However, a membership program instantly positions you as an expert in your field, making your communication welcomed by your prospective customers. It makes you a celebrity in the eye of your consumer. And, when it comes time to sell your business, you generate the sales price from your core business and you can sell your membership as well. My longtime client, David Lucca, was co-owner of an investment management firm. His firm worked exclusively with airline pilots, and he was looking for a way to attract airline pilots to become clients of his firm, versus all of the financial investment choices out there. David launched a new stand-alone company, the Airline Pilot Financial Association, to become the marketing arm of his financial management firm and provide great custom created financial resources for airline pilots across the country. I recently interviewed David for my Membership and Subscription Growth podcast. He has … Continued
Your subscription product is more than a simple transaction and needs to be treated differently. Rather than selling that product, you need to be selling results. The results that your customers are going to personally experience by using or receiving your product are where the focus of your sales message should be. Every time you mention your product, rather than talking about it, talk about the transformation or how that customer will feel because of your product. “You’ve got to be different from what everyone else is talking about,” suggests Babak. “I am talking so much more about brand and, really, the sense of experience, because that is one of the bigger things that I’m starting to see across pretty much every industry. That focus on creating an experience and creating a memory and stories around it is a big deal, but at the end of the day, it’s, what’s … Continued
Too many people create a subscription business because they heard it’s a lucrative business model. While it’s true that the membership model can help you scale your company faster, generate long-term stability and enable you to grow a vibrant tribe of thrilled members, generating revenue can’t be your only priority. Instead, when you focus on generating a positive impact on your members lives, they’ll reward you with membership and subscription growth. In a recent interview for the Membership and Subscription Growth podcast, I spoke with Tim Broom, the co-founder and CEO of ITPro.TV. Tim transitioned to a subscription business model four years ago and is set to hit $8 million in revenue this year. What he has done, you can do. Your product may be much different than his, but the keys to his success can be applied to any subscription model. ITPro.TV is, as Tim describes, “a Netflix for … Continued
Passion, customer impact, focus, feedback and service are crucial for maximum subscription and membership growth. For an example, take a look at PopSugar and their subscription box, PopSugar Must Have. While I recommend you subscribe to learn more about building your own subscription program, here’s five “Golden Rules” you can use immediately from a recent interview with Lisa Sugar, PopSugar’s founder and CEO. Continued
Customer success determines retention rates in the membership economy. If your member does nothing with what you sell her, she’s going to cancel your subscription.
The old model of leaving it up to your customer to figure out how to get value from what you sell may have worked in the old one-and-done product sale world.
Your membership and subscription growth is determined by how well you ensure customer success. It involves helping your members find a lifetime value in subscribing to your product or service. I refer to it as turning your subscribers into a vibrant tribe of followers. And, it starts with how you attract your them.Continued
While pet owners enjoy spending money on their pets, the pet supply business is already crowded, cluttered and challenging to break through. But, with a keen eye to opportunity, Deena Bronz discovered an underserved group of customers that were a perfect fit for the subscription economy.
Deena Bronz is the co-founder of KitNipBox, a curated monthly box of cat products, including toys, treats, accessories and even Halloween costumes. Deena shares her advice for finding the right product or service to offer, building a community for the members, and focusing on retention. Continued
Within the middle of the huge subscription box boom is one person with a single website, MySubscriptionAddiction.com. Started from an obsession of subscription boxes, it’s become the single largest affiliate for almost all subscription boxes today. And, because their editors create so many unboxing videos, get feedback from followers and see what works from a sales promotion perspective, MySubscriptionAddiction.com is the perfect place to learn what’s working in subscription marketing today. Liz Cadman, founder of MySubscriptionAddiction.com, is one of the best sources for insight into success in the subscription economy. MySubscriptionAddiction.com provides reviews and a directory of subscription boxes. They publish unboxing experiences and feature customer reviews to a growing and eager audience of subscription box enthusiasts. Her website currently averages a million visitors a month, with over 10 million pages viewed each month. MySubscriptionAddition.com followers are the most informed and motivated subscription buyers today. According to Liz, the average … Continued
It’s often a huge challenge to figure out what you should deliver to your subscriber members each month for maximum membership retention and renewal. Plus, you want to deliver something that’ll create referrals and social buzz. This challenge is even more difficult when you are a subscription box trying to negotiate with a company to deliver hundreds or thousands of items so you can ship them to your subscribers as part of their monthly subscription box. There must be a constant balance between getting your hands on products and investing the time and relationship capital to obtain the ones that’ll generate a huge impact. This is the same for a SaaS company choosing which new features to develop or a publisher working with editors to create content. In my recent interview with James Erickson, owner and CEO of Stridebox, a subscription box service for runners, we discussed his solutions to … Continued
Recurring revenue is the single biggest growth factor and stability for businesses today. Rather than having a revenue that is dependent on individual transactions, subscription revenue grows as you add new subscribers to the continuing revenue from subscribers that were added last month, and the month before. Yet, many subscription businesses struggle and fail.
Perry Marshall, one of the world’s most expensive and sought-after business consultants, endorsed by FORBES, INC Magazine, and the most respected marketers in the world, recently interviewed Robert Skrob about the subscription economy. In addition to a wealth of information and advice for the subscription economy, Robert revealed what subscription businesses must do to grow recurring revenue including: how to launch a new subscription business to generate recurring revenue, how to generate new subscribers, and how to onboard new members to increase lifetime customer value. Continued
For 99 percent of the subscription economy, every subscriber receives the same thing. It would be unthinkable for a publisher to create a unique magazine for each subscriber, or for a SaaS company to create a unique software tool for each customer, or for an association to create a unique experience for each member. However, that’s exactly what the most forward-thinking subscription boxes such as PupJoy do every month. Continued
- Page 1 of 2