Mike Lazerow�is a�serial�entrepreneur who is the CEO of Buddy Media and previously founded GOLF.com, which was bought by Time Warner and University Wire and is now a property of CBS.
With a couple of successful startups under his belt, we decided to bring Lazerow into the studio for an episode of Founder Stories with host�Chris Dixon. Right off the bat the two�discussed Lazerow?s latest�venture, Buddy Media, which just raised $54 million. Buddy Media helps brands cohesively manage their social media presence and marketing campaigns on sites like Facebook, Twitter and YouTube.
Once consumers are connected to the social media sites ?it is all about giving them relevant content and that is what our platform does? explains Lazerow who describes how Starwood Hotels and Resorts uses the service. Every brand, he says, is now expected to have a Facebook page to connect with consumers, but once they do connect then they become publishers of sorts, pushing what they hope is relevant content to those consumers.
Continuing the conversation in the video below, Lazerow talks about the strategy behind building the company and offers some numbers. He tells Dixon, ?It all starts with the product. Whatever you do if you are not the best on the product side the business doesn?t work, there is a reason we have 9 out of the top 10 global marketers using our platform.?
However, Lazerow notes having a great product is just one part of the equation. You have to build a great business. He credits his wife and co-founder with scaling the business.
He says ?it is not just about a great product it?s about how you sell it and how you support it and so we invested in that early and what has happened is our early success with clients kind of spread ? and we became the go-to player.?
The strategy paid off. Lazerow notes that Buddy Media has raised a total of $90 million, of which $70 million is still in the bank. The company is generating ?millions of dollars a month? in revenues, which are doubling every 6 months, and the company has jumped from 40 employees a year ago to 200 today. He goes on to tell Dixon ?once you find a business model, that is the time to scale.? It took 20 months to get to the first $1 million of monthly recurring revenues, the second million dollars took only 5 months, and now the business is adding another million dollars in monthly recurring revenues every 3 months.
Check out the video for additional insights and make sure to watch past episodes of�Founder Stories, located here.
The Buddy Media Platform is the social media management software of choice for eight of the world?s top ten global advertisers. With its scalable, secure architecture and straightforward administrative...
Michael is a serial entrepreneur who has co-founded four successful internet-based media companies. He has a passion for creating, managing and growing companies from the ground up. Michael?s first foray...
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