Latest from Insight Timer....
Today I want to share two charts with you that demonstrate why I’m so optimistic about Return Rates. Normally I would have waited a little longer before sharing these - early conclusions can sometimes correct themselves - but there’s a bit of misinformation out there so I’m bringing the focus back in here. (I’m still trying to figure out the right balance between countering misinformation and my preference for quiet, non-reactive leadership. Truthfully I’m finding it hard, especially now that our teacher community has become so large. I’ll share more about this with you in my next update). But now, to the charts… Our hypothesis was simple; by increasing the number of times a user returns to their practice each week, we hoped to see more people overall using the app each day, and higher subscription sales. So in July our product team got to work. They focused on nothing else other than Return Rates. It’s been ten weeks so far and the early indicators are already very exciting - way more than we anticipated. We sailed past our July forecasts, did even better in August, and are continuing to climb through September. Take a look below... The blue line shows the percentage of daily active users on Insight Timer who currently have a 7-day streak. In June - before our Return Rate tests - this number was thirty three percent. Today, just ten weeks later, we’ve managed to grow the number to thirty eight percent. Now have a look at what happened to our subscription sales over the same period. The yellow line shows the number of people who buy a subscription on Insight Timer every 24 hours. In June - before our Return Rate tests - the number was 500 per day. Today the number has risen almost thirty percent to 650. Consider that for a moment. By spending all our energy on return rates and nothing else, a seemingly unrelated metric - new subscription sales - increased by thirty percent. It’s easy to say now with the data in front of us, but I’m more confident than ever that the decisions we made three months ago were the right ones. Insight Timer is now calibrated much more efficiently to drive income growth for Teachers. Yes it took a reset. But as these new subscribers start compounding in future months, Teacher pay will surpass previous levels. It will take a little time, but we are getting there. And the best part is we’ve only just begun. Even though we had no idea which tests would work when we got started back in July, we got started anyway. By chipping away bit by bit we were able to grow daily subscription sales by thirty percent.