What’s the best way to reduce churn, increase retention and grow your monthly recurring revenue?
In the subscription business, often 2/3 of your first-year subscriber churn happens within the first three months. That’s right, 2/3 of the subscribers who cancel in the first year, actually cancel within the first three months after joining.
And, of that group who cancel within the first three months, it’s very common to see that more than half of those members cancel within the FIRST MONTH.
And, of the subscribers that quit within a month of joining your subscription, it’s common for half of those subscribers to quit within the first week after they join.
For stopping subscription churn, it’s vital to focus on the time periods of the first 7 days, the first four weeks, and the first three months after someone subscribes. Those are the biggest opportunities to lower your churn rates.
Good, I knew you’d ask.
This episode of Be Unleavable® Subscription Growth reveals how to maximize your retention opportunity within the first seven days after your member joins your subscription.
🔎Where I’ve been:
My wife and I are participating in the Ironman Coeur d’Alene 70.3 triathlon in Idaho this weekend. The race is today, Sunday, June 26th. If you’d like to track me during the race you can download the Ironman app or follow via my Twitter profile. (I believe I’ve got it set-up correctly to stream onto my feed.) The water temperature for the swim portion of the event is expected to be 57 degrees! (About 14 C) That’ll wake you up.
In my last Ironman 70.3 race, I finished 84th out of 172 people in my age group. My goal is to finish slightly higher up the list this time.
As a final tune-up for this big race, last weekend my wife and I biked 17 miles to the nearby town of Monticello, Florida for the Kiwanis Club Melon Run 5K. After running the race, we biked back.
I really appreciate the ability and opportunity to bike 17 miles, run 3.1 miles, and then bike 17 miles back. And to consider it to be an easy day to prepare for this upcoming race. I remember when I’d get winded walking up one-half flight of stairs!
📖 What I’m reading:
I’m leading a client workshop for a team implementing a new email newsletter to attract leads to their paid subscription programs. For subscription businesses, free email newsletters that promote your successful members enable you to keep your subscription as a paid-only option. You are able to generate leads without discounting your product. Plus, the newsletter is a great retention tool for existing members.
To bring the team up to speed I created a preparation document with the resources I’ve been studying on this free newsletter phenomenon. It’s called, 4 Key Factors Email Newsletter Media Company.
If you’ve been considering creating a newsletter for your company, this document could help you and your team be prepared to succeed. (And, if you’d like me to accelerate your implementation and improve your odds for success let me know.)
🎬What I’m watching:
To be effective marketers you and I have to develop our empathy and understanding. While I’ve always known about “reaction” videos I’ve not watched many before this week.
Here’s a couple of funny reaction videos to get the gist, Dave Chappelle – Terrorists Don’t Take Black People as Hostages Reaction and Why Men Are Paid More Than Women Reaction.
Especially with the Dave Chappelle video, this video is about 20 years old. There are several jokes that don’t resonate with the viewers because they don’t have the context.
As a marketer, we’ve got to ensure that what we write resonates with our target customer. Just because we like it as the author doesn’t mean someone else will appreciate it. We aren’t writing for ourselves, we are writing for an audience. It’s important to check in to ensure your audience appreciates what you are trying to communicate.
🛠 Tools I use:
Would you like to use a search that is as good as the biggest out there and doesn’t sell your data to the highest bidder?
Neeva is founded by former Google employees who have created a damn good search engine. It’s useful and I feel better about not getting tracked around the internet or having my search data sold to outside companies.
🧠 What I’m pondering:
This quote: “All water has a past and all sewage has a future.”
From an unsolicited commencement speech by the NE Ohio Regional Sewer District