Hey everyone. November recap below.
November Summary:
We had another record month in November. MRR grew by 31% M/M and we did over 1K paid NYC pickleball joins. We also had our highest ever fill rate for games. Feedback from users remains extremely positive.
We’re working hard to get more venue partnerships. There have been several new pickleball venues that have opened in the NYC area. We want to partner with all of them.
With the holidays, we have seen an uptick in pausing and some hesitancy from “a la cart" users to switch to membership ahead of a busy travel period. This isn’t too concerning, but we’re considering making our credit rollover policy more lax to mitigate "traveling” as a blocker for continuing membership.
It’s safe to say that the membership model has transformed our business and improved all of our key metrics while saving users money on a per game basis. Win win.
Key Stats - 3rd Month of Memberships
Number of Member Game Joins*: 680 (+41% M/M)
Ratio of member to non-member game joins: 61% members, 39% non members (same as last month)
Conquer will be a membership only platform once we launch memberships on Android (hopefully January)
Number of Members: 148 (+30% M/M)
MRR: $8.2K (+31% M/M)
Members purchased an additional $3K worth of credits this month on top of what was allocated for their memberships
Total Revenue: $30K (+22% M/M)
Includes app transactions, memberships, and rentals
Lowlights:
Venue onboarding taking longer than we’d like with owners/managers traveling for holidays
Holiday travel cutting into member acquisition and retention
M/M retention for members was still >80% in November
Development hiccups with moving up billing cycles and tracking our cancellation/pausing flow
Highlights:
Brought our cost per install down to $3.31 on Meta and below $3.00 on Google at the end of the month
Given where our retention is, and the average member paying ~$60 per month, we feel good about using performance marketing as a growth tool. We will keep testing new creatives and copy to improve our funnel and bring cost per install down
Our NYC Pickleball WhatApp community is growing very quickly and is proving to be a low cost and essential part of the demand-side playbook for growing membership
Email delivery is fixed and strong
The average member is using all their credits and then buying more
Games are filling fast. Users are setting alarms to join games at midnight and buying spots for their friends
What Does November Look Like:
Continue to test and iterate paid marketing efforts to increase the speed of user acquisition
Launch SMS marketing
Make progress to get the Android app in the same state as iOS
Work with influencers/creators on TikTok as a marketing channel
Plan the “Show Up and Play” campaign highlighting the type of people that use Conquer
Host a holiday party for hosts and the team
Finalize and launch new website
Asks:
I’m starting to reach out to VCs to have initial conversations ahead of our seed round. At the unit level, the business is very strong right now and I’d like to start talking with VCs that invest in sports, marketplaces, and consumer businesses. I plan to open our seed round early next year. If you know any VCs that would be a good fit for seed, lmk!
If you have any questions or ideas feel free to reach out.
Best,
Louis Long
Co-Founder/CEO at Conquer
201-421-6905