The Ledger
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Hoppe: Accurate contact data is more essential than advanced sales software
“I can sell without a CRM. I can sell without intent data. I can sell without conversational intelligence. These are wonderful technologies. I can sell without a sales engagement tool. I just need a spreadsheet, and I have to have the contact information for my…”
Hoppe: 40% of sales prospecting contact data is inaccurate
“40%, we're finding about 40% of contact data that reps use to prospect is inaccurate. It's a shocking statistic, but it's real.”
Hoppe: Majority of Modigi revenue comes from companies worth over $1B
“So the majority of our revenue as a new company comes from companies that are worth over a billion dollars.”
Modigi uses 3-month performance exit clauses on 12-month enterprise contracts
“We're a SaaS that has a 12 month subscription. That's our typical contract. But if our buyer says, listen, I need, you know, I need assurances that, that if you shit the bed, that we can get out. So, on occasion, we will, we'll do a three-month contract where …”
Modigi dropped a $150k deal to $99,999 to bypass procurement sign-off
“A cybersecurity company we're working with, we had about a hundred and 50,000 dollar deal on the table. And if you recall that ended last quarter You know, POs that anything had like 50,000 or 100,000 had to go to a higher level of authority. And so, our procu…”
Hoppe predicts Modigi will generate $3M-$4M EBITDA in two years
“I can spit off three to four million of EBITDA over the next two years, and I feel really good about that.”
Sales Tech Stacks Are Useless Without Accurate Contact Data
“What we're saying is the most essential tool is overlooked, is, is the, if I don't have the right contact information to reach my likely buyer,
None of the tech stack matters.”
RevOps, Not Sales Leadership, Is the True Buyer for Data Software
“And I originally thought our buyers were sales leaders. Well, our true buyer is rev ops. So revenue operations has that analytical brain where they're thinking, you know, so they're by, they're reporting the CRO and they're reporting to the CFO. So they think …”
Modigi Hit $1.7M Revenue With Zero Dollars Spent on Marketing
“We, we've spent zero dollars on marketing. It's all been just brute force and word of mouth is where our leads come from.”
Outbound BDRs Waste 10% to 20% of Outreach on Former Employees
“What we often find is BDR reps that are doing large volume outbound are oftentimes chasing or pursuing 10 to 20% or more of the prospects that don't even work at the target company.”
Building Modigie Cost $300k Versus an Estimated $3M Five Years Ago
“So our application all in probably is just under 300,000. If you, five years ago, that might've been. To build it. That might've been a three million dollar a bill.”
Modigie's Co-Founder Grew a Previous Solo Company to $120M Without Funding
“Keith's former company, he grew from himself to one hundred and twenty million in revenue. With zero funding.”
Hoppe: Modigi was profitable in both 2021 and 2022
“In 2021, we made profit. In 2022, we made profit.”
Hoppe: Modigi accepts $25k to $50k land deals during budget consolidation
“There's a lot of consolidation in, in, in budgets, so I'm willing to take smaller deals that are maybe 25% of the size, 25,000 dollar deals, 50,000 dollar deals, just to get the insertion.”
Hoppe: Audit showed 68% bad phone numbers at $25B enterprise firm
“Here's an example of a twenty five billion dollar cloud services company. They thought that mobile phone coverage is what our big bet is, right? That's what we're specialized on. That they had 28% mobile phone coverage. They didn't understand. They thought it …”
Salesforce Integration Covers 80% of the Market For Modigi
“We sit inside Salesforce. So it gives us coverage of 80% of the market we feel. We're a Salesforce managed package.”
Modigi's Top Customer Contracts Approach $200,000 in Annual Value
“And our highest paying customers are close to 200,000 dollar ACVs, bookings.”
Modigi Lands Initial Customer Contracts Exceeding $100,000
“Where we're getting our first orders are over a hundred K, which is hard.”
Modigi Models Platform Fees at 25% of Total Enterprise Contract Value
“The platform fee is, is will be roughly about 25% moving forward. That's how we've modeled it.”
Modigi Aims to Achieve 80% Gross Margins on API Model
“So we're trying to get as close to 80% gross profit while showing true value to the client based on the functionality.”
Modigi Predicts Closing Three $500,000 Customer Accounts by Year-End
“We have companies that are now, by the end of this year, I, we will probably have Three companies that spend, have spent about a half million with Modigi.”
Modigi Generated Between $930,000 and $950,000 in Revenue in 2021
“And then we just did a hair under a million. My goal was a million. I think we came in at nine 50 or nine 30.”
Modigi Sets a $1.2 Million Annual Quota Per Sales Representative
“So sales reps has a 1.2 million dollar quota.”
Hopp: IDC and BCG Found 80% of Business Professionals Use Smartphones for Work
“We stumbled across a study by IDC and then the Boston Consulting Group, and they really confirmed what we thought is that eight out of every 10 business professionals use their smartphone as their business phone.”
Modigie Clients Consume Their Annualized Credits Within Three to Four Months
“Our clients are consuming those one month or those annualized credits in a period of three or four months. So they're already re-upping their contracts.”
Modigie Generated Just Under $300,000 in Bookings in 2020
“And we came in just a hair under, under 300,000.”
Modigie Pre-Sold 20 Contracts for Its Salesforce Managed Package
“So we have about 20, 20 Pre-sold contracts for the Salesforce managed package of Modigi.”
Ken Hopp Projects Modigie Will Exceed $1 Million in 2021 Revenue
“So, I mean, I'm modeling it for over a million. So it'd be a, you know, a three X growth.”
Modigie Plans to Eventually Raise Venture Capital to Accelerate Growth
“I think the opportunity is big enough to, we'll eventually take some VC funding.”
Hoppe: 28% of publicly traded companies were unprofitable in 2021
“A shocking statistic, 28% of the publicly traded companies were not profitable in twenty-twenty-one.”
Modigi Revenue Relies on Concentrated Base of Under 30 Enterprise Customers
“Yeah, under 30, and I think the last time we spoke, we were probably around 30, and the trade-off has been the smaller SMB companies that have churned we're okay with.”
Modigi Generated $300,000 in Revenue in 2020 as a Services Company
“We grew our first year as a services company, we were 300,000 in revenue.”
Modigie Averages Approximately $1,000 in Monthly Revenue per Client
“Right now we're averaging about a thousand dollars a month per client.”