tl;dr
Getting loads of expansion revenue from existing customers. Which is a good thing. But now 42% of MRR comes from top 3 customers which is not how I would like it to be ideally.
Customer Stories
2 logo churn
- VP Product at SF Edtech startup --> Unsure about the reason! The customer's card stopped working and they our payment gateway failed to charge them. They aren't replying to emails so maybe they left the company?
- A Russian early stage startup --> churned because they wanted Russian translations of all our entire question bank and UI.
KPIs
- MRR --> $1116 (+ $151) (mostly led by expansion revenue in existing customers)
- Active teams --> 84 (+23)
- Active users --> 1814 (+523)
- Free 30 day trial to paid conversion % --> 15.3%
- Churned paying teams this month --> 2
- NPS --> n/a
- Runway before we need to hit ramen profitability --> all done! We can now pay salaries for one of the founders (other is not full time yet)
What's not working well
42% of our revenue (all of it is MRR) now comes from 3 big customers. One of them is in the red and might churn out soon :( Need to figure out ways to win them back.
We also lost a bit of time and momentum while we did some research on whether we should sell to HRs or business leaders. We are sticking to not sell actively to HRs and will stick to what we do best - solving problems of team leaders and startup founders.
What went well
- Shipped a small MVP for playing Trivia on Kaapi
- Shipped images and GIFs in Kaapi
- Reduced product onboarding from 13 clicks to merely 3 clicks to Aha moment!
Plans for next month
- Pick up marketing again - content writing, backlinking etc.
- Continue doing personal reachout for sales
- Launch MVP for Kaapi Connections
- Automate timings customisation in the product
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