The Ledger
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Svizovich: Referizer Will Go Public Within Five Years
“A hundred employees to get a rich financial freedom in five years when you go public.”
Referizer operates 100% commission-only sales with zero base pay
“Whole sales system is performance based, hundred percent, no base pay, right? No overhead. The half of the setup fee, that's 500 bucks, goes to appointment setter that sets up the demo. Plus, we give them 10% of residual, right? Then second half goes to the cl…”
Swiavich: Top Serbian sales rep makes around $5,000 per month
“He's back in Serbia. He's making probably about 5000 dollars a month.”
Swiavich: Referizer converts 30,000 weekly cold calls into 30 to 35 sales
“We're doing 30,000 calls a week, 400 demos, hundred attended about 30 to 35 sales.”
Swiavich: Outbound sales program yields 100 monthly sales with zero founder hours
“I invest zero hours a week on this program now and keeps making us hundred sales a month.”
Swiavich: Referizer runs zero digital ads after $20k yielded two clients
“I don't have digital ads budget. I wasted probably 20,000 dollars, got two clients on it. This is the only way we grow.”
Swiavich: Hourly Pay Caused Sales Call Volume to Collapse to Minimum Target
“So I turned, offered them hourly rate. Instead of scheduling six, eight, 10 appointments a day, they went back to two. Why two? Because that was a minimum expectations.”
Swiavich: Referizer employees hold most of the company's equity
“Most of the equity is of my employees. We share equity with a team. My team is my investors, right?”
Svizovich: Referizer Pays Setters $40–$50 Per Demo Plus $50–$100 Per Sale
“You'll make 50 dollars per attended demo. If you become master appointment setter, you'll make, ah, sorry, start for 40 and get to go to 50. And then when the sale happen, you'll start with 50 dollars per sale, go to hundred dollars per sale.”
Svizovich: Referizer Reduced Churn and Rebounded to Record Revenue in Four Months
“Quite frankly, we didn't have any additional churn quite. We reduced the churn and the revenue came back to all that high four months later.”
Svizovich: Referizer Bypasses Resumes for Weekly Group Orientation Webinars
“We don't accept the resumes or forms. We just set company orientation once a week. And 50, sometimes 200 people join that orientation.”
Svizovich: Referizer Bootstrapped Until Taking SBA Funding
“We bootstrapped all the way until the last five months when we started getting money from SBA, started getting money from free money from government, like everybody does, right?”
Latka: Referizer Is Undervalued by a Lot at an $11M Valuation
“I think that's undervalued by a lot.”
Referizer raised $100K by emailing equity offers to 1,000 clients
“Honestly, we send an email to all my clients says, do you want to own piece of referizer?
Nathan Latka: Oh, very cool.
SPEAKER_04: Yeah.
Andrei Spivak (Andrei Spivovic): And I sent thousand emails out.
Andrei Spivak (Andrei Spivovic): Interestingly, five o…”
Spivak: 100% of Referizer's salaried team is outsourced offshore
“All of those that are on a salary are outsourced.”
Referizer pays all team members 80% cash and 20% equity
“Everybody in the company is paid 20% with a stake of, you know, 80% cash, 20% equity.”
Spivak: Referizer grew revenue from $60k to $1.4M in 12 months
“We went from 60,000 a year revenue to 1.4 million. Literally in 12 months just by implementing this model.”
Referizer cold calls roughly 20,000 businesses every week
“We are calling about 20,000 businesses every week.”
Referizer allocates 35% to 40% of revenue to sales commissions
“It's about 35% of our revenue going to sales efforts. If you're growing fast, it goes 40%, right? So yeah, if it's 174,000 times 0.4, it goes about 70,000 dollars towards sales efforts.”
Swiavich: Referizer reached $3.8M ARR and $355k monthly revenue
“Revenue is now at 3.8 million since they are up to updated slide. So last month we did 355 freaking thousand dollars.”
Swiavich: Referizer grew from $5k to $240k per month in seven months
“And my revenue was five thousand dollars a month before that. And I'm telling you that story because it went from almost nowhere. And by the way, that 104,000 in 2015 include a piece of that uptake in the last month. And then we went boom, 240,000 dollars in a…”
Referizer Adds $25K Monthly From $20 Price Increase With Zero Churn
“We first increase our monthly By 20 bucks. So that brought another 25,000 dollars without any additional churn.”
Referizer Adds $20K Upselling $1,200 White-Glove Agency Services
“Second we added services, agency services, their premium white gloves services that people are buying, and it's about 1200 dollars per customer instead of 200 dollars per customer. So we added about another 20,000 dollars there.”
Referizer Reaches 1,240 Paying Customers and 13,000 Freemium Users
“Currently, we just passed 1200 paying clients. We have over, over 13,000 freemium clients. They're using our system and free features, but about 1240 paying clients.”
Svizovich: Referizer Pays Support Reps Incentives to Refer Leads to Closers
“Plus there's incentive for our A support team where we give them a financial incentive to introduce this to the closer who's going to sell them on a full feature.”
Referizer Uses an Outsourced Remote Call Center of Around 30 People
“It's outsourced call center working from home. We have about 30 people. Now in it.”
Svizovich: Referizer Pays Roughly $50,000 Monthly for 30 Call Center Reps
“That's tough questions. I don't do payroll anymore, but I can give you a close estimate. It's about 48, nine, about 50,000 dollars.”
Referizer raised $500K at a $9M valuation
“We just raised some money and we valued it as nine million dollars.
Nathan Latka: How much did you raise?
Andrei Spivak (Andrei Spivovic): 500,000.”
Referizer lost 35% of monthly revenue at the start of COVID-19
“COVID came in 35% revenue lost first month, and I got shocked.”
Referizer reaches 1,015 paying clients and 13,000 freemium users
“We just passed thousands, so we are about a 1015 paying clients and over 13,000 freemium ones.”
Referizer generates $174,000 in monthly revenue with $146,000 in MRR
“So, one 146 is residual without set up fees. So, if you deduct 174 -146, I would say 26, 28,000.”
Referizer retained all clients during COVID-19 by offering free accounts
“I mean, luckily we didn't lose a single client, a single employee.
Andrei Spivak (Andrei Spivovic): We didn't lose clients.
Andrei Spivak (Andrei Spivovic): We just lost the revenue.
Andrei Spivak (Andrei Spivovic): We gave them free accounts until they rec…”
Swiavich: Referizer pays a $500 employee referral bonus for call center hires
“We pay the 500 dollars when they refer a friend, and then when the person comes from the call center, they freaking bring you the whole call center back.”
Referizer Employs 46 Full-Time Staff Excluding Outsourced Call Center Dialers
“In Referizer, we, if we exclude the call center and dialers, we have 46 people full-time.”