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Swanick: GrowSumo Used Fake Logos Like Dropbox to Gain Early Traction
“So they saw that there was nothing on our page, so we threw up fake logos, like, Zenefits was huge at the time, Dropbox, you know, those kinds of companies.”
Swanick: Reseller partner onboarding takes 6 to 12 months to yield returns
“The long tail comes in when you start working with the resellers that require onboarding and you don't really see those returns for six, nine, 12 months.”
Swanick: Nonprofits only invest in software infrastructure after securing grant funding
“And what we found was that the nonprofit space is incredibly finicky. So everyone's kind of waiting for grant funding to come in, and when they get their financing, then they can talk about actually investing in some scalable infrastructure. And it was a hard …”
Swanick: Evernote has two people managing 10,000 external sales agents
“Evernote literally has two people managing 10,000 external sales agents.”
Jones: GrowSumo beats Commission Junction and Influitive in head-to-head sales
“So right now we're winning battles against commission junction, which is an affiliate network, a very, very large affiliate network. And we're also winning battles against platforms like influitive, which isn't really an influitive yet.”
Jones: Sending 100 invites yields 3 to 5 influencer signups
“You send out a hundred invites, you might get three to five influencers join your program.”
Swanick: Most GrowSumo revenue is base fees, but performance revenue grows faster
“Currently, the majority is coming through the base fee, but the revenue fee is what is growing much, much faster.”
Swanick: GrowSumo has 40,000 partners, with 8,000 active monthly
“I think we have like 40,000 partners, 8000 were active last month.”
Swanick: GrowSumo revenue is growing 25% to 35% month-over-month
“We're growing over 25, 35% month over month.”
Swanick: GrowSumo's monthly logo churn is below 2%
“Yeah, so our churn is quite low like very low. ... I would say lower than two percent.”
Swanick: GrowSumo has roughly 200 customers
“Today, so I don't have a hard number, but I would say just a little north or south of 200.”
Swanick: Reading startup books slows founders down through pursuit of perfection
“I read a lot of books on how to start a company early on. And that stuff really kind of slowed me down because you try to be perfect and then you get it out there and it's just not. And I think that that would be the biggest thing was I hesitated a lot until y…”
Jones: GrowSumo charges enterprise clients $10k annually plus 10% payout fee
“The enterprise account is 10,000 dollars annually. In addition to this, we take a 10% fee on all payouts that you make over to your influencers.”
Jones: GrowSumo grew 50% month-over-month since September 2016
“What I can say is that we've grown 50% month over months in September.”
Jones: GrowSumo has over 70 paying customers
“So right now we're working with over 70 paying customers, which is great for our business.”
Jones: Influitive pays advocates in gift cards while GrowSumo pays cash
“Where we differentiate from a platform like influitive is we let people get paid cash for it. Influitive just pays, you know, gift cards and that type of thing.”
Jones: GrowSumo generated over $100k in monthly recurring revenue for customers
“But what I can say is we're, we've driven over a 100,000 dollars in recurring monthly revenue for our customers to date.”