Co-founder & CEO of @buffer: powerful social media management for small businesses. Finding my own path for business and life. Traveler, skier, surfer.
Awesome thread from @redman here and article at the end of it, with a ton of insights of what has gone into building Analyze from nothing to $500k ARR in two years:
Having Analyze live feels like a big deal for us at Buffer. We have three fully built and available products, and three revenue streams. This goes a long way towards being a more sustainable and long-term company.
And of course, we hope that Analyze can grow even more by being fully open to the public. The team has a goal to hit $1m ARR this year. It's ambitious but feels within reach. For Buffer overall, that's big. We'll have a new product generating significant revenue.
Stay tuned for further Analyze updates 😀 One final fun thing - we’re giving away three free Analyze accounts over on Instagram! Re-share our post to your Instagram Stories for a chance to win one year of Analyze for free.
At this point I want to give a shout out to the fine folks who have been stewarding Analyze to great heights. Analyze team: @redman (product), @alfred_lua (prod mktg), @msanromanv, @tiggreen, @FedericoWeber, @x_maras (eng), @ivanazuber (eng mgmt), @moreofmorris (design). 👏👏👏
We’ve been working on Analyze since July 2017 and had our first customer in February of 2018. It's been on a tear since then: Analyze currently has 982 paying subscribers and earns $47,443 per month, or $569,316 in ARR.
This also completes our multi-product strategy (although it still feels like we're at the beginning of it!) We intentionally built Analyze initially on top of existing Buffer login architecture. That meant you always needed to be an existing customer to start using Analyze.
Today, anyone can sign up directly to Analyze and it could be the first product they try out of the multi-product @Buffer platform. This is significant. Our goal is to create a platform with flexibility: use whichever products you need, and whatever tier is appropriate for you.
It’s a big day at @Buffer: Our third product, Analyze, is live! 📊🎉 Analyze is our Facebook and Instagram analytics tool for online consumer brands that want to make better decisions about social media strategy and measure results easily. More info ⬇
@joelgascoigne FYI, you've been added as a maker of Buffer Analyze on @ProductHunt h/t @chrismessina 🙌
Just having fun! I'm an LP in a couple venture funds and angel invest occasionally. Do what works for you!
Speak your truth my friend ✌️
RT @AndyGCook: Here are our monthly @Tettra metrics for June 2019. Follow me & @nelsonjoyce to join us and Team @Tettra on our journey to…
Going into our year 8 soon, I know it is a cliche to say, but it feels like we're just getting started, and the world's left to conquer. The early halo is gone, now we can execute without noise.
Agreed! Almost 9 years in at this point and very much finding joy in "keeping going" (which also always seems to feel like "getting started" in one way or another) 🙌
Tomorrow at @buffer we start our first ever company-wide mid-year break (W-F off) 🏖 Company-wide time off for global remote teams is powerful: there's no catchup afterwards 📨⛔️ Excited about how we're trying to create fulfilling long-term work that doesn't cause burnout 🧠💚
"How are you complicit in creating the conditions of your life that you say you don't want?" - @jerrycolonna Incredible powerful and thought provoking question from @RebootByJerry.
Wow, I really want this version of Twitter.
Let me know if you have any questions on these numbers or our journey to reach $20m. I have a long train journey tomorrow so I’ll try to respond over the course of the weekend.
May 2019 was a perfect month to cross $20m. We’ve had a slower patch recently, and we grew MRR more in May than the previous 3 months combined. A great win for the whole team, and a reflection of many efforts coming together and showing results.
So, not a perfect interpretation, but in a sense we’ve reached $20m ARR with $650k in funding. And these days we generate around $300k in net profit each month. We’re now more sustainable and long-term focused than we’ve ever been.
Fun fact: it took us ~5.5 years to reach $10m in ARR, and another 3 years to go from $10m to $20m. Let’s see where we can be in 3 more. SaaS truly compounds, so stick at it if you can. Take care of yourself, take time off to avoid burning out and abandoning the journey.
The last few years have been truly up and down at Buffer, and for me personally, so this makes the $20m milestone that much more special. I’m for sure taking a moment to reflect and celebrate this.
Interesting to consider the funding it took to get here. We raised $450k in 2011, and another $3.5m in 2014. However, last year we used our profits to buy back a majority of the Series A. We spent $3.3m to do that.
Building Buffer has been one of the most stressful and also most rewarding things I’ve done in my life so far. I wouldn't have it any other way, and I’m looking forward to it being a very long journey ahead. No plans to stop anytime soon!
Reaching $20m ARR is a huge milestone for the whole team, I’m so proud of everyone. It’s been a long time in the making, I started Buffer almost 9 years ago. It really is a long journey. If you’re getting started in SaaS, buckle up!
Wow, we did it!! Delighted to share that @Buffer has officially surpassed $20m in ARR. May 2019 numbers (see table for more): MRR: $1.68m ARR: $20.13m Customers: 77k Rev/employee: $234k ⬇️ Thread below with my reflections on this milestone and May numbers.
Congrats!!! So happy to have paid a tiny tiny portion of that 🙏🏻🌺
Thanks Danielle 😀 🙌
Really interesting development today!
Heads up on the double "this morning" in that first sentence: "This morning we were impressed to see that Looker was acquired by Google this morning". I only mention it as it kind of stopped me in my tracks reading. :)
RT @CaroKopp: In which I spill all of Buffer's retreat and meetup lessons that we learned the hard way, so that you don't have to. 😇 (Also…
If you're wondering who is behind the beautiful new illustrations, it's @juliaajaskolska and she's awesome 🎨 👏
🆕 I'm excited to share the new @Buffer brand identity! It's live now on our website and social accounts. So proud of the team and all the creativity and hard work that has gone into this over the last few months 👏 🎉 Check it out ➡️➡️
Love it!! Great work team @buffer!
RT @HeyFranHey: Don’t be fooled into thinking you don’t deserve a day of deep rest just because you’re not where you want to be (yet).
Agreed! Also: - Patience / true long-term thinking - Vulnerability and deep empathy - Staying close to customers as you grow
“The capitalist ideal is to grow a company and focus on making it as profitable as possible. When you cash out you become a philanthropist. We believe a company has a responsibility to do it all along—for the sake of employees, for the sake of the planet.”
Some details: - The big drop in December 2018 is when I enabled free trials on Nomad List, didn't really work out so well because revenue didn't even recover the month after - Spike in March 2018 was launch of MAKE book
It took 4 years to get here, but we did it: $83,333+/mo revenue 💳 11,996 customers 💸 740 payments/mo 🤖 208 cron jobs 🧧 $115 avg payment 💎 2 apps: + 📦 1 VPS 🎫 0 ad budget 💰 0 funding ($83k is ✨special because * 12 is $1M)
Congrats 👏👏👏 Love how you keep it lean and continue to grow. Very inspiring.
Nice work! How many employees btw?
Very proud of our team for getting these two features out the door and making them so easy to use!
This next one was very highly-requested … You can now schedule your first comment at the same time that you schedule your Instagram post in Buffer! 📸 💬 Great for adding hashtags without cluttering your caption. #️⃣ Here's how this one works:
First up, just today we released a feature called Shop Grid. 📸 🛍 You can now seamlessly transition your Instagram audience to your online store, through a shoppable landing page powered by your Instagram grid and Buffer. More here ⬇️
We’ve been cooking up a couple of new @Buffer features, specifically for Instagram 📸, that I’m really happy to share are both live now! 🎉 Read on for the details 👇
"Maybe that's why we're put on this planet: to be an example of like, you can move slowly. Make sure you have enough money in the bank, make something good and see what happens. You don't have to go for world domination." - @cabel
“Smartphones are a good example of a broader historical pattern: technologies usually arrive in pairs, a strong form and a weak form [...] it’s strong technologies that end up defining new eras.” - @cdixon
Haven't raised since 2014 ✌️
“We don’t have to monetize or optimize or organize our joy. Hobbies don’t have to be imbued with a purpose beyond our own enjoyment of them. They, alone, can be enough.”
RT @ProductHunt: NEW POD! This week we talk with @Buffer CEO @joelgascoigne about: 👀 What it's like to manage an 85-person distributed te…
We've been building momentum on the Publish team for several months now, and have two key new features launching in the coming weeks. We expect growth rates to rise in Publish over the course of the next year.
Analyze is our smallest MRR product but also our fastest growing. We see huge potential for this product in the year ahead. Super excited about this. We expect to break past $500k ARR this year for Analyze and even go a good bit beyond that.
We've been bringing the three products together for a while now, and some of this is starting to show:
There's a whole lot more planned around the multi-product vision in the months ahead. We now have shared login, and the next big initiative is shared billing. We'll make it flexible and easy to choose what products you need, at what tier. This will help us grow expansion revenue.
That's all for this month - thanks for following along! I'm aiming to get back into a regular flow with these, so follow me for monthly @Buffer updates going forward.
*A note on the EBITDA margin: In April, we had our annual company-wide retreat. Taking that cost into account, our EBITDA margin was reduced to 5.26%. Our EBITDA margin not including retreat costs was 26.99%, and consistent with numbers from previous months.
On the whole, Buffer continues to operate with great margins and profitability, as we have for over 2 years now. You will see that we've grown the team a good bit in the past year, and this is helping us to pick up our productivity.
Growth on our flagship product, Publish, is slower than we'd like. This has mostly been caused by a tech rebuild which took a solid amount of the past year. These are always painful, but sometimes necessary.
Here are the April 2019 metrics for @Buffer. Summary: - MRR: $1,637,323 - ARR: $19,647,876 - Customers: 76,446 - Rev per customer: $21.42 - Team size: 83 - Rev per team member: $236,721 See image for the full numbers + monthly / annual comparison. Thread with reflections ⬇️
Basecamp has been paying at the top 10% of San Francisco market rates for a while now (based on pay + bonus, but not stock options). That's been working great for a lot of roles, but now we've taken one step further and raised our min pay to $70K too.
Love the idea of a minimum salary. Congrats on this change, and the continual raising of the bar 👏👏
© 2009 creamsocial