Buffer in July: Articulating our Vision, Instagram Launch Metrics and Cashflow Positive
CEO and co-founder @ Buffer
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In July, we launched a big new feature, had our first cashflow positive month of 2016 and rallied around a strong vision for Buffer’s future. Here are the highlights:
Key metrics
- MRR: $926.0k
- ARR: $11.1m
- MoM: +3.1%
Further metrics
- 62,201 paying customers (+3.0% from June)
- 255,158 MAU (+0.0% from June)
- 159,995 WAU (-1.0% from June)
- $1.29m cash in bank (+5.7% from June)
- 80 team members across the world (down from 81 in June)
Buffer for Instagram
Perhaps the biggest news of July is that we announced Buffer for Instagram to the world.
It’s long been a very highly requested feature, and it was an interesting product challenge to work within the confines of what Instagram makes available to third-party developers.
The launch was exciting, with 6,353 Instagram profiles connected on launch day and 43,765 profiles connected by the end of July.
Since the launch, an average of 11,235 Instagram updates have been sent per day, with an average of 3.08 updates per user who connected it.
We also have found that trialists who add at least one Instagram profile are 2.2 times more likely to convert to a paid plan!
First cashflow positive month this year
With $1.29M cash in bank, up 5.7% from June, July is our first truly cashflow positive month of 2016.
Since our cashflow crisis, we’ve been diligent about staying on top of our finances, and we’re on track for more cashflow positive months to come.
We’re still keeping with our goal to have 3.5 months of expenses on hand, with a plan to be 50% to the goal by the end of the year. In working to this goal, we are also committed to becoming very profitable.
Executive team meetup and unified vision
In late July, myself and Buffer’s executive team went to Newport, Rhode Island for our second “Caretakers meetup.” We spent most of the time discussing vision and alignment.
Throughout our journey so far we’ve sometimes felt the pull of two different paths: Focusing on the growth we want to achieve, or focusing on culture and the movements we want to be part of.
During the meetup, we had a lot of good discussion and converged on a simple vision statement to help guide us:
To give people a greater voice on social media and to create a workplace of the future.
This vision is still new, and we’re discussing it a lot within the team and I’m excited to share more about its impact in the future.
Thanks so much for your support!
– Joel Gascoigne
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