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Inside Levels - Friday Forums and Investor Updates
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Investor team,
December was a slow month given the holidays and we focused mostly on product development, with some effort put towards the launch of our content marketing campaign.
We released an early version of the app (screenshots below) to a group of beta testers in order to learn more about customer behavior and to ensure we can capture quality data going forward. We’re planning to release the app to the rest of our early access program by the end of January.
We launched our blog (levelshealth.com/blog) with our first piece of content marketing and our holiday-themed piece on metabolic health and alcohol was featured in The Signal, the newsletter of the fitness brand Ten Thousand. They liked our content so much that we’re talking with them about featuring an entire newsletter on metabolic health.
We also received some unexpected attention from Twitter. Austen Allred sent out a tweet and a number of our friends jumped on the thread and referenced Levels, which led to several hundred signups to our waitlist.
Burn: $86,687
Revenue: $8,100
Cash: $619,737
Top line revenue is still the most important metric for us to track at this stage of the company as we learn more about our customers. Our gross margin has been consistent around 60%. We still haven’t spent money on direct marketing and we’re going to continue experimenting with different channels.
December revenue was in the middle of our expected range of $5k-$10k and we’re planning to continue to test out sales channels with the goal of $10k in revenue for the month of January. Customer feedback has been positive and we want to ensure we can provide a positive experience for our early access customers.
https://media.superhuman.com/images/_/https%3A%2F%2Flh5.googleusercontent.com%2FXbP2AYUTipbPhWEB6-mSddtGF2C74OvGkPIjYqEz7UoZQijr35JaLBQaJGOR3tbTwbETt3PWC24rAnVJ1EXXi_uc7FQTVyrUqrqnSDKDVTwWTsCL8K-EPVqQB6E7iA-QfxgIAGQi
At this stage, our revenue goals are in place to make sure we don’t lose sight of our marketing strategy and to make sure we continue to learn about what messages are resonating with the markets we’re targeting.
We currently have a clear path forward from product and engineering on what we’re building for the integrated app experience, and operations has done a great job keeping up with all the janky manual processes we’ve been dropping on them, so the main challenges we have now are on the sales and marketing side.
We’ve interviewed over a dozen people for this role, but it’s still unclear what skill set and background we should be looking for, and how to vet for capabilities.
We have enough cash to get us through the beta and into our seed round, and we’ve been raising a small amount of capital from strategics as needed to put us in a better position for our larger raise in Q1.
Customer feedback is still positive and customer excitement while using the product has been extremely high.