Kit CRM
product on 2 shows · 14 statements across 2 episodes · said 12 times in 2 episodes since 2016
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Top Founders 12
2016 12 mentions in 2 episodes 6 per episode
every mention on every show, scene by scene, with the transcript →
14 statements about Kit CRM, every show
Shopify acquired Kit CRM to establish its San Francisco office
“Actually, the team in San Francisco was a product acquisition. It was an incredible team out in San Francisco called Kit CRM, which was building a text-based interface to simplify a merchant experience. Their core initial offering was around simple marketing s…”
Kit CRM's SMS component now makes up 100% of its business
“And we launched that in January of 2015, the SMS component, which is now basically a hundred percent of our business.”
Kit CRM reached approximately 2,000 paying customers by January 2016
“We have about 2000 paying customers.”
Kit CRM's average revenue per user approaches $19 per month
“We're just kind of approaching 19 dollars.”
Kit CRM consistently averages a 4% monthly customer churn rate
“Well, I think that, you know, right now what we see is that we average pretty consistently a four percent churn within our marketplace partners.”
Kit CRM's customer acquisition cost is approximately $21
“Our cost per acquisition is about 21 dollars.”
Kit CRM spends its entire customer acquisition budget on Facebook ads
“We're spending all of our money on Facebook.”
Kit CRM managed $80K in November ad spend, dropping to $40K
“It was about 80,000 dollars in ad spend. In November. And then we're basically in both December and January. So about 40,000. So it cut in half.”
Kit CRM dropped a 10% ad fee because it cheapened the brand
“We just do the flat fee. We had a 10% little bit for a second, but we just learned that that really kind of cheapened our brand and it really wasn't kind of hitting on the morals of what we wanted to be as a business.”
Missing $150K to $200K MRR by year-end would mean failure
“It's like, can we get to that 150 K MRR, right? Like I think that one 50 to 200 K MRR, if we don't satisfy that, the years of failure, we very much look at I think when you look at great sports teams, right? It's like championship or bust, right? Like second p…”
Kit CRM cleared $30,000 in monthly recurring revenue in January 2016
“January, we just cleared over 30 KMR.”
Kit CRM's net cash burn is between $30K and $40K monthly
“Well, our net cash burn monthly right now on any given month can be anywhere from 30 to 40 K. Just depending on variable marketing costs and things.”
Kit CRM does not need to raise additional capital in 2016
“If we didn't raise money this year, it wouldn't make a difference. We're in a unique situation where we've been very patient with how we spend capital.”