Wilbur: Gremlin Social bills annually on three-year contracts
Doug Wilbur · 1485 Social Media Management For Banks Raising $1.5m on $8m Pre (4x ARR) · Aug 18, 2019 · at 10:59
Doug Wilbur, CEO of Gremlin Social, describes the contract structure and renewal dynamics for the company's banking clients.
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“Yeah, they've got a monthly fee, but we bill them annually and we have them locked up on three year contracts.”
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More from Doug Wilbur
Gremlin Social previously suffered from 10% to 11% monthly logo churn
“It was probably somewhere around, call it, 10, 11% month on month, and we're ratcheting that back.”
Gremlin Social acquires $625-a-month customers for under $200
“Oh, I mean, definitely less than 200 dollars.”
Gremlin Social serves 300 US banks and targets adjacent verticals
“So we work with about 300 banks today, primarily in the United States, and, you know, are looking to grow via adjacency, so growing into insurance, growing into wealth management, growing into mortgage, things like that.”
Gremlin Social's year-over-year revenue growth is between 30% and 40%
“Year on year growth is somewhere between 30, 40%”