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The impact of the community is very enigmatic still. How to measure if the community is serving the mission you intended for it? Much of the impact is hard to track because it relies on relationships and connections made.
In this post about community metrics we will talk about:
- Metrics that you can track inside your community.
- What community types can benefit from different metrics.
- How to measure them.
Growth of members
The easies metric to track by far. Each community (even non community) platform has some kind of interpretation of this metrics.
Branded communities are the ones who will benefit from this kind of metric. Because branded communities create spaces for their potential customer bases, having a metric that will specifically show the size of their current audience can be helpful.
The frequency of measurement depends on the priorities you have for the community, month on month can be the easiest one to manage.
Member's lifetime value
Well this sounds oddly similar to customer's lifetime value, and you'll be right.
Member's lifetime value is a metric that shows how much revenue a specific member brought into the community.
This can be interesting for a few type of communities:
- Paid communities (of course).
- Creator's communities (doesn't need to be paid).
The metric can be measured by the membership value, by the amount of sales you had per member. In case of Creator communities it can be purchases of courses, merch, digital downloads, affiliate marketing.
Lifetime value of member's can be a great way to determine super-fans. Which also can help you to potentially build a loyalty program or referral program for the community.
At the very least you can use the metrics to identify members to who you can apply special discounts.
Member generated content
In my opinion one of the most underrated and undervalued metrics is Member generated content.
Before starting the discussion about this metric let's clarify what is content. In this case content can be a lot of things:
- Answer on a question in the forum.
- Event co-hosted for the community.
- Co-written article for the community blog.
- Notes taken during the event on a public channel.
Tracking this metric is one of the best ways to determine who are the active Collaborators and Contributors to your community.
Identifying those members helps you see:
- What type of content drives your community?
- What type of expertise you have inside your community?
- What are the collaboration points inside your community?
Tracking this metric can be helpful for any community really. Both branded communities need to take note of the members who create content inside their community to be able to attribute and reward the members accordingly.
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