Reduce Your Monthly Failed Charges So You Collect More Recurring Revenue

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Reduce Your Monthly Failed Charges So You Collect More Recurring Revenue

Subscription businesses benefit from the advantage of recurring revenue. Acquire new members and keep your existing ones. Sounds simple, right? We understand it’s not that easy. How do you keep your recurring revenue if your members’ credit card charges are declined? When you charge the credit card that you have on file, send the product or service, and then find out the charge was declined, that’s called involuntary churn. And, it sucks. It sucks out your revenue, and the hassle often sucks out the member’s subscription. I met with Paul Larsen to discuss this challenge. In addition to a lengthy list of credentials and experience, Paul is the owner of PaulLarsenConsulting.com, a company with a focus on helping businesses conquer involuntary churn and increase their recurring revenue. You see the recurring revenue of your existing members decreasing at a rate higher than your churn. This is what happens with involuntary … Continued

What We Can Learn About Turning Subscribers Into a Vibrant Tribe from FitFabFun Subscription Box

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Turn your subscribers into a vibrant tribe of supporters by growing a relationship.

There’s a recurring problem I face when subscription companies ask me to help them lower their churn rate, improve renewals, and break through subscription rate plateaus. And in the growing subscription box world, this problem is worse than anywhere else. Subscription boxes are exploding in popularity. The number of subscribers is increasing, and this demand has caused a lot of growth within the industry. The problem, however, is that subscription boxes allow their value to be measured based on the value of the products inside the box. If the retail value of the box’s contents is $95 and the cost of the box is $25, then that’s a great value. However, this thinking doesn’t work for boxes. It’s like measuring this Sunday’s sermon based on the retail value. Or measuring the impact of the football game based on the number of great plays compared to a basketball game. Or measuring … Continued

How To Seize The Membership Economy Opportunity To 5x Your Company

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HOW TO SEIZE THE MEMBERSHIP ECONOMY OPPORTUNITY TO 5X YOUR COMPANY

Why would your company want a member instead of a customer? Studies show the valuation of companies in the membership economy are anywhere from five to 10 times the size of similar companies which use transactions. That’s according to Robbie Kellman Baxter, author of The Membership Economy. Baxter is a Silicon Valley marketing consultant whose clients have included Survey Monkey, Netflix, Yahoo, Oracle and eBay. I recently talked with Robbie about what she calls “the forever transaction,” a customer who sticks with you forever. You will learn insights she’s gained from advising nearly 100 organizations on growth strategy. Long-term members give entrepreneurs a more predictable cash flow, says Baxter. Also, companies are able to invest more time and money to acquire a new member than they could for a one-time sale. “So many transaction-based companies invest in acquisitions, and then don’t retain the customer,” Baxter says. “They’re on a constant … Continued

Increase Your Recurring Revenue by Delivering 10X Value

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Increase Your Recurring Revenue by Delivering 10X Value

Podcast: Play in new window | Download (Duration: 48:59 — 30.6MB) Subscribe: Android | Email | RSS | How to Subscribe Using Different Platforms The subscription economy is exploding and everyone is wanting the benefit of recurring revenue. Today the world is awash with subscription options-Netflix, Amazon Prime, SalesForce.com, Dollar Shave Club, and so on. Sure, you offer a dynamite software as a service company, a great training program, a unique product, or vital business intelligence, but how can word of your business cut through all the noise? To gather some insight from an expert in the subscription economy, I talked with John Warrillow, author of bestselling books like Built to Sell – Creating a Business That Can Thrive Without You and The Automatic Customer – Creating a Subscription Business in any Industry. John is also the founder of a subscription-based company called The Value Builder System, where advisors help … Continued

Three Ways Specialized Information Publishers Boost Membership Retention

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Strategies used to improve membership retention and increase member value.

In the world of publishing, members (subscribers) are hard-won, and membership retention is even more difficult. The goal is that, once members are brought onboard, a publishing business can run like a locomotive—with unstoppable momentum that builds over time. That feeling is the magic of membership retention. On the other hand, when publishers lose members faster than they sign up new ones, it feels more like bailing out a leaky boat. So how do they run like a locomotive? I talked with leading specialized information publishers about strategies they use to improve membership retention and increase member value. Their insights will help you develop loyal members who continue to buy your services year after year. To maintain your member’s interest, you need to keep your publication content unique and necessary. Don’t simply forget about a member once there’s an order in hand. Ryan Dohrn, founder of SalesTrainingWorld.com, makes sure his … Continued

Four Ways Specialized Information Publishers Generate New Customers

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Generating New Publication based subscriptions

Business readers will invest to get specialized information that gives them the edge against a competitor. But how do publishers who sell subscription-based newsletters, magazines, reference manuals and training programs get those business readers to invest in their publications? The usual methods of direct mail and online ad campaigns figure into their marketing strategy. But the publication itself is also a powerful tool to reel in buyers, and specialized information publishers often use part of their own content to generate future sales. I asked top publishers to share the methods they use to sign up new subscribers. You will learn their tactics, many of which can be adapted for other types of subscription-based businesses. Back-to-basics marketing is a strategy many subscription publishers still use. Guy Cecala, CEO and publisher for Inside Mortgage Finance Publications says direct mail, and even old-fashioned word-of-mouth, remain part of his marketing strategy. “We get a … Continued

How to Accelerate Your Subscription Growth – Insight and Advice from Zuora

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How to Accelerate Your Subscription Growth Insight and Advice from Zuora

Podcast: Play in new window | Download (Duration: 48:02 — 23.2MB) Subscribe: Android | Email | RSS | How to Subscribe Using Different Platforms How would you like to know the secrets of the fastest growing subscription companies? Subscriptions are exploding for everything from information, software, to monthly boxes. This growth has attracted new resources for analytics, software, and marketing to learn what works and how to grow the largest subscription companies today. These tools can give you more visibility, control and monthly recurring revenue for your subscription program. This interview reveals what the largest players in the subscription economy do to attract new customers, understand their subscribers to reduce churn, and grow their monthly recurring revenue. For starters, Zuora offers products, resources, and cloud technologies to help subscription businesses attract and retain members. Zuora has sophisticated monthly billing systems that increase revenue with better pricing models and international acceptance … Continued

Essential KPIs for Monitoring the Health of Your Subscription Program

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KPI to diagnose the fastest ways to grow membership programs.

Each year when I visit the doctor for my annual physical, the blood test results come back in a multi-page report detailing blood cells, cholesterol, liver enzymes, and more. A human body requires dozens of interconnecting systems to work properly and be healthy. Same with subscription programs. Subscription programs often reach out to me when they’ve hit an invisible ceiling. They reach a barrier that prevents their subscription program from growing. Even though they may have enjoyed a fast growth rate for months or years, when their membership reaches a certain point, they never seem to be able to push through. At that point, when they add new members, it just seems to increase the rate at which members quit. Often this ceiling is evident for many years before someone reaches out to me. It’s a shame anyone waits as long as they do — I could save them a … Continued

Increase Subscription Member Retention with Subscriber Emails: Lessons from the Subscription Boxes

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Lessons from the Subscription Boxes

While there’s nothing more exciting than when that monthly subscription box arrives, there are a lot of days each month between subscription boxes. These are days when your customer receives their credit card statement, which is often larger than they expected. And she may be tempted to try to trim her monthly expenses, possibly sacrificing the monthly box she loves. How do you avoid the chopping block? Obviously, by making the box experience surprising, engaging, and pleasant. But that’s only one day a month. What about all the other days? The first answer is subscriber emails. Unfortunately, there appears to be two extremes in the subscription box industry — either few emails or a deluge. Too few can be zero. Or perhaps no emails beyond the administrative billing and shipping confirmations. Where’s the excitement in that? Most often subscription box companies deluge their subscribers with offers, promotions, and the mundane. … Continued

Why Donald Trump Won’t Make America Great Again and Neither Will Trump’s Critics

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Donald Trump identified a silent movement of fear and loathing within white America that delivered him to the White House. But, Trump didn’t invent fear-based movements; he’s simply a current practitioner. There’s evidence that fear has been used to lead and control people since the beginning of human history. The primary purpose of public crucifixions for Roman emperors was to make subjects fear the authorities. In the 19th century, whites in the South justified killing blacks by sowing the fear that they would rob whites or dishonor their women. And today, Donald Trump is using the fear of Islamic terrorists to order a travel ban. He’s stirring fears of Mexicans taking American jobs, burdening our hospitals with unpaid medical care, or taking advantage of welfare to justify building a wall. He claims news reporters who write unflattering stories are mentally unbalanced people with an agenda. Many of Trump’s critics are … Continued