Yahya Mokhtarzada is the founder and former CEO of Truebill. Yahya and his team created growth of over $100 million in just 2 ½ years and then managed to sell the company for $1.3 billion! In this episode, Yahya breaks down how he made this a reality and how you can apply his processes to your own business
KEY TAKEAWAYS
- Truebill is a personal finance app and Yahya has actually found that this market increases in times of financial uncertainty. People are more interested in getting their finances in order when times are harder.
- Paid acquisition is Truebill’s most common strategy for growth. Their team are also very creative in getting the company name out there including e-commerce channels and podcast promotion.
- Organic growth and referrals aren’t something that works for Truebill, Yahya believes this is because people don’t want to talk about money, especially if it can be suggested they may be struggling.
- Unsatisfied with the market offerings of personal finance apps, Yahya set out to create Truebill, to make a personal finance simpler, putting money back into people’s pockets without telling them what to spend their money on.
- Truebill has the ability to be able to cancel subscriptions etc in app, without the individual having to spend hours on the phone with various providers. Another unique feature is it’s ability to scan your bills and find you better deals.
- Truebill becoming product-led, offering the most use and value for the customer is how they went from $1.5 million to $100 million in just 2 ½ years. They also allow their customers to choose their own price, from free tier up to $15 a month, depending on their individual needs.
- There is some stigma surrounding the personal finance market, this meant it took Yahya and his team longer than usual to find each round of investment.
- Yahya puts the continuous exponential growth of Truebill down to a few key things, such as having a great core product that people liked, their incredible marketing team and their investment in tracking and measurement.
- Intelligent tracking and measurement of their app allowed Truebill to adapt and pivot to their users’ needs fast.
BEST MOMENTS
“Organic growth was never a strong suit for our company”
“I really think it’s the best personal finance app out there, giving you a set of tools to understand your money and do better with it”
“Most people are surprised to see how many things they are paying for each month and how much money is floating out of their account automatically”
“Personal finance does not have the same engagement and user behaviour as you’d see in a game, photo sharing app or anything else”
“We had a good core product that fundamentally people liked and found useful”
“I’m really anti-survey, they can be really misleading and tell you the wrong thing”
Do You Want The Closing Secrets That Helped Close Over $125 Million in New Business for Free?” Grab them HERE: https://www.whalesellingsystem.com/closingsecrets
Ryan Staley
Founder and CEO
Whale Boss
312-848-7443
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How do you grow like a VC-backed company without taking on investors? Do you want to create a lifestyle business, a performance business or an empire? How do you scale to an exit without losing your freedom?
Join the host Ryan Staley every Monday and Wednesday for conversations with the brightest and best Founders, CEO and Entrepreneurs to crack the code on repeatable revenue growth, leadership, lifestyle freedom and mindset.
This show has featured Startup and Billion Dollar Founders, Best Selling Authors, and the World’s Top Sales and Marketing Experts like Terry Jones (Founder of Travelocity and Chairman of Kayak), Andrew Gazdecki (Founder of Micro Acquire), Harpal Sambhi (Founder of Magical with a previous exit to Linkedin) and many more.
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