we'll be demo videos that's great all right let's wrap up here uh if you look with the famous five number one what's your favorite business book okay.com secrets number two is there a ceo you're following or studying russell brownstone ceo of clickfunnels number three what's your favorite online tool for building a company clickfunnels number four are you an affiliate of click funnels no i'm not number four how many hours of sleep to get every night six to seven and what's your situation married single kids single no kids not yet and how old are you 18 18 18. oh 30. okay 30. last question what do you wish your 20 year old self knew okay i wish i started ellie 1920. guys start earlier on socialcake.com on jvzoo did 200 000 in pre-sales via affiliates but only made about 40 uh k on that after he paid out the affiliates his affiliate manager and five percent to jvzoo now today he's putting a recurring revenue platform about 250 customers signed up at 47 a month doing 10 grand a month in revenue again helping people use facebook to drive returns he's got 27 churn annually 73 net retention team of eight profitable spending 68 bucks to get a new customer for just about a two month payback period if yuck thank you for taking us to the top okay thank you for having me one more thing before you go we have a brand new show every thursday at 1 pm central it's called shark tank for sas we call it deal or bust one founder comes on three hungry buyers they try and do a deal live and the founder shares back end dashboards their expenses their revenue arpu cac ltv you name it they share it and the buyers try and make a deal live it is fun to watch every thursday 1 p.m central 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