Hey everyone. September update below.
September Summary:
The feedback from memberships has been strong and we’re selling them steadily. Members have Conquer top of mind and are playing a lot more than they were pre-membership.
While it’s only been a month, member cancellations have been very low. We expect to continue to see strong retention with the membership.
Last month, I mentioned there were 4 things we needed to prove out with memberships. 1-3 are proving true which is really exciting and should give us a comfortable budget to make 4 happen.
What We Need to Prove:
Memberships increase engagement
Memberships increase retention
We can convert existing users to members
We can grow new members steadily
Key Stats - 1st Month of Memberships
Number of Member Game Joins*: 382
Ratio of member to non-member game joins: 47% members, 53% non members
Conquer will be a membership only platform soon.
Number of Members: 70
MRR: $3.6K
Total Revenue: $21K
Includes app transactions, memberships, and rentals.
Lowlights:
Parted ways with our social media manager. We just hired someone new that we are excited about.
Subpar performance with paid ads (Google and Meta). I’ve been running them myself with limited experience. Moving forward we’ll bring in a freelancer and I’ll work with our team to execute on the creatives.
Highlights:
Unit economics with memberships appear strong and the feedback has been good.
Began talks with Guttman Community College (based in NYC). They are interested in purchasing 25-50 memberships for their students.
Continuing to get a lot of inbound about court rentals from private organizations, companies, and pickleball instructors.
Hired a strong intern who is helping us recruit players at local courts and launch games in Queens.
Held amazing brand launch event (a walking club) in partnership with We Met at Acme.
What Does October Look Like:
Launch new plans - moving to $45/$85/$109 from $35/$65/$99. These plans will continue to evolve and increase in price.
Get SMS marketing set up and continue to work with email agency to fix email delivery.
Hire freelancer to help with performance marketing. If we can run ads profitably, it will be huge for scaling to new markets and adding sports.
Release an update allowing players to move up their billing cycle and get next month’s credits early. Since members are using credits quickly, this is an easy way to juice MRR.
Onboard new social media manager and launch CNQR Merch on social.
Sell memberships.
Grow member community on Slack.
Add 2-3 new indoor pickleball venues.
Asks:
We’re looking to raise an additional $100K-200K to prove out memberships and performance marketing. Any intros to funds or angels would be appreciated.
If you have any questions or ideas feel free to reach out!
Best,
Louis Long
Co-Founder/CEO at Conquer
201-421-6905