<aside> đź’ˇ After 12 months, all historic Investor Updates, Friday Forums, and other inside the company content can be found here:
Inside Levels - Friday Forums and Investor Updates
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https://www.loom.com/share/93eb5f94fcd44668959b8936eed837b6
Since the beginning of the year, our product strategy has been to offer Levels at a lower monthly price point by removing the requirement of CGM devices to get value from the app. The current classic Levels experience continues to be available, but requires an annual membership and monthly CGM subscription, $398 upfront, and $199/month for each month that follows – pricing out many prospective members and limiting our growth potential.
In April we completed Beta 1, building on the Alpha tests we initiated in February and March, and testing a digital-first experience directly in Levels app. We enrolled a cohort of 500 members, each paying $10/month to use the app without CGM. They were supported and guided by Levels coaches for daily educational content, and encouraged to log meals, exercise, and sleep for insights and accountability.
We successfully built the product and launched the beta on schedule on April 3rd, filling two cohorts primarily through our existing email list of unconverted leads or churned members. The core metrics we’re tracking include conversions, paid retention, and engagement.
Our paid retention rate was 21%, below our 30% goal, and the end of month engagement rate reached 38%, short of the 50% target we were aiming for.
Although the early data is confounded in several ways – conversion involved high friction and required user action, and the app had usability issues impacting engagement – we haven't yet observed enough of a strong signal with the current product that would suggest product-market fit or put us comfortably on a growth trajectory for this new digital product.
Beta 2 will launch in early May, incorporating learnings and testing a hybrid app experience that allows (but doesn’t require) members to integrate CGMs to augment the digital experience. We'll share insights and results from this beta in early June, before a wider General Availability release that will ease some of the confounding variables with running closed beta cohorts.
Member feedback and surveys continue to suggest that the value perception of Levels remains tied to CGM access and the biofeedback it provides, and that price and affordability is the primary limiting factor. We're actively exploring paths to offer CGMs at more affordable price points and will share more on our efforts in the coming months.
<aside> <img src="/icons/phone_green.svg" alt="/icons/phone_green.svg" width="40px" /> Beta Numbers
| Beta 1 Goal | Beta 1 Actual | Beta 2 Goal | Beta 2 Actual | |
|---|---|---|---|---|
| Product Release | April 3rd | âś… | May 1st | On track |
| Conversions | 250 | 504 | 1,000 | 1,040 |
| Retention | 30% | 21% | 40% | tbd – June 1 |
| Engagement | 50% | 38% | 50% | 78% (prelim) |
General Availability target of June 5th, w/ 2,000 conversions (monthly goal), 50% monthly retention, and 50% monthly engagement rate.
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<aside> <img src="/icons/card_green.svg" alt="/icons/card_green.svg" width="40px" /> New Levels Annual Memberships
(-3.7% MoM)
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<aside> <img src="/icons/repeat_green.svg" alt="/icons/repeat_green.svg" width="40px" /> Monthly Membership Revenue (April)
(+1% MoM)
April Gross Revenue: $1,781,663
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<aside> <img src="/icons/friends_green.svg" alt="/icons/friends_green.svg" width="40px" /> Active Members
(+2% MoM)
Active members have, over the course of the prior week, 1) input a food or exercise log, and/or 2) imported glucose data.
Paid Legacy Membership Retention (1-yr renewals): 19.6%
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