Hidden Peril or Power of Your Member Stakeholders

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Power of Your Member Stakeholders

Most membership marketers ignore the people around their member. What does the husband say to his wife about her monthly subscription box credit card charge? What does a wife say when her husband of 50 years, a retired engineer, buys a $2,000.00 subscription trading service on stock options when his past stock picks include Lucent Technologies, Enron, and General Motors? How does the IT manager ask his boss to renew a $10,000.00 subscription to buy access to information that makes it less time-consuming to search for information needed to do his job? The people around your subscriber can be the cause of a cancelation. Instead, turn this problem into your advocate. Subscription boxes are one of the worst subscription businesses at onboarding. It’s easy to understand why; a lot of logistics go into acquiring all the items, getting them distributed into boxes, accommodating customization requests, labeling the boxes, and getting … Continued

Connect Your Members to Dramatically Increase your Retention Rates

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Dramatically Increase your Retention

Every Tuesday morning, my wife and I participate in an interval training group at the running track. The group is led by a Hall of Fame track coach who will help you become a faster runner by running fast-paced intervals once or twice a week. But my wife goes to chitchat with her friends in the group. I started going to track intervals sessions weeks before Kory did. I enjoyed the workouts; it’s fun to train hard. And as my times improved, Kory wanted to increase her speed as well, so she started attending each week with me. Each week, our coach chooses a different workout to keep it interesting, and he keeps us on task to minimize loafing. It’s a good value that solves a problem: I wouldn’t do this type of workout on my own, but I can get to the track, and he’ll lead me through it … Continued

There’s a Lot More to Retention Than Value, and That’s Good News for You

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The good news about membership retention

It’s expensive to deliver value. Solutions to your members’ problems are expensive to conceive, test, and produce on a regular basis. It should be good news that members are looking for a mix of benefits and aren’t focused solely on value. Members want to be part of something bigger than themselves. Memberships that are about having a greater impact have higher retention than those that rely on value alone. Your mission is an essential part of your Retention Deficit Disorder treatment. What do you want to accomplish by creating your membership? What is your movement about? How do you want the world to be different?   These are important messages to include in your marketing. This is often where villains crop up. There’s little value in creating villains for the sake of villains. Instead, how will your membership vanquish the villains? Let your member experience the satisfaction of feeling like … Continued

Are You Disappointing Your Members?

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Are you disappointing your members

What you sell damn sure better live up to your sales promises. There’s no retention without fulfillment. I had a great discussion with a client today. We are creating a new onboarding product that will become a “gift with purchase” that we can offer to increase sales conversions. He asked me, “If this video is longer than a few minutes, will someone watch it?” My answer was, “I don’t care if the video is three minutes, 30 minutes, or three hours long, the priority is that it delivers everything promised during the sales process in a satisfying way.” Above all, deliver what you promised. I have an assessment on my desk now — a client asked me to review their business because they have a 33 percent refund rate on purchases. While it’s amazing and wonderful they are able to sustain a 33 percent refund rate and still grow their … Continued

It’s Easy to Make Your Membership Complicated. Simplification Is Difficult and Important

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Simplifying Your Membership is Important

Pointless. I was writing, printing, and mailing a 24-page full-color newsletter for 36 people. That’s all that signed up. It was so humiliating to write and preparing a newsletter for only 36 members. Expensive too — although each member paid $199.00 monthly, total dues collected was not enough to cover my production and fulfillment costs with so few members. Membership would exceed 360 in just a few months, and a year later there were more than 1,000 members. By then, I’d forgotten about running negative that first month. But at the time, it felt pointless. The release of my new book, Retention Point, has generated a lot of discussions with potential new clients. At some point, I’ll charge for the subscription assessments I deliver. They really are amazing and well worth investing $2,500.00, $5,000.00, or more. Heck, I put 5–10 hours into reviewing your subscription marketing, onboarding, and deliverables before … Continued

Member Retention Secret for Getting More Lifers and Becoming the Membership That Doesn’t Get Canceled

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Subscription Membership That Doesn’t Get Canceled

“I can’t even get my member to return my call.” I’ve heard it a million times. This person has been a member for months, but now they’re getting canceled because their monthly charge didn’t go through. The team emails, calls, and even sends a letter … no response. In the beginning, there were just a few of these, but now, you can see there is a disease. Members won’t return your emails and calls. This problem started in the hours and days after this member joined. You just don’t excite them anymore. Have you ever gotten excited about buying something, then a few weeks after you bought it you didn’t even remember you had it? And if the company who sold it to you calls you, are you going to take that call? Heck no! Even if you liked them well enough, it wouldn’t matter. No one likes talking to … Continued

In A Divided World, Those Who Unite Their Supporters Win

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Those Who Unite Their Subscribers Win

Your subscribers have several monthly charges on their credit card. How do you make your subscription a “must have” to avoid being canceled? When your member examines her credit card statement with the idea of cutting back on her monthly expenses, how can you avoid being one of the many services that’ll get canceled? She’s likely got cellphone, Netflix, Hulu, Spotify, a subscription box or two, monthly charitable donations, a couple of subscriptions for her work, and perhaps even a food delivery. What can you do to get her to keep yours? It’s not by increasing the value of what you deliver. Yeah, that’s right. Subscription programs often try to double down on the cost of what they deliver, only to be disappointed when it has little or no impact on retention. Or they do their own equivalent of what publishers try to do — deliver 24 pages of content … Continued

Traveling the World to Fight Subscriber Churn

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I take it personally when one of your members quits.

Every time one of your members quits, a piece of me dies. It is a relationship lost. A promise broken. Opportunity unfulfilled. It’s my mission to help you never let it happen again. I take it personally when one of your members quits. Can we ever make it stop completely? No. And, honestly, we want some churn. We need to get rid of the people who don’t fit or shouldn’t be our members. But as for the rest of them, a loss is nothing but a loss. There’s no way to sugarcoat it. And, if I don’t tolerate losing, why do you? In June, I traveled to Ireland to visit the team at Agora Integrated Marketing (AIM) in Waterford. This is the internal marketing agency for The Agora, the billion-dollar publishing company with newsletters around the world. In May, AIM hosted the Agora Internet Marketing Summit in Baltimore and invited … Continued

The Retention Point Accelerators that Grow Your Member Lifetime Value

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Accelerators that Grow Your Member Lifetime Value

These strategies form the key distinctions between people who are what I call “Membership Marketers” and those who are “Member Leaders.” Membership Marketers focus only on the hunt, acquiring new members. Member Leaders are as concerned with keeping the members they have as they are with getting new ones. Member Leaders implement systems to get their members to the Retention Point as quickly as possible. The Retention Point is when members fall in love with you, buy everything you offer and eagerly refer their friends. Chances are, this is already happening a little. You likely have some of these members already. These 10 marketing strategies help you generate more of those Lifers increasing your average member value. And, help you convert some of your Quitters into Lifers to decrease churn, increase retention and grow your recurring revenue. Briefly they are: VALUE is like water; too much is just as bad … Continued

3 SAAS Customer Success Mistakes When Onboarding New Members, and How You Can Avoid a Similar High Churn Rate

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How You Can Avoid a High Churn Rate

Is it easier to leap over a six-inch step or a 10-foot wall? The six-inch step is easier, duh. The more you are asking your new member to do within the first few hours or days of your membership, the more difficult it will be to get that new member to the Retention PointTM. Open an email and click a link. This is a low bar, and a large percentage of your new members will succeed at this task. If you ask them to enter a bunch of data and create new daily habits of using a new software tool, few of those members will be successful. Customers will act in proportion to their excitement about the outcome they will receive. If the potential outcome is exciting, the member will take action. If the outcome is unclear and the work appears burdensome, you can expect your new member to churn. … Continued