June 5, 2019
Joining us on the Marketing Mix Podcast is Geoff Cook, CEO & Co-Founder at The Meet Group. Geoff talks the future of video, the development of one-to-one live streaming and the rise of audio. In discussing how the mediascape has evolved over the past 15 years, Geoff describes how he has grown a social network by leveraging the power of users as marketers in today’s network society.Listen to "Geoff Cook, CEO & Co-Founder, The Meet Group" on Spreaker.
Jeff Ragovin: With years of experience in the social networking space, how have you managed to start a social network and continue to run it today?
Geoff Cook: I have focused on breaking things up in different phases, the first being the bootstrapping phase with limited funding and resources, next the VC raising phase, and then into the IPO phase. Each phase presents its own challenges and needs.
Jeff Ragovin: With video’s ability to change industries, do you have any insight into what The Meet Group is able to do with video and any predictions about the future of video?
Geoff Cook: We livestream videos since they’re an interactive entertainment platform that provide the utility of forming connections with users while also providing entertainment that monetizes exceedingly well. As a result, we have grown a live streaming business from zero to an 80+ million run rate due to the addition of Live.
Jeff Ragovin: What is the importance of one to one video?
Geoff Cook: The majority of our users send one to one messages to each other but we are striving for one to one video as well to build deeper connections.
Jeff Ragovin: With your constant acquisitions, what is your approach to marketing your existing portfolio paired with marketing your acquisitions to a new set of people?
Geoff Cook: The primary way we’ve grown our audience from a million daily active users in 2016 to 4.5 million today is through acquiring new companies and providing live stream capabilities to amass more users and increase revenue. We spend roughly 13% of our revenue on marketing (20+ million), using a variety of channels to reach potential users. With viral marketing, we simplify the means of livestreaming to allow users to easily generate streams in hopes of capturing part of their audience as users.
Jeff Ragovin: Do you see audio ever overtaking video?
Geoff Cook: Audio requires much less attention from the audience than videos, while still providing a sense of human connection between the audience and the speakers.
Jeff Ragovin: With your success as an entrepreneur, what are some big life lessons you’ve learned along your journey?
Geoff Cook: People like to say the cliche of follow your passion, but I believe people should follow their curiosity since many people are unsure of their true passion. Following your curiosity often pushes you to pursue things that might not make sense at first, but maybe you can make them make sense.
Jeff Ragovin: Thank you for joining the Marketing Mix Podcast.
Please note, the above has been paraphrased for editorial purposes