Good morning everyone!
A record month in January (by far). We grew over 30% M/M coming off a record month in December.
In short, we continue to see a tremendous opportunity in pickleball. The sport is exploding and we’re now the biggest pickleball platform in NYC with loads of room to grow.
The highlight of our month was reading the results from our user survey which shows we have strong product market fit and viral effects.
Some highlights include:
More than 80% of respondents have referred a friend to Conquer, many citing they’ve referred multiple.
The #1 ask/complaint from players is to offer more time slots and locations.
The majority of players heard about Conquer from a friend.
76% of member respondents said they’d be “very disappointed” if they could no longer use Conquer. The industry standard benchmark for product market fit is 40%. 76% is extraordinary.
January Update Below:
Key Stats - 5th Month of Memberships
Number of Member Game Joins*: 1,106 (+38% M/M)
Ratio of member to non-member game joins: 56% members, 44% non members (slightly down from last month)
We plan to move to member only this month and offer a $20 plan (1 game per month)
Number of Members: 204 (+25% M/M)
Total Revenue: $49.6K (+34% M/M)
Includes a la carte game joins, memberships, credit purchases, and rentals
Take rate at 60%
Lowlights:
We just need more engineers right now. There’s so much we want to implement, but with all the traffic on the platform, we’ve been uncovering small bugs and improvements which are adding up and have been delaying development timelines.
Highlights:
The survey and app data are showing strong, organic growth, strong retention, and more demand than we can keep up with.
Games are filling so fast that players are setting alarms and signing up with guests to save spots for friends.
We are slowly rolling out 6 new venues in February. We had 8 live in January so this is a big increase.
Sportime Randall’s Island did over $5K in transactions on the app this month. Telling a venue they can make thousands of extra dollars just by posting empty courts on Conquer is a great pitch!
What Does February Look Like:
Start posting with creators to increase user acquisition and fuel our content engine
Release Android memberships
Move to membership only
Begin expansion further into Brooklyn
Kick off fundraise Feb 18
Best,
Louis Long
Co-Founder/CEO at Conquer
201-421-6905