What President Donald Trump, Fake News, and Nationalism Mean for the Subscription Economy

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“What? You asked your friends from high school for advice on how to do your job? What qualifies them to help you with that problem?” I asked my college marketing intern in 2007. She shrugged her shoulders and responded, “I dunno. One of them gave me the answer and took care of it.” It would have never occurred to me to ask a bunch of random people a specific technical question. I’d likely have to sort through dozens of nonsensical answers, and even if I got something that sounded plausible, there would be no way of knowing if the answer were any good. But in 2007, for a young person, it was the most natural thing in the world. Everyone’s opinion mattered equally, whether they were an expert on the topic or just some crackpot. Everyone had something to contribute and should be heard. Social media platforms flourished. Twitter exploded … Continued

Discover Your “Retention Point” to Turn Subscribers Into Lifetime Members of Your Vibrant Tribe

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Since completing the Boston Marathon last April, I’m often asked, “When is your next marathon?” “My next marathon is going to be a Netflix binge-watching marathon,” is my current answer. “With all of our training, my wife and I fell behind on our binge-watching of the new season of ‘Orange is the New Black.’” But what makes a show binge-worthy versus a show you watch once and move on from? I was fascinated by Netflix data published by Wired magazine that shows when a series becomes addictive. The chart shows the length of each series in minutes together with cubes representing episodes. The gold cubes represent the “hooked episode.” This hooked episode is the episode after which 70 percent of the viewers complete the entire series. Some complete the series within a week, others savor the show over several months. Yet, after the hooked episode, 70 percent stick with the … Continued

Your Business Could be Stopped Tomorrow, How You Can Prevent It

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What is the one thing that can bring your business to a screeching halt?  I’ve been on the phone with guys who were doing $10 million a year in revenue yesterday, who today are closed, frantic, trying to figure out what to do next. It’s easy to take it for granted once you have it, but it’s the greatest vulnerability in your business. And, even if you think you understand and have great relationships, those can all change.  I’ve seen it a couple of times. If you receive your revenue through credit cards then your business is vulnerable. Most believe they are fine. Their bank is making money, charge backs are low, no one has said anything in a while, what could go wrong? If it’s been a while since you’ve done any investigation then your merchant services could easily be ready freeze-up like a brand new Macbook Pro. I’m … Continued

Are You Overcoming Your Subscriber’s Objections, or Do They Churn?

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I’m often shocked by how few subscription companies consider the objections their customers may have to retaining their subscriptions. When designing a marketing campaign, sales letter, or video sales letter, it’s standard practice to outline all of the objections your prospect may have to buying your offer. This gives you the opportunity to address each objection within your sales process. The simplest way to address this is to think about the reasons your members give when they quit: Didn’t get anything out of it Not enough value Too expensive No time Not for me Each of these are an objection to retention, and in the case of a canceled subscriber, an objection that went unaddressed.  Good salespeople know you have to address objections head-on if you are going to make the sale. If you want to stop your members from quitting, you must address their retention objections head-on. Since January, … Continued

How Many Subscribers Are You Losing to the “Credit Card Statement Moment of Truth”?

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Have you ever looked at your credit card statement and said, “Holy crap, how did THAT happen?!?” when the balance is a lot higher than you expected? I put on several events a year and frequently travel for client engagements, so my typical balance due from new charges is between $25,000  and $50,000 . This is great for accumulating rewards points, but is bad for the checkbook balance. Your monthly credit card balances may be more or less, but it’s easy to lose sight of what a charge means to your customer. Just like you and me, your subscriber often spends more than he expected to spend in a month. When he bought your program and subscribed, he was excited and eagerly anticipated this new relationship. Then, 30–45 days later, he’s largely forgotten about the relationship — except for the sticker shock of the charge on his credit card statement. … Continued