If you’re not utilizing video in your marketing efforts today, your company is probably leaving massive amounts on the table. With 90% of customers reporting that product videos help them make purchasing decisions, video is no longer an option: it’s mandatory.
Luckily for brands and marketers, StoryTap launched earlier this year to help turn customer stories into authentic video content. Their platform makes it easy to collect video product reviews, testimonials, and marketing materials directly from your customers.
How much is StoryTap doing in MRR?
StoryTap is a pure-play SaaS company that serves both enterprises and SMBs. An average SMB is billed $500 monthly, while a typical enterprise pays them $5k each month. According to CEO Bernadette Butler, roughly 40% of their revenue is attributed to their enterprise cohort, with the remaining 60% coming from SMBs.
Launched in January 2018 after a lengthy pivot, StoryTap is now serving 45 total customers and is hitting $23k in MRR today. The company spent 2017 building out the self-service platform and did $250k in total revenue from one-off, manual engagements.
What is StoryTap’s churn?
Like any business in the early days, StoryTap struggled with churn earlier this year. Butler noted that the company exhibited monthly logo churn as high as 20% in some months due to poor customer targeting.
Going forward, the company has identified their ideal customer – companies with at least two full-time marketers and experience in video – and is doubling down on acquisition. They’ve recently hired an advertising agency to power their paid acquisition with focus on Facebook ads.
How much has StoryTap raised?
StoryTap has grown to scale with just $230k in funding. The capital came in a small seed round and from acceptance into Techstars Anywhere. Their team of 5 full-time employees is based in Vancouver, Canada.