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 rather than 12 — expecting that will double retention. Usually, this only makes their retention rates worse!
Memberships are luxury items; no one whose children went hungry last night is signing up for your subscription program today. You are selling to people who have disposable income because they want to feel differently about themselves, to improve their assessment of their social status. What should you do when those customers feel as though they have less disposable income?
THIS is what I’ll be writing about this month. Your article next week will be the first time I’ve ever revealed how to keep members who grow bored with your membership. You know those who think they are “too smart” for your membership. This is normal and I’ll show you how to transform these members from Quitters into Lifers.
Also, if you haven’t done so yet, pick-up your copy of my new book Retention Point what are you waiting for? It’s this book where I reveal how to get more members so excited they keep their memberships, buy what you offer and refer their friends. I’ve seen memberships double and triple in a few months using this system, even if they’ve experience stalled growth for months before. Get your copy of Retention Point today. (And, after you read the book, if it is worthy, consider leaving a review on Amazon.)