22 Aug Built to Sell Radio: The Surprising Reason Ryan Kulp Sold Fomo
In 2016, Ryan Kulp launched Fomo because he saw marketers using aggressive popups on their websites.
Kulp reasoned that if he could show other people were shopping and interacting with a site, it would give new visitors confidence in the company.
Fomo allows businesses to show off real-time customer interactions (purchases, opt-ins, even pageviews) with a line of code the company installs on their site.
Kulp led Fomo to around $1 million in Annual Recurring Revenue (ARR) before deciding to step down as CEO in 2020. Two years later, an acquirer approached Kulp about acquiring Fomo. Initially, he wasn’t interested, but after some soul-searching, Kulp decided to sell Fomo to Relay Commerce in a lucrative exit. In today’s episode, you’ll learn how to:
- Decide when to sell using Kulp’s untraditional approach.
- Start your business using the same tactic Kulp used to grow to $1m in ARR.
- Build trust with customers using the fear of missing out (FOMO).
- Market your offering using other businesses’ brand equity.
- Delegate tasks while avoiding upsetting customers.
- Avoid the biggest mistake made when goal setting.
- Identify the best acquirer for your business using one simple tactic.