We again crushed our revenue goals at BuddiesHR in Q2 🤯
But there's a lot to say about it...
When we started Q2 back in April, we put down some goals.
The way we do goal settings is that we look at the past 3 months growth and draw 3 lines:
1. A conservative one. The main hypothesis is: ok so let's say we were lucky for the past 3 months, we'll grow a little bit less this quarter
2. A projective one. THe main hypothesis is: we'll have the same growth as they're no obvious reason to bump/dump.
3. A bullish one. The main hypothesis being: we don't know what we don't know so we might be lucky or ship something that wasn't expected on the roadmap that unlock additional growth.
Everytime, even the projective one feel scary. But every quarter we crush it.
This quarter? We crushed the bullish one!
How?
Well, we didn't anticipate that we would revamp our free tier and it drove tremendous uptick!
The good part? We only applied our new free tier to 20% of our user base so the remaining 80% will ensure a good amount of growth in Q3 (but that will be incorporated in the goals because this time we know it)
Product-wise, we also were very solid, we almost tick every boxes we had to do.
We shipped 21 features (almost 2 features per week!)
And we started working on our next big thing: our employee performance management software. (to be released in Q3, stay tuned)
The only downs of this quarter I have in mind are:
1. we had a big customer that churned ($300 MRR), that always hurts our numbers since we're doing millions of revenue so we definitely feel it.
2. we weren't able to crack the LinkedIn game yet, so as you might have seen, I stopped posting every day and I also paused some LinkedIn related growth initiatives.
3. our side project KarmaLinks starts to be a burden, it's not making any revenue, still it's generating a few hours of support/maintenance every week. We're evaluating if we should kill it or not. any opinion on this is very welcomed.
Alright that's it!
Hope you enjoyed the transparency!
Happy to answer any growth/product related question in the comment 👇
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đź‘‹ Hey, I'm J.Y!
I'm the co-founder of BuddiesHR, the #1 suite of Slack apps.
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