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WhatConverts Converts 70% of Free Trial Users Into Paying Customers
“And in one area that has really helped is of companies that start with us, 70% that start with a free trial, they become customers.”
Cooney: Cash profit-sharing is better than stock options that often yield nothing
“I mean, we look at, you know what's the stock shop, stock options or share options and all that, but We just found that as the income comes in and as we're profitable, we wanted to go direct to them. I'm tired of the stories of people that get stock options an…”
Cooney: WhatConverts Bootstrapped to Avoid VC Downside Without Traction
“We chose to stay bootstrapped, and the reason for that is, number one, over the years I've heard stories of founders starting companies, getting investments, and if they don't get traction, they're just in for a whole lot of hurt. And we weren't sure if we wou…”
Paid Advertising Campaigns Directly Increase 'Direct' Website Traffic
“When you advertise, your direct traffic increases. So we actually attribute a portion of our direct traffic to our marketing channels.”
Extra VC Funding Cannot Replace 20 Years of Industry Experience
“So as the agency, I'd lived that problem for 20 years, and more funding wasn't going to help me You know, define the problem any better.”
The 'Hundred Year Test' Filters Core Product Value From Feature Noise
“We call it a hundred year test, and it's just a simple framework where it's like, your core value of your product, if you look a hundred years ago, was it true, or was it valuable? If you look a hundred years in the future, do you still see it being valuable?”
Call Tracking Is the Only Lead Type Requiring Third-Party Software
“The reason we use call tracking as a mousetrap is it converts really well. It's the only lead type that requires a third party software to work.”
Great Customer Support Operates Like a Standout Product Feature
“So that support has really been a great lever. It's almost as good as having a super product feature.”
VC-Backed Call Tracking Competitors Have Raised $1 Billion in Funding
“Call tracking was one of the areas where there's a lot of well-funded companies, and it turns out to be the feature that converts really well for us. So on all these companies, there's a billion dollars in funding.”
16 Distinct Value Props From the Team Revealed Internal Messaging Misalignment
“I did a homework assignment for our team. I said, give me the five top benefits agencies have using what converts. Our team went away. They did it. I collected all the benefits together, and we came out to 16 different benefits. So you'd think that's a good th…”
WhatConverts has achieved 60% YoY growth since launch
“So that's allowed us to grow 60% year on year since we started.”
Cooney: WhatConverts Has Reached $3.6 Million in ARR
“We are now, we're actually at 3.6 million now.”
WhatConverts Turned Down a $15M to $20M Competitor Acquisition Offer
“A competitor came along and made us an offer of seven X. So we were doing 2.1 million ARR at that stage, and they offered us 15 to twenty million.”
WhatConverts Customers Expand Average Spend 4x to 5x After Signup
“So what we found is people start at 30 dollars a month, but on average they end up spending four to five times a month, with some other customers spending, ah, in many thousands per month.”
WhatConverts Reaches 40,000 Installs Through Agency and Franchise Channels
“We have a fairly small amount of customers, but we're serving 40,000 paid companies, and that's purely from the multiplication effects of going through agencies and franchise companies. So our software is currently installed on 40,000 company websites.”
WhatConverts Took Four Years to Reach First $1 Million in Revenue
“So the first million, it took us four years to get to the first million, because we're still working in the agency, ah, while we were building the product.”
WhatConverts ARPU is $180 to $200 per month
“So we have customers from 30 dollars a month all the way up to several thousand dollars a month. But if you take the average across everyone, it's around one 80 to 200 dollars a month.”
WhatConverts serves 15,000 end companies across 1,000 direct accounts
“Even though we have a thousand direct paying customers, you know, we serve 15,000 companies.”
WhatConverts has over 1,000 direct paying customers
“So direct customers, you're looking at a little over a thousand.”
Cooney: WhatConverts has a monthly customer churn rate of around 1.8%
“So I looked at this and our current churn rate is like 1.8%.”
Cooney: WhatConverts burned zero cash building its MVP
“We, I mean, Jeremy kept consulting so we didn't burn any cash. I kept on running my agency. I had a team. So I've been, I love having a team because it allows you to do more things. So I was able to continue getting an income from the agency while we built Wha…”
WhatConverts Grew to Nearly $100,000 in Revenue in Its First Year
“You can see in the first year, we started in March,
And we grew almost to a 100,000 dollars.”