Tune in to hear how a lobster business inspired Scott to found Wicked Reports, how the service integrates with all your marketing services, why they charge based on revenue generated, and how they’ve grown with just word-of-mouth advertising.
Download podcast transcript [PDF] here: How Wicked Reports Grew from 10 Customers to $1.2M ARR and Doubles Their Clientele Each Year TRANSCRIPT PDF
Time-Stamped Show Notes:
- [00:34] Before we jump into today’s interview, please leave a review and rating and subscribe to the Growth Everywhere Podcast!
- [02:13] When Scott first read Steve Jobs’ biography, he related and was inspired.
- [03:04] Wicked Reports is a data company that happens to track marketing; they are not a marketing company. They are “techies through and through”.
- [03:33] Scott has always been drawn to the idea of using data to predict outcomes.
- [04:15] In 2014, Scott had a friend who was selling lobsters online.
- [04:40] The friend spent his marketing budget on Facebook ads and it didn’t pay off.
- [06:08] Wicked Reports has done about $1.7 billion in SMB transactions in three years.
- [06:30] They tracked it and found that from first click to first purchase, the average time elapsed was 44 days.
- [07:20] Scott ended up inventing something that has yet to be patented: a way to “wire” into an email system and track clients, sales, and revenue.
- [08:35] It helped figure out the length of time it takes to close someone.
- [09:35] Wicked Reports pricing model has evolved and Scott is finally happy with it.
- [09:45] Wicked Reports now charges based on revenue generated.
- [10:00] If the business doesn’t grow, then Wicked Reports doesn’t get any more money.
- [10:10] So, the pricing starts at $199/month for up to $1 million in revenue and every additional million is another $49/month.
- [10:20] This model gives them revenue, but is a small price to pay for their clients.
- [10:53] Scott came up with the pricing model because he has a friend who runs Price Intelligently.
- [11:10] After attended a Price Intelligently workshop, they surveyed their existing customers.
- [11:38] Pricing was based on what customers were willing to pay based on a value metric.
- [12:38] Wicked Reports integrates with Facebook. They auto-track your Facebook ads.
- [13:04] They also have a tracking template for AdWords.
- [13:23] Wicked Reports also connects offline sales to online activity.
- [13:28] They are the only company tracking online and offline sales through Facebook integration.
- [13:45] Wicked Reports can also integrate with Taboola and Outbrain.
- [14:20] Scott plans to stay with SMBs within reason.
- [15:00] They can also track sales and interactions through your social network activity.
- [16:07] Wicked Reports is at $1.2 million ARR.
- [16:10] They also have about 390 customers. They have basically doubled their customers each year they have been in business.
- [16:55] They now have a Zapier integration.
- [17:54] They can also hook that into Quickbooks reports.
- [18:42] Scott wants to create reports that will help clients make quick decisions.
- [19:40] Wicked Reports has the ability to track “anything”.
- [20:04] Jason Moore from Modus Operandi Wine is doing wine events.
- [20:24] He is a Wicked Reports client.
- [20:38] They found a way to track these live events and track sales related to the events.
- [22:15] Wicked Reports will have a timeline of everything that has happened.
- [22:34] There are three new facets that they are adding to their product.
- [22:48] They are going to add the concept of “benchmarking”.
- [23:12] Niche companies will find it is a harder road to a positive revenue stream. Benchmarking will help smaller companies reach their sales campaign goals, give context, and offer perspective.
- [25:38] Knowing intent changes how Wicked Reports tracks data for their clients.
- [26:14] Scott had two other businesses that he wasn’t into and that weren’t that successful.
- [27:00] After helping out his friend with the live lobster sale business, he wanted to do a webinar about tracking ROI.
- [27:25] From there, he was able to sell an initial data tracking product. It was a rough go, but it was a good start nonetheless.
- [28:15] He got 10 customers out of the webinar.
- [28:50] Scott didn’t have to reverse engineer his marketing funnel, it was all word-of-mouth that led to his success.
- [29:55] Wicked Reports launched in 2015 at Icon.
- [31:20] Influencers are open to helping if they think you will help them in return.
- [32:35] Scott recommends the book The Surrender Experiment.
- [34:20] He also recommends The Untethered Soul.
Resources From This Interview:
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