Boosting Early Membership (cost of acquisition)
Some interesting data from this study at LungCancer.net:
“In the fall of 2017, a series of 5 weeklong Facebook advertisement campaigns were launched targeting adults over the age of 18 years with an interest in lung cancer to increase opt-ins to the LungCancer.net community
The advertisements released during this campaign had a sum reach of 91,835 people, and 863 new members opted into the LungCancer.net community by providing their email address. […] A total of US $1742 was invested in the Facebook campaigns, and 863 people opted into LungCancer.net, resulting in a cost of US $2.02 per new member.”
The numbers vary by community sector.
$2.02 per new member and a 1% conversion rate is only slightly higher and lower (respectively) of the numbers we’ve seen in past client projects.
While you don’t want to rely on paid social ads for your community’s growth, it can be a useful tool to speed up the community’s early development.
If you’ve invested hundreds of thousands of dollars to launch the community, it’s typically worth investing an extra $2k to $5k to ensure it quickly attracts a critical mass of members.