The below are all the stats and actual revenue numbers from Buffer for Business. Buffer for Business was soft-launched a few weeks ago and we were lucky about the strong responses so far from users.
As we default to transparency and want to try and help as many people as possible with our own learnings and failings, we thought about making these numbers public too! (Granted, this was a bit scary, but here we go! :)
Here is a snapshot:
- Revenue: $12340 was generated from Buffer for Business in September
- Conversions: 110 new people started paying out of 361 trials being started
- Growth: MRR(Monthly recurring revenue) for Buffer for Business grew 137%, whilst total revenue grew 23%
Buffer for Business was 7.1% of total revenue in September.
Bonus: there are now 164 paying Business customers compared to 54 in the month before (303% increase!)
Recurring Revenue from June & July : $2100
Recurring Revenue from August: $4750
+ 1x Yearly $510
Recurring Revenue from September: $3450
+ 3x Yearly $510 = $1530;
Total recurring revenue September: = $10300
Total revenue September = $12340
In total, 110 new people started paying with 361 trials started in September
Where did they come from?
- 85% of people coming from Modal converted (17 out of 20)
- 63% of people coming from Appheader converted (52 out of 83)
- 15% of people coming from Pricing page converted (35 out of 234)
- 8.3% of people coming from Blog converted (2 out of 24)
- (25% of people coming from Inbound converted (1 out of 4)
Card details or not?
- 65% of people who had their card details already in converted to paying (83 out of 127)
- 9.3% of people who didn’t have their card details with us converted to paying (26 out of 278)
- 30% of people who started a trial converted to paying users (109 out of 361)
137% increase in MRR compared to August (from $4350 to $10300) (MoM from July to August: 111%)
23% increase in total revenue compared to August (from $10060 to $12340) (MoM from July to August: 479%)
Buffer for Business is 7.1% of total Buffer revenue (up from 6.1% last month)
Total users on Business
Large ($250) x 2
Medium ($100) x 7
Small ($50) x 101
Total new customers in September: 110
Large ($250) x 4
Old low agency ($200) x 2
Medium ($100) x 18
Small ($50) x 140
Total Business customers: 164 (compared to 54 in August, a 303% increase)
(not accounting for churn, unfortunately we’re not quite tracking that right now, will try my best to get onto that!)
It’ll be really exciting to see how Buffer for Business will develop in the next few months. If you’re handling social media for your company, I hope it might be helpful for you too.
Let me know any questions you have on our numbers and I’d love to answer any of them!