XO Cap March Review: Portfolio of 5 SaaS companies
Hello IH! Danny from XO here. Growing micro-SaaS is hard and a rollercoaster of good and bad. I want to build better writing habits, so thanks to the IH community for giving all of us a platform to share.
By the Numbers in March 2023:
MRR (according to profitwell)
ScreenshotAPI.net -- $5,024
Sheet.Best -- $4,898
Colddm.me -- $2,142
WorkClout -- $10,527.32
Inlytics.io -- $5,062
Total: $27,653.32 (+1%)
Churn (according to profitwell)
ScreenshotAPI.net -- 2.5%
Sheet.Best -- 10.50%
Colddm.me -- 27.80%
WorkClout -- 0%
Inlytics.io -- 6.6%
Free-to-paid conversion
ScreenshotAPI.net -- 4.35%
Sheet.Best -- 2.46%
Colddm.me -- 36.89%
WorkClout -- N/A
Inlytics.io -- 2.49%
TL;DR
- Good: saw one of our best churn months. we switched to a free trial in february, so maybe we are getting a more qualified new customer base because of the limited access?
- Bad: still struggling to improve conversion and didn't find any additional enterprise up-sell customers
- April Focus: try to up-sell a couple more Enterprise customers (added the "enterprise" pricing plan onto the website)
Sheet.Best
- Good: not a ton of good tbh. we launched a giveaway on twitter that went well. will do another one in April.
- Bad: had some uptime issues. we struggle with delinquent/failed payments for SB. we average $300 in failed payments and recover about 30% using churnkey.co (they are pretty awesome)
- What to improve: we get a ton of sign-ups with one of the poorest conversion rates in our portfolio. we are moving to a free trial to see if we can see the same type of effect as we did with SS.
- Good: launched new features. increased pricing with similar conversion rates. continuing to see growth in MRR
- Bad: starting to now track churn and figure out a way to lower that a bit.
- What to improve: we are launching some more features to help manage larger twitter accounts. need to continue building trust by improving the product.
- Good: we are almost done with the redesign and new features of the app and will be launching next week: https://www.loom.com/share/e6762cabcd284bcfa8a0d9b26c49c66b
- Bad: we are struggling with the entire growth funnel partially due to our need to improve the product overall. need to improve conversion.
- What to improve: Once we launch the re-design with a more substantial focus on analytics, we need to continue getting feedback from customers and iterate on the product's new direction.
WorkClout
- Good: launched some new features for our existing customers.
- Bad: we almost had a huge issue on our hands b/c aws billing had a bug that didn't clear one of our old invoices and resulted in our aws account getting completely suspended.
- What to improve: consolidating on some better training resources
🔥
💪
awesome!!