Welcome back to our monthly Transparency Report series. All our past Transparency Reports can be accessed here.
This month we are gonna kick off our report by sharing a little bit of what we do outside work so you get to know us a little bit more. 🙂
We are pretty much all water babies at Wild Audience but we love nature in general so we have been enjoying the outdoors as much as possible lately.
Here is a little sneak peek for you:
I’ll share more about this later on, let’s get back to business for now.
We really enjoy taking you along the journey of growing our new software products (Wild Mail & Wildmetrics) from €10,000 MRR to €50,000 MRR via this transparency report and we hope you love reading it as much as we love creating it.
As mentioned in our last report, July was a big and important month for us and we can not wait to tell you all about it.
The first thing we can share with you is that we are now at €17,056 MRR (last month was €14,701) which is an awesome progression!
By the way, if you’re new to Wild Audience, here’s what we do in one sentence: At Wild Audience we help companies build authentic relationships with marketing automation to grow their business.
Let’s dive in and see what happened in July.
July was our 4th biggest month in WM history in terms of MRR growth (in %). We grew our MRR a whooping +14,38% 😏
We added a total of €2,215 in new MRR which is great. This month was interesting because the majority of our new MRR came from existing accounts meaning upgrades. Last month it mainly came from new accounts.
€1,187 has been our 2020 average for MRR coming from new accounts. This month it was €857 which is slightly below our average. This is due to the fact that we only had 2 new accounts of +100 MRR. To give you a little bit of context, last month we had 9 new accounts of +100 MRR.
This is also reflected in our average sales price which went down from €95,33 to €42,84.
In terms of MRR coming from existing customers, this month was pretty good as it went up from €308 to €1,745 with one major expansion aka an upgrade of +€1000 this month.
We’ve got more good news! In July, we also passed 200k in ARR which is awesome! 😎
We decreased our Net MRR Churn rate even further this month, from -1.12% to -9.11% which is obviously awesome and is due to the big expansion we had in July.
Just in case you don’t remember: Having a net negative MRR churn rate means that we keep growing through expansion MRR and reactivation MRR even if we don’t add any new business. 😉
Some thoughts for next month:
For August, I do predict a slower month as most of our marketing campaigns will come to an end. We will obviously launch new campaigns but they will only show results later in the year around September and October.
Enough about revenue now, let’s talk about you 🙂
Looks like it’s that time again when I give you some customer success insights.
So in July, we had a total of 116 new conversations (151 in June) with 90 customers (113 in June). It’s the summer and you’re all pretty quiet which totally makes sense. Things will pick up in September for sure.
Do you remember last month when we told you about our goal to reply within one hour? Well, we are getting closer! 😌
If you’re new, our “First Response Time” aka how long it takes us to respond to the initial ticket is kind of a ”sacred” metric when it comes to Customer Support. On average, our “First Response Time” is between 3-4 hours and we are trying to get to 1h.
Last month it was at 3h23.
This month it is at 1h50.
Pretty cool, heh? Alright, we know Customer Support is very quiet during the summer so it’s easy but we still feel like celebrating! 🥳
Customer Support System Update
This month we also spent some time cleaning and organising our customer support system inside HelpScout:
We created a tag system which will allow us to have more accurate data and know exactly what you guys contact us for. This will help us know what we need to improve and what we need to focus on.
We cleaned our “Saved Replies” section to be faster and more efficient when we reply to you guys. The saved replied feature of HelpScout is great for repetitive requests, follow-ups and reminders.
Our customers keep sending us some love via video customer testimonials which we really appreciate. We publish all of them on our love page and on our Instagram account.
In July we received 1 new video testimonial 🙂.
Our product range currently includes Wild Mail, Automation University and very soon Wildmetrics.
As you know, in June we completed the alpha version of WMX and our next steps were:
To gather feedback from our first alpha users via zoom calls or loom videos to identify our next use cases & improve our UX.
To add Facebook as our third integration to cover ROI-based use cases.
Unfortunately, things didn’t go as planned.
We did not add any new features or use cases due to some infrastructure problems we experienced while onboarding our first alpha users.
Basically, WMX started to crash all the time, typical early product experience you could say .. 😅
In order to really test WMX with users live during a zoom call, we had to fix our infrastructure and that’s what we did:
We moved everything to AWS and then implemented pooling which allows us to queue connection requests so that the app doesn’t crash when there are a lot of connection requests at the same time (which happens quite easily).
We automated the data import process. To give you some context here – depending on the account size – we usually deal with half a million data points per account at this time so manual data import was not an option anymore.
We also moved our login process to auth.
These three things took us the whole month of July to resolve but we now have a stable alpha version (yay!) and we can do user calls again to gather feedback and move on with the next features.
Hopefully, we can give you a demo soon 🙂
In July, CXA Customer (Experience Automation) for Marketing was released.
CXA for Marketing is a complete set of marketing tools that help businesses orchestrate connected customer experiences across channels like the web, social, email, chat, and text.
You’ve now got new marketing channels and integrations, and the ability to personalize web pages using customer data collected from touchpoints throughout the customer journey. With the new functionality, you can now:
Create high-converting, interactive landing pages in minutes, with simple set-up and easy-to-use templates. In an ongoing commitment to value, we’re now offering landing pages for free to all current customers.
Personalize any web page using data stored in tags, such as past purchases, shopping preferences, interests, demographics, and engagement data (coming soon)
Automatically trigger push notifications and SMS messages based on any action taken during the customer journey via Twilio.
Automatically trigger Slack notifications based on customer behaviour (like when a customer subscribes to email, creates a support ticket, or writes a review).
You can read all about it in this article but how exciting? 😏
If you’re new, Wild Mail is in partnership with ActiveCampaign. So, if you currently have an ActiveCampaign account, you can use AC through Wild Mail to get our benefits. Learn about the benefits of using ActiveCampaign through Wild Mail here.
Oh and we also fixed 4 bugs this month 🤖 but it’s time to talk marketing now.
We added 217 new contacts to our list this month against 156 last month. There is definitely an improvement this time which is good as we were still working behind the scene this month, focusing on strategy and creating a new game plan for our growth phase. I’ll tell you more about this in a minute.
You can also see that our traffic is still mainly organic inbound traffic (50%) and direct (30%) which means that we get very high-quality leads at the moment and we like that! 🙂
Let’s have a quick look at the funnel data now.
Relationship Funnel Data:
The breakdown for July 2020:
Leads: 217 (6,86%)
Trials: 45 (20,74%)
Customers: 17 (37,78%)
What can we say about those numbers?
Our traffic is usually three times higher than this number when we publish content and for now, we don’t.
Our benchmark numbers are a 30% conversion rate for lead-to-trial and a 15% conversion rate for trial-to-customer so overall it’s not too bad.
Remember that our data is not accurate but we are making great progress with our software Wildmetrics (which will be using a tag-based approach and will finally provide real & accurate data in real-time) so we are happy.
So our Relationship Funnel seems to be working and that’s music to my ears. 🙂
Also this month we launched our brand new funnel! 🎉
As mentioned above, we spent a lot of time this month putting our new growth strategy together which means:
Creating a growth plan (with strategy and implementation phases).
Defining our main channels and the goals for each of them.
We just started the implementation and for now, our focus will be on three channels: Youtube, Blog and PPC.
Here is our plan for the next three months:
– Produce 1 video in Spanish each week.
– Rank Youtube videos.
– Retarget website visitors on Google Display & YouTube to increase conversions & do low-cost branding
– Translate articles into Spanish.
– Rank first Spanish articles in Google.
Everything we do is quite organic-based and focusing on these three channels makes sense for us because:
We do organic YouTube videos and also run ads to grow the channel and help as many people as possible with our tutorials.
We use Google display because we want to create a branding experience with a low budget
We translate our existing content into Spanish which is an easy way to rank first in Google for Spanish.
And the focus on Spanish content leads me to the other project.
This month, we hired a Spanish translator which means that besides our YouTube tutorials, we will now also be able to publish more articles and case studies in Spanish. As mentioned above, translating our existing content is an easy way for us to get ranked in Google for Spanish with a low budget and it makes sense as well since our overall strategy is quite organic-based.
Here is a little sneak peek at our translation pipe with all our articles (case studies, breakdown, sales funnel, marketing guide):
The last few months made us rethink our situation a little bit. We’ve spent a lot of time reflecting on who we are, who we want to be and how we want to do it.
And this month, we took the decision to go fully remote as a team inside the European region. We’ve all been working fully remotely for the last five months and it’s been working really well.
While work is important to all of us and we are all very committed, we also appreciate and value life outside work. And this decision gives us the freedom and flexibility that we all want.
Having a European remote setup allows us to:
Create a European team & culture.
Work in the same/similar time zones with the freedom of living wherever you want.
Work with like-minded people who help us learn and grow as individuals.
Slow down and spend more time outside work doing what we love.
Reduce our impact on the environment by travelling by train (vs flying) for our team retreats.
And so much more...
For us, it’s about working smart, with ease and being relaxed while being challenged. We want to keep it simple, with no fancy offices and no big expenses. We want to focus on profit, not revenue.
At the moment we have two people in Spain, one in the UK and one in Argentina moving to Europe in the next few months. And we are looking for a new developer within the European region.
On my side, I rented my flat in Barcelona to a Swedish guy and moved down south to follow the wind and the waves.
Who knows where we will be next but that’s the solution we found that works best for us to work and live at the same time. I hope you find yours and I guess we will see you in the water! 🏄
Let’s see what’s in the pipe for August now!
Check out our public roadmap to see the progress of our team in real-time.
In August, we will work on the projects circled in red colour.
We are back on track and excited for another month.
Emilie will be working on cleaning and organising all the articles in the blog section of our website in preparation for our new website which I am working on at the moment aside from Wildmetrics.
Benji on his side will be working on growth. He will continue to implement our new strategy by recording new Youtube tutorials, publishing new articles in Spanish and creating a new MasterClass for Automation University.
Alright, that’s a wrap!
See you in our August 2020 Transparency Report 🙂