What stats are you tracking in your membership?
We know data isn’t the most exciting thing in the world but it tells you A LOT about your membership.
Whether your membership is growing…
How successful you are in retaining current members…
If your members are actually engaging with your content…
So, what stats should you be tracking?…
Here are 3 to keep an eye on:
MEMBER LIFETIME VALUE (LTV) – this is the average financial value of each member of your site.
For example, if members stay for 6 months and your membership costs $50, then the average lifetime value would be $300. If you’re planning on spending money on advertising, you can easily assess your return on investment if you know your LTV.
CHURN RATE – the rate at which you lose members. You can calculate this on a monthly basis and it’s as simple as knowing the difference between your number of members at the start of the month and how many are still there at the end (ignore any new members from this calculation).
So, if you have 100 members at the beginning of November and 98 at the end of the month, your churn rate is 2%. Keeping your churn rate to under 10% is ideally what you should be aiming for.
MEMBER ENGAGEMENT – if you want to increase your customer lifetime value and lower your churn rate, then understanding member engagement is important.
There isn’t one specific thing that can tell you how engaged members are but knowing how often people are posting on your forum, the completion rate of courses, and the number of times people log in, can paint a picture of how engaging your website is. Tools like Intercom and Users Insights can give you data on this.
These are 3 basic stats that give you an idea of how successful your membership is, and where you can improve.
I hope this was helpful!