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Inside Levels - Friday Forums and Investor Updates
For most of November, we focused on building the Levels app and keeping our early beta customers happy. We set a revenue goal of 30% month over month (MoM) growth and we ended up overshooting it (MoM growth was ~80%), which strained our ops team since we haven’t automated most of our processes.
But the strain was helpful, as it led to a series of discussions about what features we’re offering are resonating with customers and what we should build in the initial release of the app. I feel better than ever about the product direction.
We’re out of stealth mode and we launched the first version of our website, which you can find here or at levelshealth.com. We’re going to continue adding people to the waitlist and titrating them into our early access program as we have bandwidth.
We’ve continued to expand the coverage of our physician network and we now cover 73% of the US population. We’re adding new physicians every month.
We’ve started putting together a content marketing strategy and we’re putting together a backlog of blog posts for release and distribution in Q1.
We also got the first samples
for our packaging and the device covers, which make it look more “performance” and less “medical”. You can see an example below.
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.
As I mentioned previously, we overshot our revenue goal in November and we want to make sure we maintain our focus on product development so we aren’t setting a revenue goal for December, but we expect our organic signups will be somewhere between $5k and $10k in revenue.
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.
Operations is still a bottleneck, which we’re ok with. One of the consequences of overshooting our revenue numbers is that David, our Head of Product, ended up spending most of his time supporting ops, which limited our ability to execute on product.