3 Biggest Lessons of 2nd Quarter of 2017 To Help Stop Your Members From Quitting

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stop members quitting

I had the pleasure of visiting Bonn, Germany, for full week to work with the team at VNR Verlag für die Deutsche Wirtschaft AG. I conducted a seminar on Monday with more than 50 members of the team. Then, Tuesday through Friday, I conducted workshops with nine different publishing divisions from family magazines, health, financial, and technology publications. While everyone on the team is wonderful, Katrin Frößler, Daniela Birkelbach, and Stanislava Albert-Stoykova, pictured from left to right, are clearly my favorite members of the team. I’m wearing a T-shirt representing the guru for their fitness publication, Thomas Wessinghage, a German celebrity and former Olympic athlete. Over the last three months, I’ve been from coast to coast in the U.S., Germany, London, and Ireland to stop members from quitting. Wherever there are members quitting, I’m going to respond to stomp out high churn and make running subscription businesses fun again. During … Continued

How Much Money Do Failed Credit Card Transactions Cost You Each Month?

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How Much Money Do Failed Credit Card Transactions Cost You Each Month?

I remember, early in my monthly continuity days, waking up on the first of the month, looking at my Blackberry, and seeing hundreds of emails from my credit card processor — one for each transaction, indicating all of the credit card pre-approved subscription payments getting processed for the month. It was a moment of sweet appreciation. Even now, as I see the monthly credit card charges flow through, I take a few moments to express my appreciation for the members who have confidence and faith in me to subscribe. It’s an honor. Then it all goes off the rails when you log in and discover how many pre-approved transactions failed. The credit card number was correct last month. The card expiration date is still valid. But the card declines for some reason. This is often 7–10 percent of total charges each month. And, unless you have an active system for … Continued

I Hate Churn, and You Should Too

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High Churn Rate

Graduations are an amazing opportunity for reflection. For starters, they last for at least three hours once they begin. And my family has to arrive at least an hour early to make sure we get a good seat, near the front. This gives you plenty of time to think. As I mentioned a couple of months ago, our son, Robert William, is headed to the University of Florida, joining their honors program to study business management and entrepreneurship. For the last several months, he’s been applying for scholarships, and has done really well. His honors include Ignite Your Future Scholarship Award, Lir Sullivan Scholarship Award, Marvin Henderson Technology Award, Drive Smart Video Contest, and Best and Brightest of Tallahassee. Kory and I are really proud of him. And he’s excited to have put some extra cash in his pocket before he starts college. In between all the awards ceremonies, events, … Continued

Does Your Membership Work for You or Do You Work for Your Membership?

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Membership that works for you in good times or bad

Within a year of working in the membership industry, I knew this was the career for me. No business comes close to the opportunity that the subscription membership business provides. During my first year working with a company that consulted with membership organizations, I’d come across these older people, in their 60s, making great money and working part-time hours. They’d built a membership up over their career, and lived a tremendous semi-retirement. They had control over their time. They got to travel. And, when they went to member events, they were revered and praised by their members. These guys had life figured out. They’d hustle from time to time to recruit new members. But mostly, they were able to make a great money by keeping their members renewing. And they understood what their members wanted, so there was little struggle or frustration. I’ve met many of these membership millionaires in … Continued

Why Subscribers Join and What Keeps Them From Quitting

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What keeps members from quitting

Have you heard about those OPEC meetings where leaders from oil-producing nations agree to production rates to control the price of oil around the world? Have you ever wondered what those meetings are like? Is everyone at these OPEC meetings sitting on chairs made of solid gold, speaking while a team of servants fans them and feeds them grapes? Or are these meetings remarkable because they are as normal as a school board meeting in Lincoln, Nebraska? Dr. Kent Moors, an investing guru for the Agora affiliate Money Map Press, attends those OPEC meetings. Each month in his publication Energy Advantage, Dr. Moors provides insights on which companies consumer investors should buy based on his insider knowledge. I had the opportunity to work with the cracker-jack editorial team at Money Map Press this spring. Dr. Moors has always been a great storyteller. He provides in-depth analysis into the companies he … Continued

Datebox Subscription Secrets for Reducing Churn by Creating Strong Customer Engagement

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Subscription Secrets

This is pitiful. The largest growth sector of the subscription economy knows the least about how to connect with new members and stop subscriber churn. I’m so dedicated to helping you stop your members from quitting that I go to great lengths to bring you the strategies and tactics that’ll reduce your subscriber churn rate and grow your membership. This includes subscribing to more than four dozen subscription boxes to see what insights I could bring to you from the fastest growing sector of the subscription economy. There are more than 150 percent more subscription box offerings than there were just a year ago. And boxes are becoming ever more popular. There are boxes for candy lovers, dog lovers, chocolate lovers, camping lovers, cosmetics lovers, lovers of children and even loving couples. I must admit, the Choco Rush monthly box of single source dark chocolate makes me very happy when … Continued

Are You Doing Enough to Stop Subscriber Churn?

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Are You Doing Enough to Stop Subscriber Churn?

I hate subscriber churn. Each time a member quits feels like a personal rejection. And it is! I’ve been marketing memberships for more than two decades. And when I see a client report with higher churn than their product value deserves, it makes me angry. Even if it’s a client prospect that I haven’t worked with yet, I still take it personally. For me, there is no normal churn. Churn means rejection, disappointment, and someone else getting your member instead of you. Okay yes, I understand that SOME churn is a necessary part of selling. If your churn is really low, it could mean you aren’t signing up enough new members. There are always going to be some people who join but aren’t a perfect fit, and it’s better for them to go quickly rather than for you and your team to try to please everyone. You can never be … Continued

Why Do Members Refuse to Do Anything With the Materials You Give Them and Then Quit Their Membership?

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It makes me so mad. Customers opt-in, review my sales message, talk to my people and choose to buy. Then they do NOTHING and quit. Some even have the gall to criticize the program when they did nothing with what I sent to them. I can see they never opened their emails or logged into their member dashboard. Argh! I’ve had SAAS clients with past customers who did nothing with the product, but still took the time to post a negative review of the product. Or I’ve seen subscription boxes with past customers posting on social media, saying, “Received a box, never opened, stupid.” Oh, and this is really a sore spot with my publisher clients. How many times have you heard, “When I put this month’s unopened mailing on top of a pile of four other months of unopened mailings, I decided I needed to call to cancel.”? And, … Continued

How to Communicate Your Benefits in a Compelling Way so Members Want and Appreciate What You Deliver

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“What are the benefits I can offer to stop members from quitting?” is the most frequent question I hear. Yet, for the most part, the benefits these clients deliver to their members are just fine. But there’s usually a huge problem in the way benefits are communicated. You may have an understanding of your benefits, how they’ve helped other members in the past, and how they can help your current members. However, your new member has no idea about any of this. And she’s not going to read a bunch of stuff to try to learn about everything, either. You’ve got just a few seconds to pique her curiosity and get her engaged, even if she invested in buying your subscription. Most importantly, rather than talk about what the benefits are, such as discounts, publications, or a subscription box, illustrate how each benefit helps your member. There should be a … Continued

Retention Training to Stop Your Members from Quitting

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I may have to seek therapy. My son, Robert William, has chosen to attend the University of Florida to become a … I can’t write it. Their mascot begins with the letter G. Ugh! I graduated from the superior school within the state, Florida State University. My favorite daughter is set to graduate from Florida State this December. She followed my plan perfectly. I remember sitting with my daughter at an FSU baseball game when she was 10 years old or so. Between innings, the stadium announcer began to read off scores to the crowd. One score spurred a tremendous cheer: “Here’s an update from the SEC gymnastics tournament — Kentucky 8, Tennessee 5, and Florida 2.” My daughter gave me a quizzical look as if to say, “Why does anyone care about a gymnastics tournament?” “As a Florida State Seminole, we root against Florida in every sport they play,” … Continued