Omar Zenhom is a Wharton Business School dropout, an educator, co-founder of Webinar Ninja, co-founder of the $100 MBA as well as the $100 MBA Podcast.
Omar and his partner Nicole, who combined have over 15 years of education experience, are revolutionizing business education. In 2014, Omar and Nicole launched Webinar Ninja in April, the $100 MBA Podcast in August to which Apple named one of ‘The Best Podcasts’ of 2014 and Fast Company named one of the ‘8 Business Podcasts that shouldn’t be missed’.
After just over a year and a half since the launch of the $100 MBA Podcast and over 550 episodes later, this daily podcast is getting approximately 50k downloads per day. So how much monthly revenue does a podcast at this level make?
According to Omar, after a bit of research, the top 1% to 1.5% podcasts out there are able to take on sponsors because of downloads.
“That’s not to say if you have a small audience you can’t get a sponsorship but in terms of actually making it a revenue stream,” Omar goes on.
Currently the $100 MBA Podcast gets sponsorship from two different ways; first is through an agent and second is through relationships Omar has created.
Per Omar, “we are cracking about $15k-$16k” in monthly sponsorship revenue.
As for Webinar Ninja, Omar said he “saw a problem that I wanted to solve and was scratching my own itch. I just didn’t like what was out there in terms of solutions for webinars and created one for myself and my audience started to ask questions like “Can I buy this?” and that is pretty much how this got started.”
Webinar Ninja is a revolutionary webinar platform with its easy to use and effective software and training resources that encourage transparent marketing with webinars.
Currently Webinar Ninja has roughly 2,500 customers from the start and of that, 1,900 are reoccurring customers. With the average monthly customer spending $115/month, Webinar Ninja is pulling in top line $200k revenue.
The trick to this, per Omar, is growing your business slowly. This allows for continuous testing while creating a stable product so “you don’t lose trust in the software.”
Omar continued, “Once you lose trust with your customer, it’s really hard to get them back.”
And with a monthly churn rate of 6.9%, his method is working.
As for acquisition costs, Omar says they spend about “$3.20 per customer.”
Doing the math, the lifetime value in terms of months with the 7% churn, the average customer stays with you for 14.3 months, which means your lifetime value (14.3 months times the average customer spend of $115), Omar is keeping his customers on average for $1,600 dollars!
“The reason why is because I have a very long term view of our business and when we do acquire them, in terms of either through a webinar or an ad, and we get them on a list. I just pump out so much value; I give them free courses, I give them free guides, I invite them to free webinars that have no pitches, nothing what so ever. And eventually they will buy at some level.” Omar explains.
“It doesn’t cost that much when you have a long term view,” says Omar.
Additional key points:
- Webinar Ninja has 8 full-time employees and the $100 MBA has 6 full-time employees; all of which work remotely.
- “I never expanded until I knew I was profitable.”
- “I’m happy the way it is, I’m happy growing slow.”
- “You don’t need funding, you don’t need to do that. You can build your own business and do it slowly. And for me that’s just how I roll. It’s not attractive to me to give up equity.”
Here are the links to get more information:
- For more on Omar and Nicole, go to www.100mba.net
- Omar’s article on podcast sponsorship, go to www.100mba.net/how-to-get-sponsorships-for-your-podcast/
- To find the $100 MBA Podcast, go to www.100mba.net/show/
- To find out more about Webinar Ninja, get pricing and to sign up for this amazing software, go to www.webinarninja.co
- To find Omar on Twitter, go to @bizrepublic