Today’s guest is Julian Martinez; he is the Marketing Director of MaestroConference, a SaaS platform that allows users to participate in “Social Conferencing” and interactive virtual events featuring real conversations. Previously, Julian was the Marketing Director of Bid On Fusion and the co-founder of Web Video Crew.
Having just joined MaestroConference in February 2016, Julian is bringing with him some amazing credentials, like being one of the people responsible for Ellen DeGeneres having Big Mama’s & Papa’s Pizza delivered to the 2014 Oscars!
Founded in 2009, MaestroConference “hosts engaging conversations,” Julian explains.
“So we are powering interactive webinars and conference calls for anybody from a solo-preneur, somebody that has maybe 25 followers that they consult with for personal fitness or financial well being, all the way up to Obama and Hillary,” he continues.
“Hillary and Bernie are actually using the platform now during this election year to reach the voters at scale. What we are essentially doing is powering large-scale conversations. We are making it so that up to 5k event attendees at a time can be on the same conference call listening to Bernie, for example,” he says.
So this is a sexier version of GoToWebinar or Google Hangouts?
“Exactly!” Julian says. “The thing we hang our hat on the most is going to be the breakout groups. So we can take that group or a population of 5k on the call and break them out into groups as small as 2 people each. You get much more interaction in that smaller group setting and you discuss what matters between the two of you and bring it back to the bigger group and essentially crowd source the live conversation,” he explains.
This subscription based, SaaS platform currently has over 1k active customers with an average monthly spend of about $100 and 15 full-time employees.
Seven years since it’s start, Julian explains, “I’m the first marketing hire, you can tell that most of the time and money and resources has been spent on developing the platform itself. Most of the business that the company has gotten has been essentially from word of mouth and referrals.”
What about customer acquisition costs?
“We don’t have a very good feel,” Julian says. “Our LTV is about $2400,” he continues, “looking at around 1/3 of that is going to be our CAC but we don’t know if that is going to be the true CAC.”
What is your churn currently?
“Our churn is around 30% last time I checked month over month,” he says.
Julian explains that the holes he has noticed in his short time there are due to a “generous free trial package in the past” and new customers were “coming on and using it for their one month free trial and then cancelling once they had their big event.”
So with 30% churn, an average customer is going to stay with you for about 3.5 months and with a monthly spend of $100; how do you get 2400 LTV?
“Given the face that I have been here for 5 weeks, I am taking everything with a grain of salt,” he explains.
Maybe the 2400 LTV is a target?
“I think that is a fair assessment Nathan,” Julian says.
Additional key points:
- “There are a lot of things that need to be untangled I think and that’s kind of what I am focusing on now. Trying to clean up the overall user experience on the homepage because it doesn’t matter how much traffic I send there if people aren’t able to convert because they can’t find a ‘Free Trial Button’ that’s wasted marketing dollars.”
- “They raised back in 2013 $1.6” million in capital and another small raise recently of “$250k-$300k.”
- “Our MRR in Feb’16 is $90k.”
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