Blog

2022 year in review

Karsten Madsen
Co-founder & CEO @ Morningscore.io

This is the post where I look back at the year 2022 for our software startup Morningscore and tell you about the highs and lows.

2022 Summary

Overall, Morningscore is a healthy business with a strong product, happy clients and steady growth – despite a tough world situation that also challenged many of our customers.

But there is a bit of trouble in paradise.

2022 was a year of too many undelivered promises. We set big goals and did not deliver.

Which is why 2022 was also the year of consequence. By mid-2022 everything changed:

Sadly we had to let a part of our team go. It hurt.

And I had to look inwards and change. It’s my responsibility that we reach our goals. And I failed.

So I made a big change, I believe, for the better. I trust myself and my own judgments now. I stopped listening to “experts” and let myself be ruled by others. I took more control of this company.

I don’t like a dictating leader. But I also saw that I have been too weak before.

The team got smaller. No “middle management” left. Just a strong independent team that was finally allowed to run after goals without blocking meetings and protocols.

The goals completely changed too. They were set by me and the team. No external influcence.

And what happened next was almost magical.

For the rest of 2022 we hit one record after the other on revenue, product improvements, happy customers, and happy employees.

I felt confident we would do fine. But I did not expect such a revival!!

So it is with the most positive energy in the history of this company, that the team and I enters 2023 🔥🔥🔥🚀

 

What we achieved in 2022

  • Morningscore went from version 3.0 to version 3.3 🚀
  • We reached a revenue milestone of 500k DKK in November 💷
  • We reached 823 paying customers 👩‍🚀
  • Subscription revenue increased 34 % 📈
  • New visual identity (+ updated SPACEMAN mascot) 🎨
  • A lot more stable product 🪨

The Product in 2022

Generally, 2022 brought a lot of polish to the UX and the data in our tool. Also new cool features, but certainly just making the tool operate like smooth butter, has been our focus. And it will continue into 2023, where we will also introduce shiny new toys. Exciting!!

A tradition at Morningscore, is to make cool product release videos. This was our 3.1 release video:

In the 2021 yearly review I said I was excited to get back to fast product releases.

Around Spring 2022 we finally reached the old speed again. And with way more code to maintain at this point, it means we develop fast.

Shipping product improvements is one of the pleasures of life 📦️

2022 Financials

If you know your way around SaaS metrics, the data below might be interesting to see.

Key metrics of our results in 2022 compared to 2021 and 2020:

Metric 2020 2021 2022
MRR From 54K to 135K DKK From 135K to 250K DKK From 250k to 334k
MRR / customer 320 DKK 420 DKK 450 DKK
New customers / month 34 45 45
CAC 2.500 DKK 4.800 DKK 4.600 DKK
LTV 10k DKK 13K DKK 12k DKK
CAC:LTV 4 2.7 2.6
CAC Recovery 7,8 months 11,7 months 10,2 months
Churn % Unreliable data 2,9 % 3,8 %

Looking ahead

2023 will be simple for me and Morningscore

We need to reach:

  • 1.000 total paying customers 👩‍🚀
  • 1.000 free trials monthly 🛸
  • 500.000 DKK in revenue per month 💷
  • Build an even more amazing product with super stability and awesome tools 🚀
  • And is tradition, the most important goal is: Be an awesome team and enjoy this wild ride 👽️

How will we do it?

By doing fewer things. And then do them better.

SEO will be our growth engine. We need to reach 15.000 monthly visits from Google.

Apart from that, it’s all about polishing the rocket and getting closer to perfection.

It’s simple. Not easy 👨‍🚀

P.S. 🌳

We dream of a world where doing good equals healthy business.

That is our company vision. But talk is cheap. Action counts.

Last year I challenged ourselves to reach a total of 20.000 planted trees. 

And we did it 😎 (24.528 🌳 to be exact)

 

This concludes my review of 2022. I wish you a happy and exciting 2023!

Follow us on LinkedIn to get in on all the action 👩‍🚀

5 out of 5 stars

“Morningscore is the easiest SEO tool I've ever seen and used – and I've tested so many of them. The charts and data may be comparable to those of competitors, but the fun part comes in when you make use of the many ways to play 'catch me if you can' with a competitor.”

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Rasmus Schübel
Owner & Founder, kreativling
5 out of 5 stars

“A truly usable and effective SEO tool without many disruptive elements. This means that I can actually use the tool for something specific that gives our business value.”

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Heidi Kerstein
Marketing coordinator, Fitness Engros A/S
5 out of 5 stars

“Morningscore gives me that vital view of our rankings on search engines, and I can see up-to-date information on how we're performing against our competitors and whether we're gaining or losing traction. I also find the tool very easy to use. It just works.”

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Patrick Qureshi
CMO, Salary.dk
5 out of 5 stars

“I’ve used Morningscore since the beginning of my company. I tried many tools, but my heart fell for Morningscore because it’s so easy to use - and because I work with many small businesses who MUST have the tool for me to help them.”

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Christina Schmeltz
Owner, LS Marketing
5 out of 5 stars

“I use Morningscore because SEO is not my specialty, and I don’t want to spend time on it. I have an internal team who takes care of SEO, but I need to know the outcome of their work. With this tool, I can log in and see our performance from day to day.”

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Esben Østerby
Founder, Iværksætterhistorier
5 out of 5 stars

“I was looking for a tool to help my customers see exactly what we’re working on and what value it gives them. I’ve found that with Morningscore. I recommend the platform to anyone who needs to manage and improve their SEO.”

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Trolle Hansen
Owner, Trolle Reklame
5 out of 5 stars

“Three years ago I chose Morningscore because I was new to SEO and it was the easiest SEO tool to use. I'm still using Morningscore because it is regularly updated and becomes more powerful with every release. It's fun to use. Morningscore is such an integral part of my day. I check it before I check my email.”

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Sven Radavics
Founder, intribe.co