We've tracked member usage since almost day 1, which was 4yrs ago, so we can see how long a member has been here, when their anniversary date is, and what their usage patterns are. including when they change membership levels and to what level when. We also track when a person came in for a tour so we can see how long it took them to sign up.
With the tracking document we can then also predict busy days or months, when a member is likely to be on vacation, if they paused their membership with some consistency, etc. but also we can see when someone checks out (a significant drop in usage) and then mark their official last day, so we do have that attrition data. I added weather and temperature last year, but have been diligent since Jan 1 of this year, in addition to significant events and promotions for the space (Coworking Day, #FiverFri, member potlucks, movie nights, boardgame nights, pub nights, meetups) and significant things in the city or neighbourhood (elections, transit woes, festivals, local and international tech and marketing conferences, demonstrations, construction inconvenience, etc) so that I can compare usage to weather and civic disruptions or events. I have a hypothesis for weather vs usage that I'm hoping I'll able to prove, but as I said I've only been diligent this calendar year and I'd like to get more than 3mos before I consider it proven. Winter in Canada isn't fair to judge member usage or tour frequency. And since we're a small space, I do this with Google spreadsheets. It's also a shared document with my community managers which indicates who are key holders, contact info, and emergency contact info. r. On 1 Apr 2014 18:04, "Glen Ferguson" <[email protected]> wrote: > > I recently started calculating average monthly recurring revenue, average member lifetime, average lifetime of past members, member lifetime value, % renewal rates (which is the opposite of churn, but its a more emotionally positive metric) and cost to acquire new members. > > How? A lot of sweat and tears plugging formulas into spreadsheets. > > I was nudged into measuring these metrics after running across a blog post about subscription websites and another post about Google AdWords that the first post linked to. > > > Glen > > > > > On Tue, Apr 1, 2014 at 5:27 PM, Alex Hillman <[email protected]> wrote: >> >> As the business aphorism goes, it's a lot easier to keep an existing customer than it is to get a new one. >> >> I know there are a variety of systems out there that people are using, I'm wondering if anyone is actively keeping track of things like churn and member lifetime value? >> >> I know that most people are more focused on attracting new members, but I wonder who is tracking member lifetime lengths, and how? >> >> -Alex >> >> >> >> >> >> >> >> >> -- >> >> /ah >> indyhall.org >> coworking in philadelphia >> >> -- >> Visit this forum on the web at http://discuss.coworking.com >> --- >> You received this message because you are subscribed to the Google Groups "Coworking" group. >> To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. >> For more options, visit https://groups.google.com/d/optout. > > > -- > Visit this forum on the web at http://discuss.coworking.com > --- > You received this message because you are subscribed to the Google Groups "Coworking" group. > To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. > For more options, visit https://groups.google.com/d/optout. -- Visit this forum on the web at http://discuss.coworking.com --- You received this message because you are subscribed to the Google Groups "Coworking" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
