February 2018 Income Report
What is it with February? Why does it always seem to be a bit shitty? Well, this year was different, February 2018 wasn’t a bit shitty, it was in fact a huge shit sandwich.
The Figures
| This Month (February 2018) | Last Month | Change | |
|---|---|---|---|
| Monthly Recurring Revenue | $4,133 | $4,309 | |
| Income | £2,602.94 | £2,566.69 | |
| Expenses | £2,387.05 | £2,493.03 | |
| Paying customers | 62 | 66 | |
| - Personal Plan | 20 | 22 | |
| - Startup Plan | 33 | 35 | |
| - Corporate Plan | 9 | 9 | |
| Unique users on landing page | 1,833 | 1,695 | |
| New Free Trial sign ups | 24 | 22 | |
| Free Trial sign up rate | |||
| New Paying customers | 2 | 3 | |
| Lost Paying Customers | 6 | 3 | |
| Free Trial to Paying conversion | |||
| Profit |
Well there it is, February’s “growth” basically wiped out the actual growth from January. And then some. It’s been a hard month for me, as even though I did spend a week away on holiday, I really feel like I put a lot of time and effort in to BugMuncher this month, only to loose 6 paying customers, and have one downgrade from the middle to the bottom plan.
Revenue
This graph highlights quite nicely how the loss of MRR this month basically erased January.
Plans for March
My plans for this month went well, I added two new field types - Net Promoter Score and Rating. I also made some slight improvements to BugMuncher’s onboarding, but I’ve still got work to do there.
In March last year I killed BugMuncher’s free plan, not because it wasn’t working, but because the new pricing structure left the free plan and the bottom paid plan too similar. The addition of the form builder and new form types means I can now suitably differentiate the bottom plan and the free plan, so I’ll be bringing back the free plan in March.
At the end of February I added a live chat widget to BugMuncher’s website, it’s not seen much use yet, but I’ll be reporting on that next month.
I’ve also found that BugMuncher is surprisingly popular with universities and online learning sites, so I’m going to be looking into how I can better position BugMuncher as the tool of choice for these sites. If anyone reading this has knowledge of marketing to universities they’d like to share, please get in touch.
Thanks for reading
- Matt