The Secret for Faster Recurring Revenue Growth, Invest More on Member Retention

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It’s been exhilarating working with several $100 million — and larger — publishers over the last couple of months. These companies spend millions of dollars on member acquisition. They track their numbers and know what’s working — and what’s not — within their marketing and sales funnels. Some have weekly training seminars for copywriters. They get together, analyze promotions that are working, talk about what’s effective, and consider how they can use these ideas to improve their own promotions. They make a tremendous investment in new-client acquisition. Many of the top copywriters are paid more than $1 million a year to create winning subscriber-acquisition promotions. And these great promotions are art; they are interesting to consume, and I can feel myself get excited when I look at them. I agree that customer acquisition is important, but what about the art of keeping subscribers? It’s one thing to make a sale. … Continued

How Are You Sabotaging Your Membership Growth?

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I was always the chubby kid in school. Since I can remember, I’ve been embarrassed about how my body looks. I’m too self-conscious to leave my closet without a shirt on. Forget running in public or strolling at the beach without wearing a shirt. For decades, I’ve lived with this problem, telling no one. And yet, I love Cuban sandwiches. The bread, the meat, the cheese, and the dressing — these have been wonderful delights in my life. I totally understand that physical fitness is 80 percent about diet and only 20 percent about exercise. However, because I run, I figured I could eat my Cuban sandwiches — and don’t forget about the side of black beans. For decades, I’ve understood that Cuban sandwiches are one of the causes of my body weight challenge — leading to my ongoing embarrassment. However, I’ve been powerless in giving them up. Once or … Continued

How Will You Help Me Stop the Churn Monster from Making Your Members Quit?

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This month I’m traveling to Germany to visit with the country’s largest subscription publisher, VNR. I’ll meet with their 498-member team, conducting training sessions and workshops focused on reducing churn and improving retention rates. This is the kind of proactive action many of my clients have been taking. Last month, I had the privilege of leading a workshop at the headquarters of Money Map Press, an Agora affiliate in Baltimore. Over several weeks, I worked with two editorial teams. With one task force, we focused on new subscriber onboarding, aiming to lower refund rates. The second task force worked on improving editorial efforts, in order to improve subscriber renewals. Then, I led a workshop with the entire editorial team, where we shared our lessons learned, what we did as a result, and our breakthroughs. One of the key lessons we focused on with the onboarding task force was just how … Continued