Transcript
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Welcome back to be to be growth. I'm looking lyles with sweet fish media.
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I'm joined today by Yo Need Seruya. He is the CEO and Co
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founder over at Lucia. Yoni,
welcome to the show. How you doing
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today? Man, I'm great.
Thanks for hosting me. Great to be
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here, awesome. It is fantastic
to have you. We're going to be
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talking about your journey over at Lucia
and what other startups can learn from your
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bootstrap and product led growth journey.
You only, as we kick things off,
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to us a little bit. We're
definitely gonna unpack some of the crucial
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decisions that you guys have made along
the way in in your growth journey.
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But you know, the question we've
got to start with is why boots trapping?
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Why did you guys start there and
why have you continued down that path
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when there's kind of this major fork
in the road? Is You're building a
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start up and trying to scale it. Yeah, I would love to.
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So I think maybe we can start
just with a quick overview. What's Luction?
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What are we doing? So it's
the easier to explain the beginning of
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the journey. So Lucia helps to
go to market would become smarter by commoditizing
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be to beat data, we hope
companies by providing them a simple self service
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solution that allows them to identify and
easily reach out to their potential customers,
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by providing them prospecting and enrichment capabilities
and reader, you know, they are
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deal customer profile very easily and with
direct bit to be in full, I
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think that the beginning of the company
was I just need to explain the beginning
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and right we started as a booster. I mean my experience, I was
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I learned software engineering and I started
as an I was developer for several years
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and I had an experience, you
know, building consumer products with a very
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simple on boarding experience and and self
service experience and identifying contact and stuff like
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that, and I did it for
several years and then I met us off
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my partner, which he has a
different background. He mainly focused. It
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was mainly focus on sales and business
development and entrepreneurship in general and and he
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knew, he knew the needs in
the market. And what beautiful was that
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when we started to work together,
we completed each other very, very natively
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and we just we just said,
okay, so let's do it together.
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I mean I had the experience in
products and engineering, he need, the
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market need and we started to build
a company and I think at the very
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first year there was no point that
we said we need money to do it,
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at any even point. We said, okay, we can just do
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it and we can just build it. And since I met him, I
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met him in February, two thousand
and sixteen, two months later, even
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less than that, the product was
the first version of the product. It
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was completely, you know, broken
and stuff was publicly available on the way.
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People started using it because we understood
we can do it, we just
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need, you know, a month
and a half and we and we launch.
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So we never felt that money was
a barrier to to develop the product
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and I think everything we thought about
was okay, so what the next step?
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How can we improve that? And
you need to raise them that and
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nothing stopped us that to a position
that we said, okay, we need
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researces to do that. We always
saw that we are, it's very,
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very close to us, the next
step and we just did that. We
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did it for several years and eventually
grew the business. So yeah, so
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today you guys are a product led
growth company. You have a freemium to
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premium sort of model. You folks
can can go to your website, sign
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up for free and then have opportunities
for higher tiers that they can they can
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self serve there. Do you think
that starting with that fremium model from day
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one allowed you guys to put something
out there more quickly, to allow people
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to to try and get more feedback? Do you think starting with that,
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that fremium model right from day one
kind of change your mentality so that you
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could just put something out there get
feedback in possibly get more feedback than if
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you were trying to go a different
route? Absolutely, I think that product
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led and fremium is the most efficient
go to market approach that you can build.
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I mean, if you need a
sales or sales team to sell for
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the very first dollars, you need
to hire those sell people and you have
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long sales cycle and they go to
market is more expensive and that's mostly suitabuil
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for enterprises. Solution that you know
you're selling for let's say fifty thousand dollars
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and your contract and above those kind
of company usually, and talking in general,
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doesn't start as boots trap. They
need more resources to build this go
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to market approach. So but if
you are providing a very simple free service,
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premium service at the beginning and people
can just start using it and you
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don't need to tell them so much
it. Just understand that, because it's
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a simple and like a consumer experience, you can finally and eventually find people
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that say, okay, I want
to buy and then you just okay,
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so you sell them, but it
doesn't requires from you so much. I
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think I stopt. My partner was
the first cells rip pollution for the first
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six months and after six months is
we hired the first seals rip, but
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we were already five people in the
company. The very first were developers.
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So I think that the fremium allows
you to grow very, very efficiently,
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and I think that it's also the
expectation of the customers today. Seventy five
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percent of the people today, according
to you know things that we were re
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read, expect to self educate themselves
and not be educated by SELSDRIP. So
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it's exactly what we did. You
make a really good distinction. They're yearning
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for for early stage founders to kind
of think through, okay, what is
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the product that we're building. What
is the typical annual contract value and,
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like you said, kind of not
K annually. That could be one of
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those big criteria as they're kind of
making their procon list of the bootstrapped route
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versus raising funding, because you you
make a really good point that if it's
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if it's under that the way that
the market is going to want to buy
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the product and educate themselves and the
way that you can iterate faster on the
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product might lend itself to to bootstrapping. Have there been some points in you
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and your cofounders journey where I'm sure
there have been some late nights and some
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thoughts of Ah, if we just
raise some money, that this would be
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a little bit easier? What's your
advice for other founders who are maybe they're
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sitting there and they're making that procon
list right now or they're going down the
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bootstrap route and you want to help
them go into it Eyes Wide Open?
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What are some of the challenges with
bootstrapping that you don't face with raising capital
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that you think other folks they need
to have? They need to have the
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blinders off and their eyes wide open
to see some of those pitfalls or those
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potholes in the road up ahead of
them so that they can navigate it.
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Yeah, so that's great question.
I think that from my experience, the
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reason why company succeeded is not necessarily
because you have resources. I think resources
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are are very important and there are
kind of companies that must have resources to
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grow, especially if you are you
have a long sale cycle or you build
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infrastructure or you manufacture anything, you
know, any hard work. But in
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a lot of cases the reason why
company succeeded or not is because they were
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focused enough on the most important thing
they need to do and not spread it
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into too many initiatives simultaneously. And
I think many companies that raises money first
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spend a lot of time reaching out
and get the money. So they are
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not focused on the business. They're
focus on getting the resource, not about
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the real value they need to develop. And second ones, they have resources.
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A lot of times it's like,
okay, have resources, so I
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can do many things and they start
open a lot of initiatives and the focus
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and they lost focused. And I
think today, when you can sell to
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anyone in the world, any and
everyone in the world with a computer can
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open his own company right and you
can sell to everyone, because it's very
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easy to develop a website or develop
an application and and publish it on the
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APP store and even charge. Apple
makes the charge for you. Or you
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can connect stripe with three line of
code. You can just do it very
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easily today. Just you don't need
to get on a plane. Today you
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cannot. You can do it if
you want, but you you don't need
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to get on a plane to sell
something. You can just put it out
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there, connect the credit card and
self and people have to day. People
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used to buy software. I don't
think this was the case ten years ago,
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fifteen years ago, only companies butt
software. Individual today buying software and
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there are many more San bus than
ever before and they're willing to buy software
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as well to make the life easier. So I think that the gap today,
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it's very the time to mark it
is much shorter. Is shorter than
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ever. You have many more people
and Essmbes that are willing to buy your
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software and on. You need to
do is focus on building the right solution
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for the problem that you have.
Focus is on. So the beautiful thing
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about boots trapping is that you don't
have a choice. It's not that you
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have money and you can focus on
other stuff. If you want solve that
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problem, you want to grow and
if you want make an impact, you
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won't hire the next person that going
to replace you with this job. You
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will continue as a founder, do
your own. So what's happened is just
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you just solve that. If you
don't have a problem, you don't have
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a choice. You eventually solve that
and then, once you solve it,
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you bring someone and you know why
you hired him and and the and the
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most beautiful side effect is that if
you did it yourself at the beginning,
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you can easily monitor and help this
person to succeed in the job because you
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know the fundamentals, you've been there. You build at the beginning on the
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right track. Yeah, it's something
I've heard Chris Ronzio, the founder of
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train, you all talk about a
lot going through this process as you're scaling
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a team, having these three steps. Do it, document it, delegate
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it and when you are the one
who's doing it and you're not just Oh,
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all right, we can hire ahead
of sales, we can hire ahead
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of marketing, when you're bootstrapping,
you've been doing those things right. The
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founders have to sell the founders have
to find a way to market in some
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form or fashion, whether that's running
paid search or doing some organic on on
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Linkedin or whatever, and so you
can you're you're in the weeds doing it,
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document what you've done and now you
can delegate it and and let them
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kind of outshine you in that function. So I think that's really important.
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The other piece that you kept mentioning
their Yoni is focus and being a part
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of a fast growing, bootstraps start
up here at sweet fish, where I
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came on two years ago as the
full timer number four and today we're about
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twenty five people two years later.
Is something that we struggle to balance,
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is chasing a new opportunity that still
feels like it's within our focus and staying
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close to to the focus that we
have. So have you guys had any
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moments you only where it's either hey, we could chase this new product feature
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that might kind of help us go
up market, or where you had a
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decision to go after something and you
wrestled with that. Does this dilute our
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focus, or is it going after
the right opportunity, and how did you
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guys make those decisions? That's a
beautiful question because this. We did this
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mistake several time. I think you
know what. I'm an entrepreneur and I
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love to build stuff and a lot
of times you just have the fashion to
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build the next great product for the
company. But the mistake that we did,
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and we honestly did it two times
after up until we learn that,
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is that we developed something that was
for a different persona, for a different,
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you know, user. We have
a big community of almost half a
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million users. That's uses Lusha and
and more than twelvezero customers. It's uses
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Lusha, and when we build a
product, what that was wasn't the need
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of those half million customers. We
we did the mistake that we are actually
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starting from zero, we're not leveraging
anything that we did before and we're not
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helping them to make the world and
their job better. So, yeah,
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and who is? Who is that
persona that you guys primarily serve? And
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what was the other persona you guys
started building something for? I mean just
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to get real tactical, because I
love a good mistake or fail your story,
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because I think that's where we learn
the most right. So walk us
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through the details of that, if
you don't mind getting into the weeds a
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little bit. Yeah, yeah,
so I think first our persona is sells
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representative, as drs, as everyone
who sell, and I think that okay.
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So we wanted to build a solution
for marketiers and that's makes sense.
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Marketing provide lead to sell. So
if we can solve with the market there
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is then as will love that.
The fact that it sounds good not necessarily
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worked on live because when we told
those a he's okay, so help us
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getting through your marketing department did they
didn't really care and we did this mistake
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with market heres and we did the
not a mistake. We sales ups.
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And don't get me wrong, I
think both product can succeed and both products
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are great product and we can.
We got good feedback, but we had
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to do a new go to market, the new user requisition challenge, parallel
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to the existing one, and that's
actually means you're building two companies, seemul
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dennisly, or you are resetting part
of your success and start from zero back
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again. And when you are small, and we're considered as small yet one
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hundred employees, you just need to
you cannot open too many initiatives that are
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not connected in the core hey,
everybody, logan with sweet fish here.
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You probably already know that we think
you should start a podcast if you haven't
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already. But what if you have
and you're asking these kinds of questions?
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How much has our podcast impacted revenue
this year? House our sales team actually
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leveraging the PODCAST content? If you
can't answer these questions, you're actually not
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alone. This is why cast it
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specifically for BEDB podcasting. Now you
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content while getting greater visibility into the
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at Drift Terminus and here at sweetfish
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the product in action and casted dot
US growth. That's sea steed dot US
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growth. All right, let's get
back to the show. So I think.
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I think the learning there is if
there's a new opportunity, the questions
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you need to ask yourself as does
this help serve our key persona that we're
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solving a problem for? Does it
serve them better, or are we trying
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to serve someone else, even if
they're the seat right next to that key
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persona, because going deeper with that
one persona is going to serve you well
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to go further faster, but going
over one seat can can slow you down
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because, as you said, you're
starting from scratching a lot of different ways.
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You're starting from scratch with word of
mouth, with brand recognition, with
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understanding the customer. There are a
lot of things right. Something that came
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up in a conversation you and I
had before we hopped on the podcast.
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If you expect, you only was
other times we're that we're critical for you
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guys to say no, and saying
no seems like it's always the antithesis to
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growth, but there have been a
few key things that you guys have found
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that you said no to in the
early stages that actually helped you grow.
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Can you can you talk us through
some of those? Yeah, so I
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think one of the main things that
we did we want to play the volume
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game. We since the beginning we
wanted to build a company that served the
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mass market, can bring as many
users as possible and serve them all together.
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So, for example, and this
I guess many companies are doing,
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we said no to costume features,
to specific customer. We never develop a
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feature to specific customer. If these
feature is relevant for their rest or for
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the mass majority, we did that. Otherwise we just said sorry, we're
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not doing that. The second thing
is that we said no to custom contracts
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at the beginning and we even said
no to why it transfers at the beginning,
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and this is maybe the most unique
one and the reason we did that.
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I mean, ninety percent of our
revenue came from, you know,
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credit card recurring revenue, monthly or
annual contract and even more than that.
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And sometimes companies wanted us to accept
where transfer and the very beginning we didn't
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have a collection department, we didn't
have someone to follow up and make this
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you know process and make sure that
the recurring will happen, and so we
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just said No. And we lost
some deals because of that, that's for
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sure, but we keept it simple. We keep the process really simple and
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we scaled the the main final the
main stores of accepting payments, and most
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of the customers that we said no
to eventually but with gradit card we did
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lost some, but we just didn't
open a new position in the company because
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we didn't want to open these focus
we understood that this is not in the
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critical pot. Yet today we do
accept and today we do also custom contracts.
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But you know, it took us
a while to do it in the
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for the first two years we just
said No. We didn't do any everything
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that you know the customer want.
Yeah, sometimes saying no allows you.
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It comes back to what you were
talking about earlier in retaining your focus,
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because every time that you say yes
to something that might add some revenue in
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the short term, it's slowing you
down to where you can't go further faster
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with your key demographic and with your
key target and the folks that are more
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than willing to, you know,
kind of fall right into that flow that
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you've set up to all right self
serve credit card payments very, very easy
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for both you and the customer,
and focusing on where is the least friction,
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because that that is going to help
us continue to scale. You only
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as you guys look at the next
phase. You've talked a little bit about
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the early stages with you and your
founder and getting something out there and just
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starting with a fremium model from day
one. Saying no two things that allowed
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you to to keep your focus and
how you balance that you mentioned. You
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know, some things are changing right
now. As you guys kind of look
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at the next stage. You're at
a hundred or so employees. I don't
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know if we've talked about kind of
where you guys are from a revenue perspective.
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If you want to share that,
you can, but curious to see
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kind of where has been the tipping
point where things start to feel different.
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Okay, this is a new phase
and these are the things that are kind
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of going to change in this phase
for others out there that are maybe kind
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of in the same stage of their
growth story as you guys are at Lucia.
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Yeah, I think so. So
the first the first step, as
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you mentioned, was building the right
product, making sure we're providing good value
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to the market and focus on that
solution and only. I think the next
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phase is and and most of the
the traffic came organically because the product was
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good, was free to use and
people just talked about it and spread it
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round. And the next phase is
just pushing the snowball faster, proactively with
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more resources. So we fop.
Until now we did everything with organic scale.
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I think the next phase is,
okay, how do we build an
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efficient and scalable go to market or
use the requisition channel to push this snowball
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faster. And and you know that
scales everything around. The sales, the
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customer success, the s upward there
and the everything around would should be scaled
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accordingly. But I think accelerating the
growth with more resources is definitely the next
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phase of Lucia. Besides, I
mean adding more resources in addition to the
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organic growth and and that, and
do it defficiently. I think that's a
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challenge. This is a muscle for
company. Doing an efficient and having an
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efficient go to productive will go to
market channel. It's something that we're starting
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to do and and we're still in
the beginning of the journey, but definitely
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the the next big thing for us
to build a really big company. Yeah,
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and and then it kind of becomes
do I build out the marketing function
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first and then and then sales and
then customer success in tandem being a being
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a product led growth company. I
imagine that customer successes has always been a
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priority throughout all of those phases because
if you're if you're getting people in quickly
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then and they're paying you, then
you can start to invest in customer success
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early what are your thoughts on kind
of balancing investing in marketing first versus sales?
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Where are you guys out there?
There's sometimes some debate right and I
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think some some companies get it wrong
trying to all right, we're really going
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to add scale, we're going to
start to add a bunch of sales headcount,
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especially with a funded company. That's
the route they go right, and
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then they bring a marketer in on
top of it. How did you make
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the decision between all right, I'm
going to invest in marketing and sales as
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a function together, or marketing first? What was that decision and what does
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that look like for you guys right
now? So we already have a self
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department and Customer Success Department even before
we had any marketing expenses, because the
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the product lead and the fremium generated
Twentyzero new registrations per months, and so
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we do have enough leads and we
do have no customers that we can sell
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to. So Self Department Customer Success
Department are already exist, but they need
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to scale. For sure. I'm
one of those who said that if your
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product must have marketing to grow,
you have some problem in your products.
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And just to add an exception.
If you need to educate the market.
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That's an accepted you probably need marketing
expenses at the beginning, but if you
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are solving existing problem and your product
is good, you don't need a lot
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to start, you know, rolling
the snowball and not saying about the velocity
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at I'm talking about that it should
work if it's good. And so I
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one of those who said marketing is
only when you need to grow and scale
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really fast beyond the organic but you
need to spend it when you already have
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a product, market speed probably,
and you already have a product that's convert
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and generate revenue. So you can
measure the our way. Yeah, if
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you are the very, very,
very first step, you need marketing.
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I think you need to think if
the product is deliver because the very first
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customer you don't need marketing. You
do your own. You're getting there.
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You show it to someone, you
put it in groups, I don't know,
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in Linkedin, facebook, whatever.
You you just bring them very first
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hundreds by by yourself and if if
it didn't stick, maybe the products bad
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goop. Yeah, yeah, if
you don't get people kind of really nodding
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along with the story as you tell
the story of the problem and the solution
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that that they're offering in kind of
those one to one interactions, as the
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founders are are doing the handhand combat. Then then there's maybe a problem,
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and you make a good point,
if you are designing a new category and
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blazing a new trail, you probably
need marketing to help, you know,
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tell that story and build that ground
swell. But I think there's in a
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lot of different applications there's true to
what you're saying. Here at Sweet Fish
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we've been around for five years.
We've really started to kind of see our
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next level of growth over the last
two and we've been doing it by very
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organic just brand awareness, that word
of mouth. I mean you could say
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it's a form of marketing, but
we've never had a full marketing function.
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I mean it was James, our
founder, being active on Linkedin and talking
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about what we do and then,
you know, people coming to us and
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then when I came on board,
all right, we have sales to capitalize
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on that inbound demand. But up
until recently when we hired Dan Sanchez,
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our director of audience growth, who's
helping grow podcasts and also doing some tactical
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demand, Jin and Legion for Sweet
Fish. We didn't have anything in between
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that brand and sales, and so
I would say you know that brand or
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word of mouth or product led and
sales. You can be successful with that
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and then adding in marketing in between
to do more efficient cost per acquisition on
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paid channels and and those very tactical
things to just add fuel to the fire.
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But the fires already kind of started. So I I see that,
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even though we're a services company and
you guys are product company, there are
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some definite similarities in our own growth
story to what you guys are talking about,
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because we're bootstrapt as well. You
only this has been fantastic. If
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anybody listening to this they're in sales
and marketing or there a CEO or a
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founder and they want to continue to
hear from you or stay connected with you
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maybe ask any follow up questions,
what's the best way for anybody to reach
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out to you or the Lucia team
to stay connected? So I'm, if
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00:25:29.289 --> 00:25:32.609
ever have been, in every channel
that you want, whether it's Blamdan or
347
00:25:32.650 --> 00:25:34.329
whether it's my email address. You
can get it on Luche as well,
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like any other email maybe and industry. So yeah, I would love to
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help answer. Love to talk to
powder is and which you know, would
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love to help. I love it. You only thank you so much for
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your time today. I really appreciate
it. Thank you. Thanks, great
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00:25:49.910 --> 00:25:56.309
time. Is Your buyer a BBB
marketer? If so, you should think
353
00:25:56.349 --> 00:26:00.869
about sponsoring this podcast. BB growth
gets downloaded over a hundred and thirty thousand
354
00:26:00.910 --> 00:26:06.299
times each month and our listeners are
marketing decisionmakers. If it sounds interesting,
355
00:26:06.339 --> 00:26:08.619
Sin Logan and email logan at sweet
fish Mediacom