Monthly update for KTool ($8424 ARR)
by Daniel NguyenOpen startup update (Feb 2023)
💰 $525 revenue (+42%)
💸 $702 MRR (+13%)
🤑 $636 profit/mo
👨💻 8.3k visitors (-14%)
🧑💼 352 new signups (-16%)
#⃣ 4.24% (visitor → signup)
💳 16 new subscribers
😢 3 churned
#⃣ 4.55% (signup → subscriber)
#buildinpublic
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1. Successful experiment: extending trial period to 30 days
After a slow January, growth seems to be improved.
My most notable change last month was extending the trial period to 30 days.
It's a successful experiment: the signup → subscriber conversion rate almost doubles (from 2.4% to 4.55%)
2. Product improvement
I spent the majority of February to address customer requests: bug fixes and general product improvement.
Customer LTV increased to $143, MRR churn down to 1%
It's tempting to drop wisdom here but TBH I have no idea why 😅
3. Leaky funnel
I continue to fix my leaky funnel.
✅ Improve onboarding flow (easier to set up)
✅ Simplify pricing
⬜️ Suggest relevant content so users would send more
The pricing redesign sparks some interest, both from Twitter and Reddit.
One strategy I think could work is to share more about technical side of building KTool.
Not entirely sure, worth a shot though.
4. KTool was mentioned on Lenny's Podcast
One big win last month: KTool was mentioned by Patrick Campbell on Lenny's Podcast 🤯
It brought maybe ~60 new users, which crashed my server a dozen times 😅
5. What did I fail?
Enough of the wins. What did I fail?
❌ I didn't write a single blog post
❌ Haven't started paid ads experiment yet
❌ Haven't launched on Product Hunt yet
But it's ok, I wasn't feeling well in February anyway 😅
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That's a wrap
I hope this has been useful to you. Thanks for following my journey ☺️
If you're on Twitter, join my #buildinpublic journey. I shared my bite-sized startup growth lessons there.
And if you have a Kindle, give KTool a try. It helps me learn sales and marketing in record time!
