Funnelytics Hits $2M Revenue, 40k Users. Helping Marketers Track Campaign Performance

TRANSCRIPT

What’s going on everybody today, we have Mikael Dia from Funnelytics. Mikael Dia, Thank you so much for joining us on the marketers mindset podcast. tell the audience a little bit about yourself. What is it that you do and how do you make money

Oh, thanks for having me. I run a company called Funnelytics. Basically, we are a software company with a bit of a coaching arm to it. And what we do is we help marketers better understand what’s working and what’s not in their marketing funnels in a visual way. We built a mapping and analytics tool for funnel marketers.

That’s awesome. And what’s the actual avatar or niche you’re going after? Is it purely marketers? Can you break that those cohorts?

Totally. Yeah. So a at top level is really, uh, uh, agencies, right? So we focus a lot on agencies because we train them on using our tools so that they can implement that into businesses. Uh, but then from there we kind of dive deeper into, um, really we have all sorts of people like Shopify store owners, uh, eCommerce, or sorry, like coaches, consultants, um, freelancers also, which kind of falls under the agency category, marketing teams, bigger marketing teams, but our core audience is the agency group.

Would you say that it’s mostly people using your dashboard for analytics or would you say that it’s mainly for maybe mapping out their funnel campaigns and then tracking their analytics on, but like what’s like that number one thing why people use

The attraction to Funnelytics is definitely the visual mapping aspect. Right. I can see your white board behind you. Right. So being able to map that out and have everybody on the same page and have it on one canvas where everybody understands what’s happening, uh, that’s probably the biggest use case and that’s, you know, across everybody, uh, the power of funnel Lytics is again, the analytics aspect. You can overlay your data on, on that same canvas, uh, and, and see what’s happening, how people are flowing, what’s working. What’s not. So, I’ve been in there before and the platform looks great. So for the, the audience looking at it, definitely check out for analytics. So how many team members do you have today? And just give me a quick breakdown of how those team members are split up.

They do. Yeah. So, uh, I think we’re at 21 team members, uh, broken up about half a full time here in Toronto. And the, uh, most of them are full time, but, uh, not in Toronto. So, so remote. Um, and we really break up our team into five categories. So we have our product team, which consists of our head of product. It consists of our product manager and our UX designer. We have our engineering team, which obviously is engineers. We have our marketing team, we have our sales and partnership team. And then we have our customer success team. And then underneath it, we kind of have the business team that supports everybody, which is really ops and admin,

The active, how many active clients do you guys have using the front Alytics platform like active users? So active is about, so right now

About 120,000 people have signed up for fall analytics about 30% active. So whatever that is, 40,000 ish or so active paying customers is their people know, so those are active. So we have a free tool, right? So the, the mapping tool is free. Um, and then the paid tool, um, 10% of those. So about 4,000 or 4,500 people are active.

That’s awesome, man. So you’re doing about 4,000 subscriptions a month, essentially. What we’ll get, you know, let’s get into pricing in a second. Okay, cool. So you said you have 120,000 people who have signed up to the funnel Lytics platform to just maybe test it out, try it out. You know, I can relate to that obviously with having the dash Flix platform and then about 40,000 people or so using actively using either the free version of the confident mapping tool or on a paid subscription. And let’s just call it about 4,000 people, uh, actually on a paid subscription using funnel Lytics. Yep. That’s that’s, that’s amazing, man. And what is your,

I still have like a bunch of courses and, and, uh, like a bunch of one-off one time products. So for, from a kind of buyer’s standpoint, I think we’re at like 11 or 12,000 people who hold it

Purchase. Yeah. But I’m just talking about, let’s just say a MRR or ARR or whatever, monthly side of it. The subscription side. Yeah. So, which is great. 4,000 people is awesome. And how long have you guys been open? Two and a half years, dude. You’re crushing it. Congratulations on that, man. And what is your pricing model look like right now? So somebody wants to come in and use funnel Lytics. Talk to me about the pricing options that I have.

Yeah. So, um, uh, we started off, uh, originally as a lifetime license right now. What you have is two levels. You have a marketer plant, well, three levels. You have a starter plan, which is free. You have the marketer plan, which is $49 a month. And then you have the pro plan, which tiers up based on how much traffic you’re, you’re tracking. It’s we only do it on yearly plans for the pro. Uh, it starts at 790 per year and kind of tears up, uh, based on, on the traffic volume you have on your

Got you and like every good marketer. Do you have what they know, obviously as a value ladder, are you getting people, are, are you getting people into maybe an education product and pushing them up to your SAS product or vice versa, you’re getting them into the sauce, sung them subscription services. Talk to me about what the value ladder

Just really quickly. Yeah. So, uh, our free mapping tool is kind of our major entry point. We also advertise a free, a couple like self-liquidating offers, which are courses, uh, specifically targeting agencies. So $47 to cold audiences so we can capture buyers. Um, and then from there through our, we kind of have two break points. So if you’re a marketing service, if you’re a marketing service provider, we really push you towards our fast agency program. Fast stands for funnels as a service. Uh, and that program is really designed to help you, um, you know, grow your agency, but really grow your funnels as a service agency and leverage the tool, leverage FunnelLytics, to implement it for businesses. So if you’re a marketing service provider, we kind of push you towards that. Um, if you’re not a marketing service provider, we push you towards for analytics pro where you can now, you know, sign up, et cetera.

So that agency program is really our coaching program. Nice man. And what’s like this. So 120,000 users just to let you guys know, you know, obviously we have a science platform, I’m getting 120,000 people to come onto your website and sign up, put their personal information and that’s not easy. Right. So what was like during the course of the last two and a half years, if you can recall, what was the biggest needle mover that you did that really accelerated the growth of all of those signups? What was that one thing? The one thing. So, um, well man, I think it’s combination of things, but I’ll, I’ll, I’ll kind of look at it as one thing. So what we did was, uh, we advertise this free mapping tool. Um, and as soon as somebody signed up to the free mapping tool, what we did is we sold a, we call it the funnel Lytics vault, which is a, a template library of, we basically funnel hack.

Some of the best marketers in the world looked at what their funnels were and then literally mapped it in the canvas on phone analytics, did a whole breakdown and stuff. And that bolt, we sold it for $47, like literally ridiculous value for 47 bucks. And the take rate on that was really high. So we spent $700,000 on Facebook ads in those first two years, driving people to the free mapping tool, but we recoup that money right away with that self liquidating offer. And then the upsell. So that drove a lot of traction. All of those users, we kind of push them towards an affiliate program and told them, Hey, just promote the free mapping tool and you know, we’ll handle the rest. Right? So it kind of just started trickling this, this trickle effect right now we’re organically adding about 1600 new free users a week without we stopped advertising. It’s all mainly it’s. Would you say how much of your traffic is coming from affiliates? That’s what I’m curious right now.

Well, I guess it’s probably about a 15 to 20% on a weekly basis. Sign ups, sign ups, sign up. That’s that’s awesome, man. Okay, awesome. And I know you said something about, you know, running some Facebook ads. Are you currently what’s currently running any other marketing strategies or any marketing strategies at the moment? No. Like from paid advertising standpoint, you mean? No. So Facebook ads right now, we’re, we’re just doing the self liquidating offers. We’re testing that out. Cause we’re, um, it’s funny. Like we w we went down the VC road, so we just closed about, uh, four months ago, our seed round for, from VCs. And we kind of took a major step back. We went shifted down from like fifth gear down to third gear to really hone in our processes. Now we’re slowly shifting back to that fifth year, so we can go to that sixth year. So we’re just slowly starting back on, on Facebook ads to acquire buyers. Um, but, uh, over the last, like, once we’ve not on ads, basically since October, we stopped

Organic stuff that you guys do any doing, like any type of SEO content marketing or anything like that, or is it just purely, purely affiliates people coming in through courses? And

The only, I think we spent about 400 bucks a week on a Google ads for branded keywords for like funnel phenolics terms. Um, but otherwise, no, we don’t do it.

Any competitor, any competitor Google ads going? Yeah, I don’t think so. Actually,

Your ads just branded keywords. A lot of people are competing against us.

Yeah, we got, we got a lot of those guys. See. Okay, well, that’s good to know.

Alright. Uh, so, so obviously 20, 20, right? We’re in 2020, uh, automation is King right now. People love automating stuff, right. Uh, what is the number one automation that you’ve set up in your business that either saves you the most time or makes you the most money one or the other what’s that it could be a Zapier, it could be a funnel that you set up. It could be anything. What’s that number one thing that you think has made the biggest impact, number one, automation. Yeah. So it’s interesting

When you say automation, I think it’s, um, it’s really more of the processes and the people that I’ve put in those to run those processes. And, you know, as the business owner, that’s kind of like an automation automated, um, it’s not so much a technical automation, uh, as much as it is kind of the right processes, especially from the product development standpoint, right? Like product engineering, deploy. That process has been really tricky for us. So that’s been a core focus otherwise though it’s literally our automated, uh, uh, funnel that we set up, you know, Facebook ad to a landing page for the mapping tool upsells. Um, and then just running back consistently and pushing people to our base.

I think signups through a funnel essentially, or through a funnel value ladder style method is considered one of the automations. That would definitely be a big one. And I think a lot of people that are coming on here, uh, cause when I asked that question, I’m getting a lot of very similar responses and it’s also the same thing for us, the dashboards. Right. Um, so 120,000 people. Okay. I can imagine taking 120,000 people. I know you’re not using Excel to track these guys. Right. What, what CRM do you use and how are you, what are you doing for tracking?

Yeah. We use funnel links to track obviously, uh, to track flows. And I, you know, I be kind of a hypocrite to not use my own tool to roll my own business.

What about the actual contact data? Like the sales side of it? What are you doing with all that stuff?

So, um, all of that is being used. We use active campaign to, uh, push people into our CRM, automations, uh, contact sales pipeline, all of that is handled through active campaign.

Love it, man. And what is your actual sales process? Looks like? Let’s say somebody signs up. I go right now, I go to the analytics. I create my free account. What happens next? Am I getting hit with emails? Am I getting indoctrinated? Am I getting hit with sales emails? Is somebody going to message me DME on Facebook randomly? Like I’ve happened with other software companies? What, what actually happens after I put my info and how do you actually push the sale?

Yep. So a, it depends on that path, right? If you’re a marketing service provider or if you’re a, uh, non a marketing service provider,

I tell you that though, is there an option for me to tell you that

There’s a survey like a two question survey to kind of allow us to, to segment you? Um, and then regardless, you’re going through an email sequence. So everybody goes through an indoctrination sequence, uh, to kind of get to know the business and, and the brand and me and all that stuff. Uh, if you’re a marketing service provider, we push you towards an application, right? So a sales page and content that pushes you to an application where you get on the phone with one of my reps and they close you on that higher ticket program. If you’re not a marketing service provider, then we push you towards sales pages and info pages that push you towards phonetics pro and phenolics pros and order form. So you just kind of put in your credit card and, and move in awesome man.

And all those people that, that don’t buy. Cause we know that the majority of people don’t buy, like you just said 120,000 people came into the funnel 4,000 left, active subscriptions, right. It’s pretty common in the SaaS space where you get, you know, 10, 15% conversion rate maybe. Right. What do you do with that bucket of people that didn’t buy or they just sitting on your email list or are you hitting them with remarketing campaigns? What are you doing?

Yeah. Uh, so, um, we kind of tag them, we call it the value bucket. Uh, and what we do is a series of things. The first thing is, uh, every week we send them an email, sending them back towards our Facebook group, our community, obviously not everybody loves Facebook groups, but we share a lot of good value in that Facebook group. So we try to keep that Facebook group engaged,

You guys have over 30,000 people, right?

Yeah. I think we’re at like 27,000 or something like that. So just shy of 30,000. Um, so we keep trying to push people back into that group and keep that group engaged. Uh, another thing that we do is we’ll, we’ll send out like any sort of testimonials or any sort of case studies that we need to acquire the right. So like, Hey, this is how we use funnel today. Or, or check out like Sarah who, uh, did this in her agency, which tries to drive applications and all that stuff. Um, but you know, it’s sometimes we’ll do quarterly promos like launches or, you know, like, you know, black Friday’s coming up and things like that. Right. So just to generate more buyers, hence the difference between 12,000 buyers versus subscribers. And that makes sense, people upgrade. Awesome. Let’s wrap it up. I’m going to do some final, rapid fire questions in the last 12 months.

How much has, uh, how much, uh, revenue has fun analytics generated? Uh, probably 2 million, something like that, two point something love it, man. What’s a realistic goal. You see yourself out in 12 months from today. Um, probably grow that by 50%. So 3 million, maybe, maybe double it, love it, man. And then in the next 12 months, you know, to get to go from two to 3 million, uh, which is essentially a 50% increase, what do you need to do to get there? What’s the number one thing that you see in your business, that’s going to help you get there? What do you got to do? What are you going to? It goes back to processes and people like the right people in the right seats. If you can give a one tip to any new business person, that’s starting out, whether it’s in the SAS space and agency, uh, whatever it is, any entrepreneur you can give one tip, what would that tip be?

That will help them actually shave off a shit ton of wasted time. Yeah, look, there’s, there’s only, there’s only one thing that you need to focus on, um, in that very beginning stage, which is proved that your offer resonates. You need to figure out what is the positioning of the offer. I needed to sell it to somebody so that you understand don’t build a funnel. Like when you’re first starting out, you need to prove that somebody will pull out their credit card and buy your offer. And then you can start thinking about automating that stuff. And I see that too much today where people are focusing on building everything out before they’re even testing their offer. Exactly. Hey, last question for you, aside from funnel Lytics, what’s your favorite tool that you use in your business? Um, Slack probably, I guess,

Slagging. Zoom. All right. Well there you guys have it. Mikael from Funnelytics. Thank you so much for coming on. Mikael, sharing all your stories, strategies, and tactics with the audience. We appreciate you brother and have a great day. Cheers. Thank you for having me.