Business update - July '20

Ankit Arora

We hit $140 MRR. 70 teams signed up during launch month. 7 converted. Real confidence booster. Feels we are on to something.

KPIs

  • MRR --> $140$ (+ 100)
  • Active teams --> 10 (- 66) (trials got over and did not convert. 3 were given extended trial because they requested to continue due to lack of budget from their side)
  • Active users --> 182 (- 276)
  • Churned paying teams --> 0
  • NPS --> n/a
  • Runway - April’ 2021 (+ 1)

Biggest wins

  • Crossing $100 MRR
  • 3 paid customers signed up for annual subscriptions! The feeling of being a real business :)

New insights

  • All 7 paying customers are CXOs. We are still actively thinking about focusing on that persona. That persona can make quick decisions to pay vs a manager who has to get approvals from their org for reimbursements
  • We have a decent trial to paid conversion %. But our visit to signup is pretty bad (< 1%). This is probably also because of the fact that we are only available on Slack today. Our organic traffic from Slack is also almost nil. We talked to a few other Slack app founders and they have the same issue.

Help needed

My Twitter account got locked (I stupidly entered wrong birth date) - I have emailed support multiple times with my ID papers proof, but no update from there for 2 days now. Any advice? It’s a good channel for us to get leads.

Plans for August

  • Building out the web dashboard
  • Setting up architecture to be ready for MS teams integration, employee surveys over Whatsapp etc.

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