Re: [Coworking] Who's tracking their membership churn?
I track churn and am fascinated in ways we might reduce it. For example, raising rates for future members only (as long as people stay members, they keep the rate they signed up at) seems to work well. Changing rates of current members up or down seems to cause severe churn. Can seasonality be offset by vision/expectations of leaders/activities? I'd love to know. The question is also: what themes cause members to quit, or to stay? -- 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 coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
[Coworking] Who's tracking their membership churn?
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 coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
Re: [Coworking] Who's tracking their membership churn?
Fun stuff! Yes, we track this stuff in Nadine and have some staff facing stats pages that show us some basic data. I'd love to dive deeper and I'm always trying to recruit data nerds that want to help develop new views into our historical data. One page we have now lists how long everyone has been a member and it's pretty fun to see how long some of our members have been here. I hesitate to expose this as a member facing tool as I don't want it to be misunderstood as rank. We don't even highlight what kind of members people are as all members are equal in our eyes. Also staff pages can be ugly and clunky and still expose the data. That said we are looking into member facing data pages both based on their own usage and the community as a whole. Lifetime value... that's all sorts of complex to calculate much less communicate... Jacob --- Office Nomads - Individuality without Isolation http://www.officenomads.com - (206) 323-6500 On Tue, Apr 1, 2014 at 2:27 PM, Alex Hillman dangerouslyawes...@gmail.comwrote: 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 coworking+unsubscr...@googlegroups.com. 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 coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
Re: [Coworking] Who's tracking their membership churn?
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 posthttp://torquemag.io/the-four-things-subscription-businesses-have-in-common/ about subscription websites and another posthttp://blog.asmartbear.com/bootstrapped-cpc.html about Google AdWords that the first post linked to. Glen On Tue, Apr 1, 2014 at 5:27 PM, Alex Hillman dangerouslyawes...@gmail.comwrote: 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 coworking+unsubscr...@googlegroups.com. 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 coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
Re: [Coworking] Who's tracking their membership churn?
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 glenf...@gmail.com 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 dangerouslyawes...@gmail.com 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 coworking+unsubscr...@googlegroups.com. 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 coworking+unsubscr...@googlegroups.com. 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 coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
