In October, we’ve been trying to push hard on the Buffer for Business front. Since we want to try and be as public and transparent about the things we’re doing, here are the full numbers about how Buffer for Business performed in October.
I’ve also emailed a new section to the team titled “Outlook and Thoughts” at the bottom, that I’ve included here. I
(For reference, here is the September report)
Recurring Revenue from June & July : $2100
Recurring Revenue from August: $4750
Recurring Revenue from September: $4850
+ 3x Yearly $510 = $1530;
+ 9x Yearly = $6630;
2 x $125 = $2550
1 $100 = $1020
6 $50 = $3060
+ 1 Enterprise = $6,000
Total recurring revenue October: = $16350
There was a total of 103 new paying customers in October.
83 new people started paying in October from 379 trials started in October.
That’s a 21.6% conversion from trial to paying user.
Where did they come from?
80% of people coming from Modal converted (8 out of 10)
64% of people coming from Appheader converted (29 out of 45)
16% of people coming from Pricing page converted (23 out of 140)
10% of people coming from the landing page converted (16 out of 161)
7.1% of people coming from Blog converted (1 out of 14)
(57% of people coming from Inbound converted (4 out of 7)
Card details or not?
75% of people who had their card details already in converted to paying (60 out of 80)
9.6% of people who didn’t have their card details with us converted to paying (22 out of 299)
Numbers from September overflowing to October
- 21.6% of people who started a trial converted to paying users (82 out of 379)
- There were also 21 new paying customers who started paying in October, but whose trials started in September (from 69 trials in the last week of September)
- There were 595 new total trials started in October
- 59% increase in MRR compared to September (from $10300 to $16350) (MoM from July to August: 111%)
- 247% increase in total revenue compared to September (from $12340 to $30510) (MoM from July to August: 479%)
- Buffer for Business is 15.3% of total Buffer revenue in October (up from 7.1% last month)
- 6% decrease in new paying Business users in October (drop from 110 to 104)
- 79% increase in new trials started (From 332 trials in September to 595 in October)
Total users on Business
Large ($250) x 5
Large 50% discount ($125) x 1
Medium ($100) x 9
Small ($50) x 89
Total new customers in October: 104
Large ($250) x 2
Medium ($100) x 7
Small ($50) x 101
Total new customers in September: 110
Large ($250) x 9
Large 50% discount ($125) x 1
Old low agency ($200) x 2
Medium ($100) x 27
Small ($50) x 229
Total Business customers: 268 (compared to 164 in September, a 63% increase)
(not accounting for churn, unfortunately we’re not quite tracking that right now)
Outlook and thoughts
Buffer for Business is now fully automated: With the great work of Colin, Joel, Brian and the team, Buffer for Business is completely self-serve. I think this will give us a chance to focus more on other areas as there will be some more available time.
The downer for this month is that 6% less new people started paying. My hypothesis is three-fold.
- First, that we’ve not launched Business plans publicly yet, so there is little natural growth.
- Second, since they’re not launched, we’ve done little marketing for it, which we’ve decided will be a bigger focus for November.
- Third, we’ve not launched or added any more business specific features that would help with growth.
I believe that we’re working on all 3 of these areas so it’ll be interesting to see how our progress in November will be. With the set-back of the hack, seeing an uptick in growth rate might not be happening until December.
The plus point from this month is that Buffer for Business now makes up 15% of total revenue. I think that’s a great indication of how fast Buffer for Business can grow further.
A big impact on this month’s cashflow was also the addition of our first Enterprise customer which added $6,000 to Business revenues.