Fintech startup generates 230% growth in new subscribers from July and Dec. 2020 compared to the year prior
HoneyBook, the leading client experience and financial management platform for service-based small businesses and freelancers, today announced it has exceeded goals for its growth, with over $3 billion in business booked on the platform to-date. Notably, $1 billion of this total business was booked in the past year alone, despite the downturn in the economy from COVID-19.
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The pandemic prompted massive shifts in small business behavior last year. Demand by clients for streamlined communication and contactless payments accelerated small business owners’ adoption of digital platforms. HoneyBook became a lifeline for business owners who were quickly trying to bring their businesses online and deliver the same exceptional level of service in a new virtual world. As a result, the company saw a 230% growth in subscribers in the second half of the year compared to the year prior.
HoneyBook has long been popular among events-focused businesses like photographers and planners. These business owners were also among the first to feel the impacts of the pandemic as lockdowns and limitations on group gatherings restricted their ability to work. At the same time, non-event businesses like web designers and coaches, whose services were unimpeded by COVID restrictions, were busier than ever. To meet the demand and manage their growth, they increasingly turned to platforms like HoneyBook to streamline their processes.
“The start of the pandemic brought a lot of uncertainty as a business owner, but using HoneyBook gives me the confidence to provide the best experience for my clients no matter the circumstances,” says Sarah Schrader, brand designer and founder of Sarah Schrader Design. “The UPWRD accelerator program also provided me with invaluable growth lessons that I’m already using in my business this year!”
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In addition, the increased appetite for entrepreneurship brought on by sweeping layoffs in corporate America, led to exponential growth at HoneyBook. Subscriptions for non-event categories like coaching, consulting, web and graphic design grew by 528% in the second half of 2020 compared to the same time in 2019.
To cater to the needs of its growing and diverse customer base, HoneyBook seamlessly integrated new features into its platform including:
- New Email and Contract Templates: Designed to help business owners adopt protective legal clauses and address the most common client concerns about coronavirus safety, cancellations and rescheduling.
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- COVID-19 Hub: Centralized hub where HoneyBook members can access coronavirus resources, view upcoming projects and navigate the pandemic’s financial impacts.
- Virtual Gift Cards: Clients and customers of HoneyBook members now have the option to purchase digital credits for future services, which puts money in the pockets of business owners now when they need it most.
- Zoom Integration: Gives HoneyBook members access to the most popular video meeting platform right from their account. Connecting with clients virtually has never been easier.
- UPWRD Business Accelerator: A 6-week cohort-based business development program designed to accelerate the growth of established businesses through expert-led coursework and peer-to-peer learning.
“The momentum that HoneyBook saw in 2020 is a testament to how important adopting digital processes has been to the survival of small businesses during the pandemic,” said HoneyBook CEO Oz Alon. “Delivering an exceptional client experience, from first inquiry to final invoice, is more important than ever and we’re proud to provide business owners with a platform that enables them to thrive in our new digital-first world.”
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