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SaaS Interviews with CEOs, Startups, Founders

What happens when a PHD professor in analytics launches a SaaS company?

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6683 Ratings

🗓️ 14 February 2023

⏱️ 15 minutes

🧾️ Download transcript

Summary

Set profit maximizing prices.

Transcript

Click on a timestamp to play from that location

0:00.0

price of metrics. He's been a consultant in the pricing space for a long time. He's now building

0:03.4

technology to help brands skews, the corner grocery shop with over 250 skews,

0:07.9

optimize pricing in real time to quickly understand pricing, profitability, margins with a click

0:12.2

of a button, taking what he knows from consulting in his head and putting it out in software space.

0:16.0

He's got 10 folks on the team today, one of which is their coder who's actually being paid. The founders have put in 100K to build the MVP, and three folks on that 10-person sales team working for equity are looking to land their first sale here in their next couple of months.

0:27.9

Hey, folks, my guess today is Mike Kimmel. He spent almost 30 years in analytics and pricing since obtaining a PhD in economics from UCLA. He's made a lot of money for a number of companies and decided it was time

0:37.6

for him to make a world-class pricing accessible to companies of all sizes. That's why he launched

0:42.4

Prisometrics with an eye-in-the-middle.com. Mike, you ready to take us to the top? Yes, yes, I am.

0:47.9

Thank you. All right. So give me a story. You said you've made a lot of money for a lot of other companies. Who are you making rich?

1:02.0

Well, I've worked for a lot of Fortune 500 companies and multinational corporations, both as a consultant and as an employee.

1:13.9

So over time, I started out as kind of a lowly minion in analytics and grew to run the pricing department for several large companies.

1:19.5

Interesting. So tell me how price metrics max works. You did share pre-issue, your pre-revenue today. What's guiding how you build the software? Is it your own use case? Do you have some

1:24.9

free users? How are you building the MVP? Well, we actually have built our MVP. To a large extent, this is the product that I always felt I needed when I was running pricing departments.

1:39.3

Basically, what we do, what our software does is it finds the profit maximizing price for all of a company's

1:45.1

skews. It also does a number of other things that are useful. For instance, it can tell you

1:51.1

which products, which of your skews and which locations are responding well to being an ad,

1:56.6

which of them respond well to being in circular for companies that produce circulars, that kind of thing.

2:01.6

So it basically identifies information about different products, how much you should charge for them.

2:08.6

And it tells you what, it provides you with that information, and it provides you with other information that allows you to run simulations, determine whether you're going to accept the guidance provided by the software

2:23.7

or not. You can always override the software's guidance. And if you accept it, in general,

2:32.3

we will raise your profitability.

2:35.4

And Mike, what year do you launch or write the first line of code for the platform?

...

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