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5 Key Metrics Every Membership Site Owner Should be Tracking
03/17/2022
Have you ever tried to lose weight? I'm sure you have, as have I.
As you know, tracking your before and after metrics are key, as well as every day in between. I know, I've lost a ton of weight this year. Weight that sadly, I should never have gained in the first place!
Tracking my food and water as well as minutes exercising every day has been a game-changer. If I'm not able to see my macros on the days I've lost the most weight, I wouldn't know what eating strategies have been most effective for my body and weight loss success.
The same is true of tracking metrics with your membership site.
I’m going to share with you the top five metrics every membership site owner must track to inform their content and retention strategies to build income every month.
Customer Acquisition Cost (CAC): This is the cost (and time) put into marketing, sales, funnel building, landing pages, ads, etc.) to convert one customer. The goal is to keep this number as low as possible while focusing on monthly subscriber retention strategies to keep them around with high engagement (and paying) for as long as possible.
Monthly Recurring Revenue (MRR): This is the total revenue your company is bringing in each month with all current subscribers (recurring and/or new), less any who have cancelled their subscription or churned. Knowing your MRR helps you predict and plan ways to stabilize your income month over month.
Churn Rate: How many would be renewed subscribers, opted to cancel instead. Paying attention to this number, how long they stayed and found value in your membership and what may have caused them to no longer find value (typically content overwhelm, not enough support from you as the business owner or from the community or just something came up in their life and they’re moving in a different direction.
Retention Rate: How well are you retaining your subscribers month-over-month. This is your retention rate. Memberships with the highest retention rates focus on subscriber experience in the following ways: onboarding, engagement, completion of monthly challenges, content consumption, community support.
Customer Lifetime Value (CLTV): This is the amount of money made from your customer as both part of your subscription product over time as well as any of your other offers (products or services) they may buy over their lifetime. To keep this number high, you must focus on subscription retention strategies while also soft selling your other products or offers while they are in your membership.
By keeping your finger on the pulse of these five metrics alone, you will be far ahead of most subscription-based companies, particularly those with membership sites. And, you can see how these numbers play off one another. Then you can brainstorm ways to increase retention strategies, create better subscriber experiences and generate word-of-mouth referrals.
Go create the membership you wish you could have been part of!
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