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The Member Data You Should Actually Be Tracking · Build With Becky: Smart Strategies To Grow Your Community-Driven Business

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  In the last couple of weeks, I've been at a few different events where the same topic keeps coming up.
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  People are bringing up their member dashboards and talking about how they're tracking their member data, their CRM, their understanding of what their member retention looks like, how they're making decisions from it.
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  And so I'm really excited about this and what we're building around looking at member data dashboards.
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  So this one will be a little bit nerdy.
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  But what I want you to take away from this is what member data you should actually be tracking and what matters to look at week over week, month over month, and how you can use that data to actually
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  make decisions.
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  So let's start with the basics.
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  So first of all, the high level, most important things that you want to be tracking are your retention, your monthly active users, and your member growth.
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  So for retention, I always say that healthy is around 90% month over month.
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  This is for monthly memberships.
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  If you have an annual membership, over 50% is typically good.
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  But honestly, it really depends on what your price point looks like, how long is the member journey that you've created, and whether or not you're using strategies like a reduced price in year two or what your curriculum looks
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  like.
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  There's a lot of complexity around annual.
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  If you have a monthly membership, I want to see that number at over 90%, which means less than 10%.
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  Churn.
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  If you're at 85% retention or lower, that's a flag to me.
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  It tells me there's a lot of opportunity for improvement.
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  And I'm sure there's plenty of like low hanging fruit tweaks you can make that's really gonna get that number up.
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  I have another episode of the podcast I published a couple months ago where I broke down what it looks like if you increase your retention by 5%, a 5% increase can actually have a huge impact on revenue.
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  I know this sounds kind of like not, not sexy, not exciting, but it really has such an impact on how much money you make from your membership.
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  And when you think about the leaky bucket of like you're bringing new members in, if they're canceling at a faster rate, then you're losing them, then we have a problem.
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  And so retention is the most important thing and the most important thing that you should be tracking.
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  In addition to the revenue side, it's also about creating a great product.
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  If it's, if you have highly retained members and they're happy, they're telling their friends your growth is going to go up too.
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  So when you focus on retention, you actually see an improvement in member growth.
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  The next metric we want to track is monthly active users.
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  This just means how many people actually log in every single month and what percentage is that at.
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  So I love to see this number above 60% of your members are logging in every month.
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  There's lots of things that go into this, and my number might change depending on what kind of product you have.
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  If there is some sort of daily or weekly habits type work that you have in there, we want to see this number higher.
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  And if you have more of like a monthly engagement cadence, then people might miss a month and that might be a little bit more normal.
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  And the last one, these are the top three most important.
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  The last one is your member growth.
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  So obviously we want more people joining than leaving, which is why we're paying attention to retention.
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  But member growth is how many new people are we bringing in every month or during launch periods, and what does that look like?
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  Membership is more likely to grow when we're really focused on customer experience and retention.
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  So again, that's most important.
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  But member growth is obviously like one of the metrics that we want to keep a good pulse on.
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  This is where marketing meets product.
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  Now, my guess is that you probably already knew all of that.
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  You're like, yeah, I'm tracking those things.
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  That's really, you know, the bare bones, Becky.
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  That's the obvious stuff.
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  But where you can really track member success is at the end of the day, like, we want to know, are members successful in what we're helping them doing?
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  Are they finding what they need?
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  Are they connecting with the right people?
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  Are they growing?
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  Are they improving their lives in some way?
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  Whatever we're helping them with, right, with the membership, how do we actually track that?
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  And that is more nuanced and complicated.
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  So the way we look at this is what kind of member journey actions are they actually taking?
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  Like, what is the first quick action, making sure they're getting value right away and then tracking, are they doing that thing?
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  Are they booking their introduction call, Are they starting their personalized course that you're giving them?
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  Are they doing a quiz, whatever that looks like, are they doing that first thing?
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  And this is going to be totally unique depending on your community.
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  But this is how we understand if the onboarding experience is working, if we're getting them the right momentum building, if they're going to come back again and again.
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  This metric is very important.
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  And what do you actually do with that data?
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  So if we know that they're not Doing the thing, then that should be flagged for us so that we can reach out to those members.
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  And this could be your community manager doing it, this could be you doing it, but you want to connect directly with them if they're not making the progress they should be making.
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  And you need a custom dashboard to track this kind of thing.
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  So when it comes to connection as well, how many connections are they making?
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  How many DMs are being sent?
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  Are they attending calls, looking at call attendance and seeing if there's any trends among which calls they're attending attending?
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  Let's say we're in onboarding, personalizing their experience, telling them what kind of calls they should be going to based on their result of their onboarding flow.
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  Are they actually going to the events that we suggested and just looking at overall member success, reaching back out to them to understand the metrics of improvement, like are they reaching the goals that they had set in their
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  onboarding experience?
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  Are they reaching the milestones that we're predicting and can we track that?
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  Member success is like really where we start to see highly engaged communities and people that are really successful in saying like, hey, this membership or this program actually works.
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  And that's where we see significant word of mouth growth.
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  But in order to know this stuff, you need to be tracking it.
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  And again, we do all of this through custom dashboards, through taking a look at the data, through talking to members and tracking sentiment and how your members are experiencing.
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  Experiencing everything is so nuanced, but also very valuable information that's going to help you grow your membership, grow your community and grow your business.
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  One good thing that has come from AI is that we're seeing a lot of really cool opportunities to manipulate data and look at data in a very valuable, helpful way to help us make better decisions to support members.
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  It's really freeing up time from data analysis.
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  But you kind of have to know, like, what questions should I be asking?
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  How do I want to look at this data?
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  How do I want to track these actions that members are taking to understand if they're successful or not?
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  So we've been experimenting with this and we're now offering a new service, building custom member dashboards.
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  So we're piloting this service right now through my agency, Affinity.
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  So it's the most affordable it will ever be.
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  If you've been around for a moment, you know that anytime I launch a new service, I do it in beta first.
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  So I have a pilot client or a beta client and then I run it as a pilot with a few clients.
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  Each time, I'm increasing the price a little bit as we get feedback and find out how long things take us and how it all works and everything.
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  Um, so if you want to be one of our guinea pigs and pay a very low price to have us take a look at all of your data with you, you can book a call with me in the
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  show notes.
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  You are a good fit for this if you have an established membership with over 100 members and at least 6, 6 months of data for us to work with.
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  I'm really excited about this because I think there's so many memberships and communities out there that have a lot of potential, that have plateaued, and we just need to look at the data, talk to the members, understand what's
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  missing and how we can improve things so that we start to see the growth that we really want and what we know is achievable.
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  So if you're interested in being one of our guinea pigs, book that call with me.
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  I'm excited to chat with you and I would love to hear from you.
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  What kind of metrics are you tracking?
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  If you're building this kind of stuff in your business already, I'd love to hear about it.
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  Um, in our community, the Collective, which we have for some of our, some of our clients, we have had these, like, show and tell experiences where people are sharing what they've been building and it's super, super valuable.
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  So, yeah, I'd love to hear from you and what you're building and reach out to me on social.
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  I'd love to chat.
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  Okay, until next time, keep building.