Rand Fishkin, who calls himself “The Wizard of Moz.” He founded Moz in 2007, and they made $39 million in revenue in 2015. Join us as Rand shares his unique journey with Moz and his own insights to what makes businesses like Moz successful. Listen as he tells hid difficult experience of deciding to handover the reigns of CEO for his own company. Famous Five:   Favorite Book? – The Billionaire Who Wasn’t What CEO do you follow? — Heather Brunner Favorite online tool? — Buzzsumo Do you get 8 hours of sleep?—Not quite. If you could let your 20 year old self know one thing, what would it be? — Software engineering. Stick with the girl you’re dating—she’ll be a great wife.   Time Stamped Show Notes: 01:10 – Nathan introduces Rand Fishkin 01:35 – Moz is a software company that assists with SEO 02:05 – Founded in 2007, but first existed as a blog 02:35 – The blog was an advertising tool for Moz 03:20 – They had 400 people sign up in 6 months 04:00 – 2007 revenue was $850k 04:25 – Rand admits to being an amateur at the beginning of Moz 05:20 – Great marketing and retention are super important to consider 06:25 – 2015 total revenue is $39 million 06:40 – Churn was 6.3% in April 2016 07:30 – The logic behind good and bad churn rates 08:00 – Churn is not the only thing that matters 08:45 – It’s ok to start out with a higher churn 09:15 – Different types of churn 09:35 – Upsell revenue 10:08 – They have not hit net negative revenue churn. 11:00 – Customer churn and revenue churn 12:10 – Average customer cost is $119/month 12:33 – Customer acquisition is more complicated because Moz has several different products 13:25 – Lifetime value 14:20 – They want to be conservative with marketing 15:00 – They want to lower churn 16:05 – The Costco example 16:48 – Rand replaced himself as CEO 17:05 – His own decision due to issues with his mental health 17:45 – It was a painful experience 18:00 – Now he is feeling much better 18:15 – He now runs a couple of their products and does promotion and content creation 19:05 – moz.com/rand or @randfish on Twitter 20:35 – The Famous Five 3 Key Points: A churn rate is much more complicated that one month’s percentage. Find ways to have conservative marketing costs. Let your challenges take you to new and more fulfilling places. Resources Mentioned: Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible. Freshbooks - The site Nathan uses to manage his invoices and accounts. Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+ Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books. Buzzsumo – Rand’s favorite online tool Show Notes provided by Mallard Creatives