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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.

Buffer for Instagram launch data

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

 

Check out more of our July 2016 monthly reports:

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Written by Joel Gascoigne

Joel is the founder and CEO at Buffer. He is focused on the lean startup approach, user happiness, transparency & company culture. Say hi to him anytime @joelgascoigne.

  • Love the return to these transparency reports Joel.

    Nice to see that you mentioned spending most of your meetup on vision and alignment. My experience working with businesses on capability development has made it very clear that success often relies on executives been 100% aligned to the plan and then driving that plan with their respective teams.

    • Jumping in for Joel if that’s okay! :) Thank you for your kind words here, Nathan, and that’s incredible to hear! :D

  • Jes Kirkwood

    Love your new vision statement!

    • Thank you so much, Jes! So grateful for your support!!

  • Congrats on the Instagram rollout, it’s a great feature. It’s good to hear you solved your cashflow problems. I like your new vision and I understand the first part of it, but I’d love to hear more about the workplace of the future bit.

    • Thank you for sharing your thoughts here, Bryan! That’s a great note about the second part of the vision – we’re striving to create a fulfilling and supportive work environment and innovate in a variety of areas there. It’d be great for us to blog more on this in particular and share a more detailed vision! Thank you for asking!

  • Glenda Turner

    Congratulations on having a great conversation about your vision and so many other accomplishments! Buffer remains my favorite company. In my view, the most powerful visions paint a picture. For instance, a group that had a vision “to feed hungry children in this city “ painted a picture of “no child in this city will go to bed hungry.” Visions are hard work and usually iterative. Keep shining!

    • Thank you so much for your encouragement, Glenda! Awesome folks like you are what keeps us going! :)

  • These transparency reports are refreshing and challenging at the same time. Thanks for keeping the bar high and being transparent, even when it would be easier to let things slide. The expanded Buffer vision is inspiring! I can’t wait to see how you keep pushing the bounds of the workplace!

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