2 years ago this time, we had one paying customer, paying $139. Last weekend, we crossed the $5M ARR mark.
Traditionally, here's my analysis of the good and the bad that happened since we passed $4M in March.
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👌 THE GOOD:
1) Product is more stable than ever
- Looks like all of the hiccups we had with the infrastructure and solved. We are adding 20% more users MoM, and the infrastructure holds up. The database is stable, and the UX is smoother and faster than ever. We are feeling super confident in the product delivering at whatever scale. Huge kudos to the dev team for this!
2) We are shipping exactly what our users want
- We are not the fastest when it comes to shipping new features, but the stuff we are working on right now are EXACTLY what our users want. The roadmap looks like the ideal wishlist of nearly all of the HeyReach customers. I really feel like we know what we are doing, and that every new feature is gonna be a punchline.
3) We are growing faster than ever
- April was the month where we grew the most - added $680K ARR. Additionally, we cut our ads budget (we experimented with paid ads for 2 months), and we even grew faster after doing it. We are not paying for ads or influencers, and all of the effort is based on organic growth. LinkedIn and YouTube remain our strongest channels, and community (hi Bernat) is on the rise.
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❌ THE BAD:
1) The data is mess
- We have 4 different sources reporting different churn, growth, number of users... All of the user data is between Clay tables, HubSpot, Intercom, Grafana, PostHog, June, databases. We use 5+ different tools for churn, automation, onboarding emails - and everything is unstructured and chaotic. We desperately need a good RevOps who can structure everything for us (hmu if you know a really good one).
2) 80% of my work turned into an admin work
- Juggling between 3 companies, collecting invoices, talking with lawyers and accountants, paying salaries, freelancers, invoices,... My work turned into a bureaucratic nightmare, and I'm starting to not enjoy it. I'd like to do product, work with my heads, research a lot, think about new features. If you need someone (ideally local, from Macedonia) who's really good and can replace me in the admin/finance/organizaitonal stuff - please let me know.
3) Still no PLG
- The same old story. Besides Vukasin's onboarding sequence, we haven't launched anything that helps with our activation within the product. Users are still getting blank screens when they sign up, and we are not guiding them launch a campaign in minutes. However, the positive thing is that we started designing it, so hopefully by $6M, we'll have a change.
Martin didn't manage to design anything for the $5M mark yet, so enjoy a pic of our Chief of Happiness, Berlin (Ebru's dog), wearing a HeyReach hat.
Cheers to 10MillionOrDie! 🍻
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