You Don’t Have to Fight Churn Alone, Instead Create a Community

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Community fights churn

How many times have you picked what looked like the fastest line at the grocery store, and it turned out to be the slowest? Argh! Isn’t it frustrating? Today we are in the “subscription economy” or the “membership economy.” Growing a subscription business is the fastest way to scale a successful business. Or so it may appear at the outset. Fact is, most approach the subscription business in a transactional mindset. They offer their thing on a monthly basis. This trips up too many. They believe they are getting into the subscription fast lane, only to discover later — perhaps years later — that they’ve been futilely building their business in the wrong way. What was supposed to be the faster line turned out to be the slowest, most frustrating path. Even with the hundreds of tools available today to create an engaging and vibrant community, too few subscription companies … 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

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

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

Copywriting for Customer Engagement, Retention and Lower Churn

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The biggest mistake I see in ongoing content is that it’s 100 percent “how-to” information. Too much how-to is boring, overwhelming, and monotonous. Plus, there are billions of pages of how-to content available for free on the internet. Yes, “how-to” is important, and when you ask your members, that’s what they always say they want; however, when you deliver content in the right way, it’ll result in a huge reduction of your churn rates. I was speaking about this with a client in December. On that call I created the following formula for content: Content = Vision + Clarity + How-To + Personality Throughout the month of January, I’ve had the opportunity to work with Money Map Press, an Agora affiliate and one of the largest financial publishers in the world, to implement this model within their editorial department. As a large publisher, they have several different experts who provide … Continued

Put Your Fastest Win First and You’ll Get a Member That Stays for Months or Years Instead of Days or Weeks

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Memberships and subscriptions are some of the hardest products to sell. Your marketing gets me excited about a problem, promises that you’ve got a solution, and just when I’m ready to buy what you have to solve my problem, you explain you are going to give me the solution in installments over the course of several months. I want a solution NOW! I understand that you want a member and a subscriber, so that’s why you sell a membership. But your member doesn’t want a membership. He wants a solution to his problem. And if you dilly dally around, providing information rather than delivering solutions, your member will tune you out and disengage — lost forever. Once your customer believes in your system and his own ability to do it, and has clarity about what to do, he’s ready to start. This is one of your biggest decisions — where … Continued

Your Selling Begins After Your New Member Joins Your Membership Program

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“You wake up and see your gardener tending to your gardens. You play golf if you want, tennis if you prefer, or, if you feel like taking it easy today, meet some friends for coffee. You don’t have to rush to work. Your team is taking care of every detail, including mailing your distribution checks regularly, as you’ve long since delegated responsibility to a team you can trust — that actually runs your business better than you did.” Jay Abraham calls this method of goal imagery “forward pacing,” a neuro-linguistic programming term. “No more long hours, late nights, and working weekends. Instead, by applying what you learn within this program, delegate all of the details of your business to a cracker-jack team that deposits distributions into your checking account while you relax with your spouse in the paradise of your choice.” I learned from Dave Dee that every proposition must … Continued