Josh Clemente (00:00):
Friday Forum, December 9th, 2022. Added a new slide here primarily because we want to communicate more amongst ourselves and to anyone who watches these what the Friday Forum is intended for. So it’s some of our only full team synchronous time. The goal is to celebrate recent achievements primarily. We want to hear from our members and our partners directly, and then we want to just share more about our culture and each other. So this is not a business analytics review. The intention is not for us to get a really good, deep, full spectrum understanding of what’s happening in each function. Occasionally we do those deep dives, but just to level set, we are mostly thinking about the recent achievements surfaced so that we can all celebrate them. We are continuing to think about structures for meetings and meeting coordination between individuals and also at the group scale to better understand those other elements of the business. So analytics, async updates, we have these now, we have social connection outlets like comms chats and meetups and firesides.
(01:07):
So I just want to make that more clear. We’re going to probably recap this slide every week just to keep us all aligned on what the information that we’re sharing here on Friday Forum is all about. And on that note, recent achievements this week. So there’s been a huge push on the product side to set up product vision for 2023. We’re going to do a little sneak peek of that in this meeting, but just a lot has been going on behind the scenes there. We’ve learned a ton this year. We’ve made some big changes to organizational structure and now we’re turning our attention to next year. On the support side, we had three weeks over 90% happiness. I think this week was 96%. So just awesome work from the support team. We’re at a record 3.9 day turnaround time for order fulfillment. Also, really awesome. Obviously can’t get too much better than that when you’re moving atoms around, so this is really great.
(02:04):
We’ve got the membership renewal live and that led to only 56 support cases so far, which I had to read that number several times because this went out to thousands of people. And the fact that we haven’t seen a tremendous blast to the support team is really good. It means that people knew what to expect. It means that we communicated super well. Just a huge shout-out to the team, including Sissy, for putting together the information so that support doesn’t need to be the backboard to the extent that they could have been.
(02:33):
And then Otonomee, we’re going to do a pilot kickoff there to see if we can get some more leverage out of the support system that we built. We’ve got all this content, we’ve got all this context, and so we’re going to run a pilot with this Otonomee group to see if we can scale our support team and sort of flex, especially during sort of big spikes. On the renewal campaign note, it’s out there. We’ve got a number of cohorts going, so there are sort of different expectations based on the member history for an individual member.
(03:01):
We’re also running a few A/B tests with the content of the email. And we’ve launched our first minimal remarketing campaigns. So Facebook and Google have some very minimal campaigns going right now. And just to remind what remarketing is, so this is for people that have viewed Levels, they’ve come to our website, they’ve seen our surfaces, they’ve read about us, but they haven’t converted or signed up. And so this is a really good opportunity for us to surface again in their feeds and remind them that Levels is out there and that we exist and what we do.
(03:33):
So we haven’t done much of this ever before. This is not just broad paying the system to try to surface new members and get new people to our website, this is all about retargeting. So very excited to learn from both of these campaigns. And then Signup 3.0. This is a big one. A huge shout-out, especially to Karin for all the work on this. This is on track for a Monday launch. This is going to be an improved flow design. You can kind of see just one screenshot here, but just really nice flow design, user experience improved, tracking improved so that we can understand how far people get, where the friction points are, bottlenecks. This is all super awesome and getting ready for launch on Monday. So we’re going to learn a ton there and it’s just a big upgrade to our checkout flow, finally making it a first class effort.
(04:19):
And then also we have the Try It program. So this is a $99 single sensor pre-membership option. So essentially you don’t need to have a membership. You can try a single sensor experience. We’ve got a fulfillment already figured out from Truepill. And so generally the goal here is to give people sort of an easy on-ramp, see what it’s like to have this closed feedback loop. And we anticipate really good conversion rates on this relative to the full membership, full up membership option, which many people don’t quite understand at first glance, and also good conversion from there into memberships. So it’ll be a really important experiment for us. We’ve shifted the YouTube culture videos, we’ve talked about this, but we’re splitting both YouTube channels and the whole new Level channel into our sort of inside the company content and our metabolic health content, so that’s done.
(05:06):
Levels Kitchen recipes compilation, you can see this up here. This is a really beautiful asset that is sort of the culmination of a lot of work that’s gone into putting together glycemically friendly recipes that we’ve got kind of all throughout our various content surfaces. And so pulling this together into I think a single PDF asset is going to be a really nice way to share with our members some options that they may not otherwise know or just kind of a single point, which is great. Homepage 2.0, so this project’s kicked off. This is going to kind of sync with the Signup flow 3.0.
(05:38):
So the goal here is to kind of refresh all of the product education and messaging from a clean slate. So thinking again about the story arc, what is someone who landed on our website looking for, to better understand what we’re offering, and why they might be interested in it. And then that will help us to just put people who are very high intent, they already understand based on the new homepage what they’re looking for. And so only that high intent group ends up in the signup flow, which again is redesigned at this point.
(06:05):
So this is all coming together sort of as part of the demand capture efforts that we’ve been pushing. So big shout out to the team, very excited for this. We had a record 284,000, approaching 300,000, monthly page views on the blog. Overall traffic to the website properties is up in November, but this record is really awesome. I mean, just a reminder that we are getting big numbers, lots of volume to this educational content. People love it. It really is an important part of getting metabolic health into the zeitgeist and these are big numbers, so awesome work from the content team.
(06:42):
They’re also working on product marketing. So we’re doing that pilot with five articles to better message what Levels is. And this is all kind of coming together into, again, a push on helping people recognize how this could fit into their lives. And then a couple of things down here. You can see Ben Greenfield with his sort of gift guide. We’ve got Mark’s Kitchen, Mark Hyman’s Kitchen newsletter that we’re going to be featured in. Kelly Leveque’s giveaway. We’ve got some TikTok affiliates locked in. Lauren was on the second UK podcast, Escape Limits. Casey was on Healthier Together down here, which we had a huge boost in followers. And then I keynoted a sort of segment at the Army Applications Laboratory about biological observability yesterday, which was very well received. And we got some other great stuff going on. A lot of love on Twitter and some EGC from SeriousKeto, FlavCity, Kevin Jubbal, awesome stuff.
(07:38):
All right, I want to welcome Dr. Sylwester. So Dr. Sylwester is a Levels member, functional medicine physician. She went to Vanderbilt. She’s got an amazing perspective on just how people are living their lives and how metabolic health matters to long-term health and longevity and healthspan and really appreciate Dr. So Wester joining us this morning. I would love to just pass it over to you and hear some of your thoughts on what you’re excited about for the future of metabolic health and how people can take ownership and take control and be empowered to live healthier every day.
Dr. Sylwester (08:19):
Okay, hopefully you can hear me. Okay, good, perfect. So a little bit about me. I’m traditionally trained obviously, went to Vanderbilt, pretty arrogant medical institution. Anyway, so practiced as a traditional physician for about 25 years but I shifted about 10 years ago. I had become really disillusioned with traditional medicine in terms of its approach to, certainly preventative health, but even the treatment of disease. And so I switched to a more holistic model, you know, functional medicine model, but my particular practice is very metabolically-based, so very food-based, very lifestyle-based. And I firmly believe after 10 years of doing this kind of work that it’s by far the most powerful way to shift health for patients. And I do see my job to a large extent, to be empowering patients really to take control of their own health. I personally live a ketogenic/carnivore type lifestyle and have done that for about 10 years and my intention is to stay in that place probably for the rest of my life.
(09:48):
I’ve been able to reverse my osteoporosis and other health issues by living that lifestyle. I don’t remember exactly where I learned about Levels, but a couple years ago I managed to get on the wait list and then got in through the subscription kind of by doing a challenge. So then I was into that, I think I was like 50,000 on the wait list or something like that. So I did one of the challenges and I just saw immediately what a great tool this would be for the kind of patients that I work with. At that point you guys weren’t really easily available to my patients because it was still a big wait listing, that kind of stuff. But I started recommending the use of the continuous glucose monitors for my patients whenever I could get them to do that and talked about Levels a lot and then used it myself so that, even though I live a low-carb lifestyle, I was able to even dial in my own metabolic health by using that.
(11:03):
So anyway, so now that you guys are available, it’s great. I do recommend you to patients and even if I’m glad to hear about this sort of pre-membership option because I think that that will be helpful from my perspective because just getting them kind of in the door. At this point, if they’re not really in a financial position to do the whole thing, I will tell them at least to go to the website and read the blog and all those things. And I think, again, you’re correct and saying that you will get people converting that way. So I’m very excited about your product and all your support for patients. Those are exactly the kind of patients that I am working with and I feel like it’s a big game changer for a lot of patients who are the motivated patients.
(12:00):
And because of the way I practice, I’m a cash-based practice, so I don’t work in the insurance industry, I’m already working with patients who are pretty motivated to improve their life and so I feel like this is just really going to be helpful. And then along the way, I also became kind of a small-time investor in your company, so I’m excited for that. And I know that one of your goals is to try to make it more affordable and I agree with that. Like I said, I think that that is a barrier to some people. So all the things that you can do to kind of give people an opportunity to try it. When I talk to patients about it, I’m like, just do it for a month. Just do it for a month, then people get hooked on it, but you have to get them that first step.
(12:53):
Anyway, and it’s very frustrating to me because I know how powerful these things can be for helping people stay well or even reverse the disease, but you can’t get insurance companies to pay for it and those kinds of things, which is very frustrating. It’s like why I left that traditional model of medicine in the first place. So anyway, kudos to all you guys. You guys are doing a great job. Yeah, very excited for your work.
Josh Clemente (13:24):
Well, thank you for all of the above. For being a referral into this, for first of all, practicing this sort of deep insightful medicine and then referring people to us and then also supporting us as an investor. That’s huge and we really, really value hearing directly from people like you. I think that hearing price point is a major hurdle and overall just the longevity of an annual membership being the first thing that we’re presented with versus maybe a try it option to really see how this fits into your life. So we’re hearing a lot of those themes, very exciting. We’re going to have some data on this very soon. I’d love to hear from your perspective, what would be one thing that we could do much better at Levels? Whether that’s in the product, the CGM product offering, sort of knowing that we’re working on price already as a major focus, but what could we do as a product of service to really improve the experience that Levels is offering?
Dr. Sylwester (14:21):
No, I mean I think all the things I just heard you say were spot on. I think you guys are doing a great job. Because I’ve been kind of following you guys from early days, so I’ve seen all those shifts happen and I’m glad to see that happening. No, I don’t have anything else insightful to offer with respect to that. You guys are doing a great job.
Josh Clemente (14:46):
Amazing. Well, Dr. Sylwester, thank you for setting aside your Friday morning to come and join us on this call. We really do love hearing directly from you and value that tremendously. If you’d like to stick around, we do have a full meeting here. We’ll dive into some of the stuff that’s coming down the pike with Levels and would love to have you stick around, but otherwise thank you for your time.
Dr. Sylwester (15:05):
I’m actually probably going to have to go, I have patients scheduled. But yeah, great, thank you very much.
Josh Clemente (15:12):
Well thank you again for joining us. Really appreciate it.
Dr. Sylwester (15:13):
Okay, keep up the good work. All right, bye-bye.
Josh Clemente (15:15):
We will, bye-bye. All right, culture and kudos. So firstly, happy one year to Karin. This was a fast one. This one feels super fast. Karin, thank you so much. Especially the recent stuff we just talked about, Karin’s just crushing it right now diving into basically all of the journey that someone goes through from top of funnel into using Levels for the first time. These are important surfaces that we really have not been able to focus on for such a long time and so she’s doing amazing work and yeah, can’t believe 12 months is already over. And then a big shout-out to Priya who, Priya is new on the support team and she’s, over the past seven days, number one in customers helped with a 100% happiness score. So just the speed with which she’s absorbed the information that makes Levels’ support what it is is fantastic and it’s evidenced right here in these numbers but in so many other ways. So, Priya, amazing work, thank you. All right, I think this is Haney.
Mike Haney (16:17):
Yeah, so this came about because we talk a lot about this principle of feedback as a gift and typically when we talk about that, we talk about it from the perspective of the receiver of feedback. And I think this is really important because we all know it’s hard to get feedback, so learning how to receive feedback is really crucial. But I had an experience recently where I had to think about the responsibility of the giver of the feedback. I gave some feedback on something and it really didn’t land the way that I wanted it to and I think it kind of zapped a little bit of a trust battery. And so I got to thinking about some things that maybe we can keep in mind, or I’ll just put this on me, that I try to keep in mind now when I give feedback, particularly in the context here at Levels.
(16:59):
So the first thing is what I say is feedback without context is just talking. So in this case, I was giving feedback on something and realized after the fact I really didn’t have enough information to give meaningful feedback. I had done the cursory Notion search for a memo and didn’t find it. And what I realized is in that kind of situation before giving feedback, what I could have done was just ask for more information before I weigh on something I don’t fully understand.
(17:30):
That led me to a second idea, which is instead of telling people what you think, it’s often better to just ask questions. Because a lot of times the things that you’re giving feedback on or the opinions that you might be sharing are things that the person who’s done the thing or that you’re giving feedback on has already thought about, you just haven’t, maybe it’s not being communicated or you haven’t understood it in whatever it is you’re reading or thinking about. And so I’ve really been trying lately to phrase a lot of the feedback I’m giving as a question. So instead of saying I’m not sure this is a good use of our time, I’ll say something like, how are you thinking about the ROI for this? And just give the other person a chance to sort of give me more information that can be valuable.
(18:09):
And the last point is just stinking wait a minute. One of the things I’ve really tried to practice here, and I think we have such a great supportive culture for this, is not responding right away. Particularly what I realized recently was the stronger I feel about something, the longer I should probably wait to respond to it. And I think we can probably all relate to this idea that it’s much easier to regret sending feedback or an email or comms or whatever too quickly than it’s to regret waiting. You almost never regret waiting and thinking about things to both coalesce your thoughts to make sure that it’s not emotion talking or that it’s because you’re annoyed at something else going on in your life and that’s coming out in the feedback.
(18:51):
And so I’ve tried to make sure I at least respond to say, hey, I really want to think about this, so give me another day and I’ll get back to you and just buy myself some time. With all of these ideas, really meant to think about the role of that exchange of feedback and what it does to the trust battery. Because I think done well, it can really help replenish the trust battery and done poorly, it can really kind of zap it. So make sure you have the context, ask questions, and feel free to wait before you get feedback. That’s my thoughts on this.
Josh Clemente (19:25):
Wow, amazing. Thank you Haney and perfectly delivered. I think that last part was really interesting about how feedback can charge the trust battery. I think a lot of us think delivering feedback is inherently a difficult process that’s going to erode things and we got to time it right, but I think you’re dead on there that proper collaborative interaction, feedback, giving that person the opportunity to exchange information during the feedback process can really charge up the battery. I haven’t thought of it that way, but thank you. Awesome.
(19:58):
All right, company objectives. So Level shows you how food affects your health. Still the main priority. Focusing on member retention, new member acquisition, member health improvement as the main things, the main objectives at the company level. Product is our top priority, as you know. We should probably highlight demand capture on this slide as well since it is also a major focus right now. And functional group taglines, no major updates here, but please get familiar with these. We now have a demand capture update. I believe this is going to be Tom.
Karin Nielson (20:31):
No, it’s going to be me. I’ve got a tough act to follow, Alan, thanks for that. I’m going to try and make Signup as exciting as the core app experience. Okay, so as you guys know, the growth team is very focused on turning more of the eyeballs we’re generating, so the latent demand that we’re driving to our site and to our product, into orders. And one of the highest leverage initiatives that we’ve identified for us to focus on for the next quarter or two is to really think about how we can optimize our signup experience. And you’ll notice that I refer to it as signup now and I’ll talk a little bit more to that in a second. So for those of you who haven’t read the memo, this is what was previously referred to as checkout.
(21:22):
So I’m going to quickly do a quick recap of how we ended up where we are today and talk a little bit about our objectives going forwards. And then I’m going to share some of the insights that we’ve uncovered in the past few weeks from our users and digging into the data. And I’m also going to share the high level game plan for us to improve the status quo and some of the tactics that we plan to deploy to that effect. And all of this, the timing of this is really related to the fact that we’re actually looking to release our first version of the new signup experience, so we’re calling this Signup 3.0 at the beginning of next week. So this is all still a little bit static. I don’t have any fancy demos to show today, but next week I’ll post a demo of that end-to-end experience so that everybody can see it in real life. Next slide please.
(22:20):
All right, so how did we get to where we are today? So I don’t actually know what Signup 1.0 looked like or what Checkout 1.0 looked like because I wasn’t here then, but this is I guess my take on everything that’s happened since US liftoff in July this year. So when we sprinted to liftoff, we knew that we had to improve the signup experience and at the time we called it checkout because I think we were very focused on the fact that this was quite a transactional part of the user journey relative to all the other things that our members do once they’re interacting with our core product.
(23:01):
And we really didn’t spend very much time on designing this, so we had limited product design and engineering investments since that initial liftoff release. And in fact, I think the only major change we made is that we moved email capture to the first step in the signup flow. And we actually learned that that has reduced in a 50% churn of people just on that very first step because we’re asking them very early in the journey to give us a lot of information upfront and that’s clearly been causing us some problems.
(23:37):
So we are averaging around 4% conversion rate and we’re measuring that as the point in time where a user hits the first step in the signup experience. So if you imagine on our website they click on “join Levels”, the immediate step after that, which is currently this one in the screenshot, that is give me your email is the first step in that experience. And then we go all the way through to them giving us their card, paying for Levels, and setting their password. So that is what that current conversion rate relates to. Next slide please.
(24:19):
All right, so 3 to 4% is objectively speaking not great. It’s actually really hard to benchmark what your signup conversion rate should be like on an individual company basis. So I think at the extreme end of the spectrum, some SaaS companies who are postproduct-market fit can see conversion rates as high as 70 to 80%. But obviously we’re in a very different game to those people and we’re at a very different stage. So it’s completely unrealistic for us at this point in our journey to target that kind of conversion rate. And in fact, we’re a consumer business. We have a product with a very high price point at least for the time being and the decision-making overhead for people to decide whether they want to do something like Levels or not, it’s just much greater than it is to sign up for a freemium plan on a SaaS experience.
(25:18):
However, with all of that being said, we think that for the time being, if we got to 10% conversion rate at some point in the not too distant future, that would be a good place for us to be. And for the time being, we want to target 6% by the end of Q1 2023, which is like a 1.5x increase on our current orders. So to put that into perspective, we don’t really have to do that much. And I’m kind of playing down all of the product work that has to be done between now and then, but we already have all of this traffic coming to our website and to our signup flow. So what we really have to do at this point is just double down on making the experience great, on really improving our positioning, and that’s why this is such low hanging fruit for us and why we’re going to put a lot of effort into improving it in the next quarter. Next slide please.
(26:20):
Okay, so how are we identifying opportunities to improve? This has been an ongoing effort and actually lots of people on the team and also from the support team have been chipping in to help us come up with a huge list of member feedback. We’ve looked at support tickets, we’ve recorded people as they’re actually actually going through the signup flow and ask them what they’re thinking and what their concerns are at every point in the journey. From that, we identified six high level categories of friction, if you like.
(26:58):
So the first category of friction is that a lot of the traffic we are sending to the signup flow today is ice-cold. So we’re sending people from various referral surfaces, so it could be partner landing pages, it could be our homepage, it could be links in emails or all kinds of other places where we might be trying to drive traffic to sign up to Levels. But those people haven’t necessarily been primed. They might have heard about Levels, they might have signed up for a newsletter at some point, but they don’t actually understand what the product does, how much it costs, how it works, who it’s for, what it’s going to do for them if they make that investment, and that creates a situation where a lot of people are literally landing on that first step that you saw at the beginning where we’re asking people for their email and they have no idea why they should give us their email, candidly. So one of the first things that we need to improve is the quality of the traffic that we’re actually sending to the signup flow in the first place.
(28:06):
The next area that is very prevalent is that people have a ton of questions by the time they get there. So people are genuinely confused about how a CGM will fit into their life. A lot of people have never worn one before. And I think now that we’re kind of past that initial very early adopter audience and we’ve seen that our distribution of members is moving much more towards the mass market, we can’t assume that people are already familiar with CGMs and can understand how it’s going to fit into their life. So we’re finding that people have a ton of questions that are not addressed at any time before they get here and that’s something that I’ll talk about in a little while, how we’re going to work towards improving that. But you can already see in the next iteration of signup going out next week that we’re trying to address some of those really high level concerns by just making some minor tweaks to our positioning and the strings that we’re presenting in the flow.
(29:12):
And another big theme is distrust. So if you look at the quality of the execution and the sort of love that’s gone into building the core product experience and you compare that side by side with what people see when they land on signup, which is actually the first part of the product experience that they ever see in most cases, there’s a huge disparity there. And what that means is that we’ve actually had people saying things like, am I still on Levels or is this spam? Am I getting scammed here? So there are a lot of small things that we can do just to level up the execution of the experience and to align the branding and the messaging and the tone of voice to make it much more representative of our brand and fundamentally of our core product experience. Because actually, signup is part of the core product experience, right? And arguably it’s the most important part at this point in the journey because people will never get to try the rest of it if we don’t get them through this point.
(30:18):
The other thing people call out is that it’s just annoying. It’s hassle. And this can be anything from form fields not filling properly or as expected or date pickers not working, things like not having the ability to pay if they don’t have their credit card on them at that particular point in time.
(30:41):
And then the other two buckets are affordability and confusion about the membership. So some of these kind of go hand in hand, but I guess affordability is more about the absolute price points. So this is more concerns that relate to either the fact that they have to pay a substantial amount upfront and not everybody has that disposable income. Particularly in the current economic climate, people think much more carefully about what percentage of their wallet share they want to spend on what are essentially luxury items, and for most people this would be considered a luxury item. But it might also just be that they would prefer to spread the cost rather than having a huge upfront risk of putting a lot of money down for something that they actually don’t know if they’re going to love it. So those are the affordability feedback areas.
(31:37):
And then separately to that, people don’t fully get the membership and that comes in many guises. So some of this is just about positioning. I think that we are not doing a good enough job of actually telling people what they’re getting and why the membership is important and what they’re getting, what value are they going to extract by signing up. And I think potentially there are some terminology issues as well because people, when they hear about a membership, they’ll initially think of other memberships that they might have to draw a conclusion about what this one might be like, and they might think about things like a gym membership that they never use and that has negative associations. So we might have to think about reframing that in the long run. But fundamentally there are just so many things that we can do on the positioning side of things to help people understand and to reinforce all the value that we’re already delivering and all of the new value that they’re going to get with the new things we’re building in the future.
(32:45):
So broadly speaking, we end up with three buckets of things to address. The first is pitch and nurture, so that’s the initial pitch, but also everything else from a touchpoint perspective that we do with users before they become a member, so it could be via email or other touchpoints. UX and design and then business model and pricing. Next slide please.
(33:13):
So what’s the game plan? We have, from these three buckets, identified a bunch of tactics and individual initiatives which you can actually look up in the demand capture roadmap. So all of this is transparent and visible for everybody and actually we really encourage you if you get feedback from members on support or from friends and family who are trying Levels that relates to this to actually add your ideas to that roadmap. The more data we can collect, the more progress we can make faster. And I just want to call out a few examples. I’m not going to go into all of these, but a few things that we are addressing on the UX and design side of things like making the signup flow responsive. So obviously it’s a web experience at the moment, but it isn’t responsive at all. So it looks the same if you look at it on mobile as it does on desktop. And that alone sort of puts people, it makes them feel uncomfortable. They get this uneasy feeling like it just hasn’t been designed properly. So responsive design is actually something that’s shipping in the initial release.
(34:26):
And we’ve also made the decision to delay email capture. So that’s now the very last step at the actual checkout stage when we ask the customer to pay. And that’s because even though it’s great to get emails for retargeting purposes, for example, so that we can send an abandoned cart email and encourage people to try again, it’s actually not a great user experience. And we have lots of other surfaces that are much better placed to focus on capturing people’s email than the signup. Signup is the place where the only goal should be to help the user make a product choice that’s right for them and to get them to convert.
(35:12):
And then some other things that aren’t shipping in this release on the UX and design front are things like express checkout. So this is things like Apple Pay, so if somebody doesn’t have their card on them, we don’t lose them in that moment, they can make a payment quickly. Things like logging in with Google so they don’t have to create or remember their account details every single time. And we’re probably also going to implement a live chat feature for the time being. That’s not something that we’d want to have long-term, but it’s a really effective way of capturing all of the concerns that people have at each step in the flow just to allow us to iterate through potential solutions faster.
(35:54):
And on the pitch and nurture side, I think Josh already mentioned this at the beginning, but we’re going to be running some experiments with the homepage. So this is all about priming people so that the traffic that actually hits the signup flow is better quality. And we’re going to be doing that by A/B testing new versions of the homepage with lots of new sections that include things like explaining how it works, what are the features and benefits of the app, starting to think a little bit more about prioritizing the software, which is our product, over sensors, which is actually just an enabler for our product at this point in time. And also leaning more into social proof because we have so much great feedback both in terms of case studies from our own customers and also from the advisors and all the people that we work with who believe in what we’re doing and I think that we’re probably not using that enough at this point in time to help people feel that we’re a credible solution for them.
(36:56):
And then finally, we are going to do a lot of experimentation around business model and pricing. And this is going to overlap a lot with the work that product is doing because obviously we have to align how we think about pricing and programs with what’s actually being built. So some of the things we’re thinking about there in the first instance are just the positioning of membership. That’s really low hanging fruit where we can get a lot of quick wins to help people understand what they’re getting today. We can also think about things like how do we make it easier for people to try Levels for the first time because we’re convinced that they’re going to love it once they do. So how can we give them, not a free trial period because obviously there’s a cost and a value to what they’re getting, but a trial period that is let’s say less than a one-year commitment.
(37:47):
And we can also start thinking about things like program-based pricing and potentially bundling CGM subscription and membership monthly. And for the UK, and obviously this is something that might be relevant for the US in future as well, we are also going to test a bring your own device model because obviously CGMs are available over the counter here. So not everybody will want to pay the premium to have those delivered to their door by us and that’s fine because we just want them to use Levels and to get the value from the membership. So if they can get their CGM from elsewhere, then that’s actually something that we shouldn’t be worried about. Next slide please.
(38:31):
All right, so what is up next? I think it’s probably best for you guys to have a look at the signup strategy memo that I shared yesterday if you’re interested in the detail. And that also links to different parts of the roadmap so that you can see what we’re testing soon. But this screenshot gives you a very high level view of what you can expect from next week. You can see that we’re doing some testing with membership framing by just doing little things like explaining to people how much it actually costs every month. So even though we’re not changing the payment terms as such, we’re not allowing them to pay monthly just yet, we’re helping them to understand that actually it’s equivalent to just 17 bucks a month. That’s not much more than I pay for my Netflix membership for instance, right? So it just helps them to understand how this product that improves their health and their lifestyle relates to other things they might already be paying for that are of lesser relative importance. So I think that’s it for today. I really encourage you guys to check out the memo and I’m looking forward to sharing the demo with you all next week and can’t wait to get your feedback.
Josh Clemente (39:48):
Tons there, thank you so much Karin. That was an awesome dive. Looking forward to Signup 3.0. We’re going to do a dive on and a retro on Black Friday and Cyber Monday next week I think, or potentially async. And for now we’re going to do just a quick update on people and culture. Believe this is Nicole.
Nicole Miller (40:06):
Hey everyone, thanks. So I’m going to shamelessly drop my strategy doc, which talks a little bit about why I’m going to encourage everyone to attend assemblage. So next slide please, Josh. So next week we have some really special things. We will have a worldwide performing magician and mentalist presentation and this was a gift from Athena as a team for all of us. And so you’ll also see some Athena EAs joining us for one of these two sessions. It’s going to be the same show with just two different time options. So look at the calendar and decide what is best for you. We’ll also have a cooking class. Please RSVP if you’re going to attend and check on the event page here and I’ll link that real quick. We do need RSVPs so that we know if we need to break up into a second session. We will be making chicken tikka masala and cauliflower rice, so it’s going to be amazing.
(41:03):
And then also we will have a fireside chat and two different cafe chats. And so definitely check out and see if there’s time that you can join. One of the reasons that this is important is because building that social connection and engagement from time to time, it really does help build those trust batteries and allow for better cross team collaboration. So that’s my big pitch. There’s also going to be… Actually jump to the next slide if we can. I have a couple action steps for you all. Make sure you RSVP as I mentioned, check out the events calendar, and then please fill out this trivia form, and I’ll share the link here too as well. The more participation we have, the better. It’s coming together very nicely and there will be prizes for the winners. There is going to be a Notion scoreboard so that we can keep track of everything. It’s definitely an honor system, but it should be really fun and we’ll announce that next Friday after a forum midday Friday Pacific time. So please come if you can and we’ll see you all next week. Thank you.
Josh Clemente (42:06):
Awesome, thank you Nicole. Looking forward to it. Hiring updates, no major updates right now on new additions to the team. Open Recs on software and R&D generally and the general information at Levels.Link/careers if you’re interested, someone you know, forward that along. Love to hear from you. All right, we are a little bit over here, but that was an extremely dense Friday Forum with a lot of information exchange, which we really needed. So we’ll skip the personal contributions. Everyone have a great weekend. Thanks to those of you that did huge presentations today, it was awesome and tons of stuff queued up. Excited to wrap out December and hit 2023.