333 - KPIs Every Membership Owner Should Be Tracking

Every successful membership site owner knows their numbers.If you don’t know how your business is performing in key areas, then you have no basis for growth and making improvements, or any idea of whether or not your membership site is doing well or if it’s in trouble.Worryingly, our Online Membership Industry Report revealed that 14% of membership site owners aren't tracking their KPIs (Key Performance Indicators) at all. And an even greater number only track a few key metrics! This is something that needs to change. So if you're currently not tracking metrics on your site or are measuring some, but are not sure if they're the ones you should be focusing on, then this episode of The Membership Guys podcast is for you.Join us as we explore KPIs that every membership website should be tracking. Essential Learning Points:Different metrics to focus on for analyzing website traffic and activity Why you need to have an in-depth understanding of your conversion ratesHow your churn rate impacts member retention and why you should aim for 5% to 10%Why it’s crucial to measure the percentage of trial participants who become paid membersHow to measure the lifetime value of your membersRecommended tools for reporting on member engagementWhy you should track customer acquisition cost Important Links & Mentions:Membership AcademyBiggest Takeaways from the Online Membership Industry ReportThe Most Effective Tools for Reducing Your Membership ChurnWhy Member Lifetime Value is More Important Than Churn RateKey Quotes:“If you don’t know how your business is performing in key areas then you have no basis for growth, for making improvements or knowing whether or not your membership site is doing well or if it’s in trouble”“Member retention is as important, if not more so, than acquiring new members.”“What really matters in business is the overall profit that you're making. As the old saying goes, turnover is vanity, profit is sanity.”“Knowing that lifetime value means that when planning, advertising campaigns or any of the marketing spend, you can more accurately assess your return on investment.”