August 19, 2021
I have heard about the Open Startup movement and we at BrandAdocate stand for transparency. That's why we will make everything public. Well...not everything. We will publish our monthly revenues, costs, profits and user numbers.
To all future competitors - we will never talk about future developments or actions. So you can stop reading at this point. 😉
We believe that transparency is something positive and want to give customers, partners and future collaborators the opportunity to learn more about us.
Inspired by Friendly.ch, we decided to do more than just talk about transparency. From today on, we will publish our Open Start Report every month.
Let's dive into our August report!
We have 128 customers and in August we gained 13 new customers (through the App Store), which is an increase of 12%. This is not much and we definitely need to increase this number. With 63 installs and 50 uninstalls, we currently have quite a high churn rate. We assume that this is due to our setup flow, which is not yet perfect, and the fact that our time-to-value is too long. The reason why we didn't focus on improving the setup flow or time-to-value is that we wanted to test and improve the core functionalities first.
3 paying customers cancelled their subscription. 9 merchants opted for the paid 19$ plan. About 64% of our new customers this month opted for the paid plan. It is important to note that our app has a free trial period of 14 days, so next month we will need to re-evaluate how many customers continue to pay for our app.
We had total revenue of 77.03$.
Total = 87,04$
We generated a small loss of -10.01$.
We dared to try a little marketing stunt. On 25 August, we traveled to Mannheim to convince an e-commerce start-up of our Shopify-App.
We were and are convinced that we can learn a lot from Johannes and the entire Snocks team and therefore wanted to work with them!
We put up a big poster in front of the Snocks office to draw attention to ourselves. It worked and preparations for the first test are underway. 🥳