Business update - October '20

Aditya Rao

tl;dr

Our first real bad month. MRR growth was zero. We are same as last month, $350. September saw a big focus on building new architecture for the web app, so there was no pipeline of teams on free trial to convert into paid ones in October. We need to get up from our ass and start focusing on increasing revenue now.

KPIs

  • MRR --> $354$ (- 0)
  • Active teams --> 47 (+ 16) (all from ProductHunt launch)
  • Active users --> 525 (+ 116)
  • Free 30 day trial to paid conversion % --> 11.1%
  • Churned paying teams --> 0
  • NPS --> n/a
  • Runway before we need to hit ramen profitability - March 2021 (- 0)

Biggest wins

None really. One team converted to annual upfront from monthly, so that was good I guess!

What’s not working well

  • Lack of sales, marketing focus has resulted in slower growth. The first 50 outbound sales to our personal network resulted in almost 0 new sign ups
  • The ProductHunt launch saw us finishing at number 3 for the day, but I highly doubt if this would mean business growth for us. We will get to see how many convert to paid in 3 weeks

Plans for October

  • 8 content marketing articles. 10 sales reach outs a day.
  • Launch all features required to be ready for use beyond Slack

The 1% better newsletter

Actionable guides on remote work, leadership & lifestyle design.
No spam, ever.

Read more

Bottom-up goal planning and alignment for high growth startups: By a former chief-of-staff

Is your startup growing too fast? Align your team in the right way ..

Read Story

Choosing a modern employee feedback tool for your remote team

Want to buy an employee feedback tool for your remote team but confused how?

Read Story