Bootstrapping From Oklahoma: Robin Smith, CEO of WeGoLook (Part 5)

Sramana Mitra: What is the business model?

Robin Smith: We’re basically a mobile technology platform that provides data point retrieval for individuals and enterprise clients. We deliver that data however they need us to.

Sramana Mitra: How do you get paid?

Robin Smith: Our customer places an order and pays via credit card. Our enterprise clients get a bill every month and sometimes, twice a month. Our lookers typically receive 30% t0 50% of the total service fees. Of course, we have our overhead.

Sramana Mitra: How do you determine how much a job is worth? Is it a fixed price or is it a variable price?

Robin Smith: It’s typically a fixed price that we work with. On our platform for individuals, you pay $69 for 10 photos and three custom questions. If you want more questions or more photos, then it’s additional. You can build your report online the way you want. For our B2B customers, we always know what the scope of work is going to be prior to deciding on that pricing model. It also depends on quantity. If there are 20 assets at one location versus one asset at one location, obviously, there’s going to be a price difference. We always go to a beta period, so we know exactly what the scope of work is and what it entails. That’s how we price it out to our business customers.

Sramana Mitra: At this point, are you specifically going out after these large banks and other enterprise customers who are providing you with this larger business?

Robin Smith: Yes.

Sramana Mitra: Do you have a sales force that is going out after these kinds of customers?

Robin Smith: I have one salesperson now. In 2016, I’ll have another one. We have some plans there, but we are also working on affiliate partners. For example, eBay Motors will be live in January wherein when someone’s on the eBay Motor vehicle listing, there will be a link to our website saying, “Order an online inspection.” My original plan on wanting to be on eBay is coming to fruition, which is very exciting. That will be a great opportunity for us within the B2C space. But yes, we are definitely going out after some of the larger customers who have thousands of jobs for us to perform.

Sramana Mitra: What percentage of your business comes from these large customers?

Robin Smith: About 90%.

Sramana Mitra: Across how many customers?

Robin Smith: We have just under 300 corporate accounts.

Sramana Mitra: What verticals are yielding most of the business? How is the vertical split? How much is property? How much is vehicle? What’s the distribution?

Robin Smith: My vehicles right now are about 50% of my corporate. Property comes in next. I would say we are close to 25% on properties. Then another 20% for heavy equipment. Then just 5% on different types of custom tasks. I’ll give you this example. A very large bank has 852 national branches. They were not able to offer service to their customers outside of their branch footprint. Now, they can use us to go directly to their customer. They can offer these services to their customers. We can take pictures of their vehicles and have them sign documents. We’ve actually been able to help our customers create new services that they, otherwise, wouldn’t be able to perform without our looker network.

This segment is part 5 in the series : Bootstrapping From Oklahoma: Robin Smith, CEO of WeGoLook
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