Extrabux CEO Jeff Nobbs Interviewed by Bloomberg

August 23, 2012 · 0 comments

Jeff Nobbs, the co-founder and CEO of Extrabux, was interviewed last week by Bloomberg on the origins, current status, and future plans for the Extrabux cashback shopping site.

Nobbs co-founded Extrabux while still a student at USC; in fact, the Extrabux business plan won an entrepreneurial contest through the school with a $25,000 cash prize that helped to fund the site.  The concept started as “an idea to help online shoppers pay as little as possible when they go to shop.”  While it began as a coupon site, Extrabux has evolved into “an outsourced loyalty marketing company.”  Online shoppers who begin their shopping on Extrabux will receive between 1 and 30% cash back. 

The company hasn’t spent a lot on marketing, Nobbs says, relying primarily on viral, word-of-mouth marketing.  And merchants like it, he adds, because it brings in new customers and makes existing ones more active.

Walmart is Extrabux’s most popular cashback store of over 2,500 participating merchants.  Other popular stores include Groupon (at 4 to 6% cashback), Victoria’s Secret, Crate & Barrel, and Macy’s.

A relatively new feature (which CompareRewards readers first read about here), is their comparison shopping engine – if you know what product you want to buy but don’ t know where to buy it for the best price, search for it on Extrabux and you’ll find the cheapest place to get it, factoring in taxes, shipping, coupon codes, and cashback.

Nobb’s advice to other would-be entrepreneurs:   although it’s easier to run a business without a family and a mortgage because it is so time-consuming, you’re never too rich, poor, old, or young.  He was 17 or 18 when he started, with no experience.  He learned about the industry, who the players were, and how to pitch like a pro.  He also advises potential entrepreneurs to “hire rock stars” — intelligent, driven people — to run your business.  “I want to look around and be the least qualified person in the room.”  GPAs, SAT scores, and the college you attended don’t matter as much to the Extrabux management team as whether the person is a good cultural fit, their experience, and their intelligence.

What’s ahead for Extrabux?  Nobbs says that the company’s short term goal is to grow, code faster, add new features and new merchants, and to make the user experience as intuitive as possible.

Who does Extrabux consider their biggest competitor?  PMB, the parent company of Ebates and FatWallet, Nobbs says, though he adds, “they do something similar to us, we just do it a little differently, and better, in my opinion.”  Spoken like a true co-founder and CEO.  ;)

I’ve been helping to spread the word about Extrabux since September 2007.  They have fantastic everyday cashback rates, and their lowest price search engine is second to none.  Nice folks behind the scenes, too.  If you’re not already a member, please join Extrabux here — you’ll be glad you did!

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