The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Burns: Sell to buyer objectives and personal bonuses, not pain points
“No one's going to care about solving pain points right now, but everybody needs to hit goals, right? And if we can identify their objectives and sell to objectives as opposed to pain, certainly not features, right? Because that doesn't matter. People are going…”
Yunus: vFairs reached $30M ARR with no outbound sales team
“Over the next 20 minutes, ah, I will walk you through how we have took Vfares from zero million dollars in revenue to thirty million dollars in revenue without hiring any outbound sales team.”
Yunus: vFairs generates a 25% to 50% profit margin
“So, you know, all of this revenue, at least 25% to 50% just goes back in profit.”
vFairs turned away business that could have doubled revenue to $60M
“We, in fact, had to turn away tons of business. You know, this thirty million could have easily been sixty million. I've been not caring about customer support.”
Burns: CRM closed-lost tags conceal the real reasons deals actually die
“There's no substitute for having conversations, right? So the CRM's not going to tell you the, you know, the skinny. The CRM is going to tell you what the salesperson bothered to put in, or, you know, in some cases, luckily not at vfairs, but I've run into pla…”
Burns: Discovery calls should sequence strategy and tactics before uncovering gaps
“From a conversational standpoint, what we want to do is start slow, right? And we want to talk about things that they like, which are themselves and good things, and that's why I ask questions around their strategy, right? And then I start talking to them abou…”
Focus on increasing ACV when deal volume and velocity levers stall
“So for me, you know, volume is not a lever I'm going to pull. Demand is not what it was. Velocity is not a lever I'm going to pull because, you know, the buying cycle is longer. Size is, right? So I'm going to pull the lever on ACV because now I'm able to sell…”
CRM deal-loss records mislead leaders because they rely on subjective inputs
“The CRM is not going to tell you the, you know, the skinny, right? Now, the CRM is going to tell you what the salesperson bothered to put in or you know, in some cases, luckily not at VFairs, but I've run into places where, you know, salespeople will bring, bl…”
Rolling out any sales methodology is better than having no framework
“It doesn't matter what your sales methodology is, just roll one out, right? Which is absolutely true. And I'll show you mine. But if it's, I'm not a huge fan of band. Bant. I think it's a little bit simplistic. But, you know, use band. Bant. It's better than n…”
Sequence B2B discovery questions from high-level strategy down to tactical gaps
“What we want to do is start slow, right? Right, and we want to talk about things that they like, which are themselves and good things, and that's why I ask questions around their strategy. Right, and then I start talking to them about the tactics that they're …”
Breaks in conversion rates best diagnose unoptimized sales processes
“I also need to be able to diagnose where in my process things are not completely optimized, right? And the best way to understand that is when you see breaks or aberrations in conversion rate.”
Enterprise buyers ignore pain points in downturns; sell to objectives instead
“No one's going to care about solving pain points right now, but everybody needs to hit goals, right? And if we can identify their objectives and sell to objectives as opposed to pain, certainly not features, right? Because that, that doesn't matter. People are…”
Goldcast positions against Hopin's massive 50K+ attendee trade show focus
“We don't go after, like, the big, you know, 50,000, 100,000 person trade shows, which is what, you know, VFairs hop in, specialize in.”
Yunus considers vFairs the largest bootstrapped virtual event platform
“I, yeah, I would like to believe that, yeah. I think, I don't think so, you know, when I look at others like Intrado, SixConnects, Hopin, I think, you know, each one of them is no longer bootstrapped, so I would like to believe that, yeah.”
Parent company Bayt.com owns the majority equity stake in vFairs
“Parent company owns the majority.”
vFairs fielded acquisition offers at 10x to 20x revenue multiples
“We have seen anywhere from 10 times to 20 times revenue. So minimum 10 times, all the way up to 20 times of our revenue is what we have seen so far.”
Yunus projects 70% to 80% customer retention for vFairs in 2021
“As of now, we are seeing that we will have at least a close, like anywhere from 70 to 80% customer retention and hopefully a hundred plus revenue retention.”
vFairs expects to hit $40 million in revenue in 2021
“So right now we are at a point where we should be hitting close to forty million dollars in 2021.”
vFairs surges customer acquisition from 10-12 monthly to 40-50 per month
“When we go back to one 19, we were signing around, on average, you know, between new and renewals, around 10 to 12 customers a day, a month, right? Right now, that has already turned into a week, whereby, you know, rather than 10 customers in a month, we will …”
vFairs Cannot Serve 80% of Inbound Leads Due to Capacity Constraints
“We are hardly being able to handle 10 to 20% of the incoming leads. So I'm not being able to serve more than 80% of the incoming request, right?”
Younas: VFairs will approach a $3M run rate within five months
“I think over the next five months it will close, it will be close to three million dollars.”
Younas: vFairs maintains a 95% renewal rate on annual contracts
“Those who are doing annual essence with us, our renewal rate is close to 95%. So, you know, we hardly lose any customer on the annual essence as of now for the past three years.”
Burns: Marketing 3D virtual environments grew vFairs to $40 million
“And, you know, we talk a lot about, you know, three D environments and features, and that was amazing, right? And that, that grew us to forty million in a heartbeat, right?”
Burns: Conversion rate aberrations are the best diagnostic tool for sales bottlenecks
“And I also need to be able to diagnose where in my process things are not completely optimized, right? And the best way to understand that is when you see breaks or aberrations in conversion rate.”
Yunus: vFairs review request email has a 90% response rate
“This email template has 90% response rate. So, hardly anyone would not go ahead and you know, not reply to this email.”
vFairs generates 80k-90k monthly website sessions with a 1% inquiry rate
“For us are, again, just, we typically get around 80 to 90,000 sessions per month on our site, and once we get those sessions, roughly one percent of them translate into inquiries.”
vFairs gets 58% to 60% of web traffic from long-tail keyword research
“So almost 58 to 60% of all of our traffic comes from those 100,000 of keywords that we go and we research through the seven 50 plus interviews that we do every single month.”
Yunus: vFairs ranked number one on G2 and Capterra for 12 quarters
“Whether it's on G two or Captera, we'll be ranked number one for almost 12 quarters in a row now.”
Yunus: vFairs was profitable within six months of launching
“We started back in 2016. Within the first six months, we were profitable.”
vFairs historically achieved 140% net revenue retention
“Historically speaking, it has been close to one 40%. So our net revenue generation historically was one 40%.”
vFairs is in M&A discussions with physical event app providers
“We are moving towards hybrid. So anyone who has been doing physical events before, like physical event, mobile apps, we are in discussion with a couple of people.”
Bulk of vFairs support team operates from Pakistan and Asia
“So, you know, from us to Canada, to Australia, Singapore, et cetera, but bulk of our support is based out of either Pakistan or out of some of the other Asian countries.”
Every vFairs sales rep generated at least $3M in 2020
“Each one of them have hit at least three million or above last year. So again, in most cases, this is almost, there's no one who have not hit our target. In most cases, they've hit their targets within a quarter or two quarters.”
vFairs reached over 1,250 active paying customers
“Roughly close to 12 50 plus active paying customers at this point.”
vFairs averages $33,000 in annual contract value per customer
“Yeah, actually I think as of now, our average customer is paying us 33,000 dollars. So that's what they're paying us now you know, for the past five months.”
vFairs revenue run rate was just $2.8M before the pandemic
“It was closer to .4 to 2.8 million dollars.”
Latka: vFairs bootstrapped from $3M to $30M ARR during pandemic
“Vfair's bootstrapped goes from three million to thirty million in ARR during this period.”
vFairs Experiences 30% to 40% Gross Churn Due to Event Model
“I think we have close to 30 to 40%, again, just purely because of the industry we are in, right? So again, not every, It's not a typical SaaS where, you know, everyone who want to run event right now will run exactly the same time next year. We get a lot of an…”
Yunus: vFairs Leads Surged to Nearly 1,000 Weekly During Pandemic
“Our number of leads you know, in companies, they used to be four or five a day, and now they are you know, close to a thousand you know, over the past one week you know, and that's what we have been seeing for the past six weeks already.”
Yunus: Annual contracts make up roughly half of vFairs' revenue
“That would be around half of that. So again, you know, roughly it's half and half.”
Yunus: vFairs Will Finish 2020 with at Least 250 Customers
“So we believe that we will end the year with at least two 50 customers, if not more.”
Yunus: vFairs' Primary Competitors Are INXPO and ON24
“So, so our competitors mainly are in Expo and on 24.”
vFairs Lost a Government Client Accounting for One-Third of 2018 Revenue
“And again, we lost one big government customer out there, which was you know, a good one third of our 2018 revenue.”
Yunus: vFairs has only two quota-carrying sales reps
“Quota carrying reps are just too high. It's just between me and one other person.”
Yunus: vFairs Tracking at Least 70% Growth in 2020
“But again, 220, the way we are starting right now is you know, at least, if not more, 70% growth from what we are seeing from 2019 because of the coronavirus.”