If your goal is to add 1000 new members this month but had 300 members cancel their membership, then 30 percent of your the marketing expense, your copywriting efforts and the efforts of your sales team were expended to replace members you once had. Think about that effort and expense for a moment. All just to try to stay even. Thirty percent of your month invested to keep from falling behind. It’s even worse if you experience significant refunds. Now you’ve got to expend more marketing dollars just to get back to the revenue number you thought you had achieved. Churn, cancels and refunds have been accepted as a normal part of subscription businesses. Yes, there will always be churn and some of it is normal and healthy, you can’t please everyone. But if you consider the percentage of your marketing efforts are devoted to replacing members who quit and … Continued
Sitting in a cab, stopped in traffic, in the dark, at 5:53 am, 17 degrees outside. There’s a long line of cars sitting on the highway, each waiting to enter the Laguardia Airport. Ramit, my cab driver, tells me Laguardia has been under construction for the last two years. And, it’ll take another two years to finish the new terminal. Meanwhile we wait as traffic tries to squeeze from three lanes to one in a construction zone. Several passengers have given up on riding to the airport. They have leapt out of their Ubers and cabs and are dragging their suitcases to the airport on foot, through the snow banks on the side of the road. Hurrying to get to the gate before their flight departs. I’m in New York City for consulting days with two clients. I love my New York City clients, in May. January is too cold … Continued
Have you ever been disappointed when the secret behind a magic trick was revealed to you? At first you were amazed when the trick was performed. It’s amazing to see a skilled magician executing a trick so perfectly you can’t imagine how he did it, except by some form of magic. For instance, I always thought the David Blaine levitation trick was just amazing. He just lifted up off the ground. But, from a different angle you could see he’s just lifting his body with the front of one foot while keeping his heels together. From the back you can’t see that foot and the trick looks amazing. And, as long as you don’t know the trick, it does look amazing. And, when used with skill, it makes the performer look, well, magical. There’re a lot of these tricks in marketing. There are tricks that get stated so many times … Continued
When you are ready for a good cry, do a YouTube search for “marriage proposal.” There are thousands of amazing videos with gentlemen (and ladies) making marriage proposals. If it doesn’t make you emotional, nothing will. It’s impressive how many different ways there are to propose. Skywriting is so passe. There’s the surprise proposal at a sporting event, the boyfriend as a hospital patient turned proposal, fancy custom written songs, jumping out of airplanes, and I even saw a proposal in a duck blind. While the proposals can be impressive, the answer delivered in response to the proposal is always based more on the relationship leading up to the proposal than it is on the proposal itself. Sure, it’s good to make it nice. But in reality, if the relationship isn’t there, the answer will be “no.” And, trying to deliver an elaborate proposal when there’s not a good relationship … Continued
What if you had to compete against the Wall Street Journal, Investors Daily, Financial Times, Barron’s, MSNBC, Yahoo Finance and thousands of other paid and free resources. Dan Fink, managing director of Money-Media, offers innovative solutions and lessons learned from his years of competing against some of the biggest publishers in the world, and winning. “It’s really about having a 365-day mentality that if you’re going to try and renew these people a year later, your job starts in day one to make sure that they have a good experience all year long. And then the pressure’s off when renewal time comes.
The real money in a subscription business is not in getting new subscribers, it is in keeping them and increasing their value. They might visit if your sales process is good, but they’ll only stay if your content is truly engaging and you are communicating with them in an entertaining and engaging way.
Jim Sinkinson founded Infocom Group in 1980 and sold it in 2015. The company produced online data services, newsletters, webinars, books, special reports, ad-based media, live professional development conferences and seminars for the PR/corporate communications market. Continued
Thousands of people died from infections in 1846, while doctors refused to admit they could be spreading disease from one patient to another. Yet when Hungarian doctor, Ignaz Semmelweis, promoted the idea that doctors wash their hands and medical instruments with soap and chlorine between patients he was ridiculed, even after he was proven to be correct. The way we do things gets ingrained, we develop patterns for completing projects quickly. And with the never-ending anxiety from approaching deadlines, it’s a lot easier to get something done, than rethink why and how you are doing it. Over the last 12 months I’ve encountered hundreds of instances of membership programs doing things because that’s the way they’ve always done them. And they’ve showed me, with pride, the onboarding campaigns they’ve created for their newest members that ignore all of what we’ve discovered that generates engagement, retention and increases revenue through upsells. … Continued
While the functional value of your subscription membership is an important element, the key drivers for breaking through plateaus and maximizing subscription and membership growth are all about emotion. How does your subscription solve problems for your members? How do your customers feel about the problems they face? What mistakes do your prospective members make that they don’t know they are making? While its competitors advertise their motorcycles’ features, horse power, and price, Harley-Davidson promotes the feeling of freedom you’ll experience when you ride a Harley. That feeling drives more sales than all the features and price data. Do your promotions focus on what you deliver to your members or on how they’ll feel after becoming your member?[/cs_text][x_custom_headline level="h2" looks_like="h5" accent="false"]2. Your race to maximize lifetime member value begins right after the sale.[/x_custom_headline][cs_text]Too many subscription marketers are focused on what I call “a series of one-night stands.” Once they get … Continued
Your members and prospective members receive thousands of messages a week. Your member reads emails with one finger on the delete key, trying to scroll through the deluge as quickly as possible. How do you stand out, get read, and inspire your member to action? Not by talking about yourself. To everyone in my office, I must sound like a ringtone, constantly going off with the same noise. “Write copy about your customer and what he or she wants; stop writing about you and what you deliver. Write only about how what you deliver helps your member solve a problem in his or her life.” Longtime monthly client Brandon Lewis of Painter’s Academy sent me a copy of an email he wrote to his members. Brandon is a brilliant marketer who helps painters revolutionize their business by generating referrals, maximizing the value of each painting job, and getting repeat business … Continued
Georg has been an executive at the highest levels of some of the largest, fastest-growing subscription businesses for the last three decades. And, for you, he reveals the biggest subscription mistakes to avoid, how to deliver value subscribers will eagerly pay to receive, and the single most effective strategy in jump-starting membership growth after it has plateaued. And for inventory, Georg advises against getting carried away. “People say, ‘No, I’ll have 100,000 members immediately,’ and then they buy inventory like crazy, and they sit with a pile of stuff they can never sell, which is a sad story. I would always encourage people to be conservative in the beginning, rather work with scarcity and build up slowly. Conserve your capital. Be very cognizant of capital and spend it in media, and try all kind of channels you can try.” He suggests adding surprise to pique interests. “A little cliffhanger, little … Continued