{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Very True by Verissimo ","title":"Growth, GTM, Marketing, Sales and Business Models that Work with Nick Greenfield","html":"","width":"100%","height":180,"duration":2129,"description":"Alex and Nick Greenfield close out their three-part conversation with the episode that's most useful to anyone running or funding a company. Nick walks through the years after Lyft: a stint at on-demand laundry startup Washio, living in the Snapchat house in LA, moving to New York to join Paribus (later sold to Capital One, and whose founders went on to start Ramp), and then co-founding Candid in 2017 as a direct-to-consumer clear aligner company. Candid went from zero to a $100 million run rate in four years with 700 employees and 40 retail locations, and it was still a flawed business. Nick explains exactly why.\n\nThe heart of the episode is the math. Nick and Alex break down why direct-to-consumer arbitrage collapses as you scale, why the nth customer costs so much more than the twenty-first, and how Candid's pivot to selling through dentists turned a negative $300 per customer into a positive $700 with a 4 to 6x LTV to CAC ratio. Along the way they cover the history of performance marketing, Craigslist as the arbitrage that built Lyft, Uber, and Airbnb, why direct mail is the one channel where the arb never closes, and what \"growth\" and \"GTM\" actually mean now. Nick ends with the three business models he most admires, Toast, Shopify, and Ramp, and Alex owns up to passing on the Ramp seed round.\nGuest: Nick Greenfield, Founder and CEO of Candid. Part three of three.\nEpisode Highlights\n\nFrom Washio to Paribus to Candid: Nick's path through an LA laundry startup, a New York price-tracking company acquired by Capital One, and the founding of Candid, which claims the title of Ramp's first customer.\nNaivete Is Mission Critical: Nick's rule that if you want to build a small company you need to know the segment, but if you want to build a big one it's better to know nothing, because knowing the limitations keeps you from finding the massive market.\nWhy Candid's DTC Model Was Flawed: Zero to $100 million in four years, and two problems that growth couldn't cure: a...","thumbnail_url":"https://img.transistorcdn.com/57OvVMJPURacY2oSlK5Y2MLrhZTAZ_pp8q-BCnv84D8/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS80MzBk/N2QxOGUzMzA1ZjQz/MzhkNTg3NTQzYjE0/NjQ2NS5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}