July was a solid “heads down getting junk done” month for us. If we want to get geeky for a minute, we had over 200 code commits and added some 5,000 new lines of code. Yay vanity metrics!
We shipped our MRR Growth Chart plus a couple of nice additions to our Failed Payments metric along with a new Changes page to keep folks informed about new things. We also started private beta testing two major additions that I hope to officially launch in the next couple of weeks.
In addition to solid progress on the code side of things, it was solid month for our own metrics. So let’s take a look at those.
MRR for July was $18,500 and Net Revenue was $19,300. That’s MRR growth of over 16%, which is a 4% increase in growth over last month.
Not really much to say on this one. Just a solid month of growth.
Metrics revolving around our customers are what were really exciting this past month…specifically User Churn and LTV.
Our User Churn was down over 50% compared to last month, coming in at a solid 5.6%. I’m much more comfortable with this than the 12% we had in June. I’d much rather this be in the 1–3% range, but now this metric doesn’t stress me out as much as it has in the past.
I think we’ve been getting better at targeting the kind of customers we want…the kind that stand to get a lot of value out of Baremetrics. We raised the price on our cheapest plan to $39 (while also lowering the total number of customers), which meant we signed up fewer people on our cheaper plan and instead signed up folks who were willing to pay more. People willing to pay more money are typically also the kind of customers who understand the value they’d get better than someone just going for the cheapest thing they can find.
But what’s even more exciting about User Churn being lower is that our LTV is now higher. Much higher.
Our LTV clocked in at over $1500…a 143% increase over June. The reason this is such a great thing is that LTV drives what you can spend to acquire customers.
So what about marketing? We did our usual content marketing, with our How we increased customer loyalty by 125% in 6 hours article being a pretty big hit (2 weeks later it’s still getting shared dozens of times per day).
In addition, we’ve got the ball rolling on our upcoming SaaS Metrics Bootcamp, which will be a ~3 hour workshop on how to use metrics to make more money.
So what’s in store for August? I mentioned earlier that we’ve started private beta testing two new features. I hope to launch these this month. They’ll be two of the biggest additions to Baremetrics since we launched over 8 months ago.
Thanks for reading this month’s update. If you have any questions about any of this, please ask! Happy to answer anything.
(You can take a look at previous month’s posts here…)