The Ledger
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Perry: Design Pickle pays offshore talent double the local average wage
“Our teams are in markets. I call them emerging markets where they are, you know, on average making three to four dollars an hour if they want to get a job where we'll start at six to seven dollars an hour. So we're three X-ing their take home, still fractional…”
Perry: Creatives cannot make a viable living on Fiverr or 99designs
“You can't make a living working on a marketplace. Like, you can't make a living cobbling together jobs off Fiverr or 99 designs, and that's where a lot of those companies get their teams from, their labor.”
Perry: Fiverr casually explored acquiring Design Pickle for $20M in 2019
“The first round was two or three million. The second round was twenty million. And then I said no to both... There weren't any term sheets. These were casual conversations.”
Perry: Moat comes from managing complex workflows at scale, not labor arbitrage
“That's the boat. It's managing that, not just finding some cheaper designers compared to US and reselling their time.”
Perry: Design Pickle maintains roughly 50% retention in first year
“So of the first year year zero through, or month zero through 12, it's gonna be Around 50%.”
Perry: Design Pickle gross margins range from low 60s to 68%
“Our gross margin is on a good month
you know, 68% on a, when we start to grow and we're adding middle management, it gets down to low sixties.”
Perry: Design Pickle has 3,300 active customer subscriptions
“Actively, we have 3300 subscriptions, so that could, a customer could have multiple subscriptions depending on how much of our service they want.”
Perry: Design Pickle handles 12,000 unique requests weekly
“Like, we'll do, you know, 12,000 requests this week, individual unique requests.”
Perry: Design Pickle scaled to $10M annual revenue in four years
“We did 300,000 our first year. You want to just go through all the years? 300,000 1.4, 4.2, 10.”
Perry: Design Pickle will conservatively hit $14M revenue in 2020
“We rounded down, conservatively, we'll be doing fourteen million.”
Perry: Design Pickle LTV tops $4,000 with $600-$700 CAC
“Our LTV is, you know, well over 4000 dollars and our CAC is anywhere from six to 700 dollars. So we can return on a client in two to three months as long as we have the cash available.”
Perry: Prior creative agency hit $3M revenue with eight clients maximum
“We did around three million at our best year, but we were doing high ticket items. I'm talking half a million dollar branding projects, quarter million dollar trade show events. So one and done huge monster projects. I never had more than eight clients at a ti…”