“We finished building our product and we had some initial traction with beta customers.
We raised a little less than $1M in seed financing and we needed to prove out a profitable distribution strategy to justify the model.
We had no proven sales strategy. Our close rates were low and our lead volume unpredictable. We were getting worried.
e started working with Nick after hearing about what he did for AdvisorStream. He built out our inside sales funnel, and our lead generation campaigns. The results were great.
Our outbound prospecting lead capture rate went from .5% to 2%,
Our paid cold traffic campaign lead capture rate increase from 4% to 12%,
Our demo booking rate increased from 20% to 40%,
Our demo closing rate went from 10% to 38%.
With the funnel fully built, sales will catch up to our expenses in 6 months or less.
This means we can raise serious capital and scale on the backs of real revenue and strong growth.
Whats even more impressive is that Nick has continued to figure out how to lower the CAC.
With a fully automated funnel we are now able to confidently close channel deals and send people through the funnel at scale.”
Henry Bee, Founder and CEO @ CoPilot Advisor/Cassia Research
If you need help scaling to your first $1mm ARR, please book a call here.
Full Transcript (1 Year Old) :
Nick: “I have Mr. Henry Bee here from CoPilot Advisor, and we’ve been working together for a while, and we’re ramping his company, CoPilot, up pretty quickly, so we’re up to $43 MRR?”
Henry: “Yeah, we just broke about $40 MRR.”
Nick: “Yeah, so almost about $500,000 ARR, and that’s in just over 2, 3 months?
Henry: “That’s just over 2 months.”
Nick: “Why don’t we get into where you were before the sales funnel was built out, and what we did, and where we are now. So where were you before we engaged?”
Henry: “It was last year when we engaged with you, it was really difficult for us to get traction back then without any kind of sales funnel.
I remember working with this digital marketing firm, they put together this website, and basically that was all we had in terms of a funnel, there was no measurement whatsoever of people visiting the site or how many people actually became customers because of the site. It was not a scientific-driven process at all.
So, now that the sales funnel is in place, we can accurately measure every step of the way, from a site visitor, to somebody that signs up. That’s all tracked really well. Before all of this happened, none of this was in place, our team were just basically building products without there being any sales.”
Nick: “As you get customers on, the product changes; because you’re talking to your customers and you’re learning about what they need, and you can adapt your solution. So how did that work, how did the product get driven by the sales funnel and the new customers that came on?
Henry: “Getting customer feedback is huge, it’s basically everything in a startup’s life. Because if you can’t get feedback, you don’t know the salaries you’re spending on the expensive engineers are actually producing ROI, so it’s hugely important to have real customers – and not just beta customers – because we’ve actually had a group of a dozen beta customers who we were getting feedback from; but because the price they were paying was so low, the feedback didn’t necessarily represent the feedback of the real paying customers – who are paying big bucks for your product. We learned that the hard way, and with the sales funnel, it’s really efficient right now, constantly getting 5-10 customers a week, we can right away know exactly what they’re looking for and iterate the entire product and engineering team to deliver products based on their feedback.”
Nick: “Just to reiterate for someone who’s watching, what we did with Henry was, we went out to the market with different messages and then one message stood people up and got a disproportionate amount of responses, from that we were able to develop a product to help solve that problem.”
Henry: “That’s exactly right. The best way to make a decision, is through data. And what really impressed me, working with you Nick, is that everything you do is backed by data, and we started doing the same. Now we just focus on the data, which helps us to make our decisions.”
Nick: “Great. And what is the impact the traction had on the business?”
Henry: “The traction has been enormous, if we look back even 2 months ago before we scaled up the sales team, the traction from the initial product was stuck at about $3500 MRR, but within 2 months we went from $3500 to $43,000 – that’s more than a 10x within 2 months. And that just speaks to the efficiency of the funnel, but more so, we’re offering something that the market wants. Once you figure out what the market actually wants and you can actually deliver, I think anybody can take this process that you have put in place and basically see the same results. That’s the beauty of a scientific process, it’s repeatable.
Nick: “What’s the difference between working with someone like me and some of the other people out there? How would you differentiate?”
Henry: “Working with you Nick, is that you’re very down -to-earth, you can get to the gist of the problem. With an outside agency, I may or may not get as close to the problem, and actually figure them out with creative methods and solutions. I think that’s really the true difference. The outside agencies are focused on delivering the work that you assign to them, but they may or may not be focused on the results, so at the end of the day, is the business growing, is the funnel converting at a reasonable rate? Those are the results, that as a business owner and as a CEO, I care about. Working with you, you’re also very entrepreneurial and you’re very result-orientated. That’s the biggest difference, you’re super-driven too and we’re both not afraid to take risks, which really helps. I think early on in the business you have to experiment, you have to be willing to take risks, and not be afraid to make mistakes, and I think working with you has been really enjoyable because you share the same values and views.”
Nick: “Let’s quickly talk about the course videos, is it worthwhile for someone to learn this stuff? Because there are 2 offers, one of them is just the course, the other is working more intimately with us. So how would you value the course material, and the content that’s in there?”
Henry: “It’s hugely important, I can’t stress it enough to anybody that’s considering the course, you can pay somebody else to do the work for you, but at the end of the day, if you know how to fish yourself, it’s going to pay huge dividends. The course is not only great knowledge, it includes the latest and greatest methods for digital marketing, it’s also very helpful if you want to quickly scale up, instead of having onboarding sessions, trying to onboard a new employee, you can actually get a new employee to watch the videos, and they can just basically onboard themselves, I think that’s huge in cost-savings to any business out there that’s looking to scale up their sales or marketing team.”
Nick: “That’s a good point, that’s what I did with my guys, and you with your guys. Would you work with me again, if you could go back in time, would you work with me again?”
Henry: “Yeah, you don’t even have to ask; of course, I would Nick. That’s the easiest answer of this interview.
Nick: “Would you highly recommend the course, would you highly recommend working with me?”
Henry: “Oh yeah, 10 out of 10, if you gave me the NPS scale, I would put 10 right there.”
Nick: “Let’s discuss the next steps of your business, where do you want to take it? Where are you going? You’re at $40,000 MRR with a really fast growth rate, where are we going?”
Henry: “The sky’s the limit, we’ve got a sales team, a sales process, a sales funnel in place, to get this product out there to as many people as possible. Our goal is fairly ambitious, we want to hit 2.5-3 million ARR, so that’s our goal. I’m pretty confident we can do it. Our whole team is super-excited, this is the year we’re seeing the MRR scale up, it’s nice to see a graph that’s going from bottom left to the top right. Hopefully that continues to be the case.”
Nick: “I think it will be. AdvisorStream are still growing, I think you guys will be the same.”
Henry: “I think it’s just a matter of time, as long as we keep up our good work.”
Nick: “Alright well, thanks Henry, I appreciate it, and we’ll talk soon.”
Henry: “Alright, Nick, see you.”