Quick Nanno Update
Liz from Nanno here, with a quick update on our efforts to conquer the world (of on-demand childcare).
Quote of the Week
"We’ve seen a bunch of companies trying to tackle this problem. You have by far the best retention rate."
Speaking of Retention ...
At the suggestion of some of our interested investors, we’ve put together some interesting data on our retention metrics. Here is a pretty graph showing the highlights:
On average, 90% of users who book once book again. At 3 months our average retention is nearly 40%, and our retention curve flattens at 25% starting at month 7.
To give context, here is a graph from Mixpanel’s 2018 Retail & E-commerce Benchmark Report, showing the average retention curve flattening at about 10% at Month 1.
Taken all together, here’s what this tells me about Nanno’s early performance:
The flattening of the retention curve indicates that we have achieved clear product-market fit.
The fact that the retention curve flattens at 25% indicates that we are solidly within the sweet spot for a successful marketplace platform.
The fact that we’ve achieved this so early, with so little capital invested, indicates that our retention will be even better when we have more capital to deploy.
The final upshot of all this is that the analytics infrastructure we have in place is able to deliver this actionable data — which we are getting better and better at using to guide our strategy.
In Other News
We’ve gotten some cool news coverage in the past few weeks, including a mention in Red Tricycle’s list of 12 Startups That Are Making Parenting Life Easier and a wonderfully detailed review of the Nanno user experience in Military Moms Blog.
As always, please do reach out with any questions/suggestions! I know it sometimes takes me a little while to get back to you on questions and suggestions, but I do want to provide thoughtful responses to everyone!