In this video, Robbie explains why the moment of transaction is the starting line, not the finish line. Learn the difference between the funnel, the chute, and the hourglass. Build a lean funnel that maximizes marketing spend.
- You're probably familiar with the idea…of a sales and marketing funnel.…Traditionally, your funnel starts at the top…with your total available market.…From there, your first objective is awareness.…You want them to know that you and your products exist.…Then, there's trial,…you gave them a taste of the value you provide…to wet their appetite so they'll actually complete…a transaction with you and buy whatever it is…you're trying to sell.…In transactional businesses,…that moment of purchase is the finish line.…Hooray, you sold something,…now forget about that customer and go back to the top…of the funnel and find some more prospects…and start the whole thing over.…
But in the membership economy,…that transaction is only the starting line.…More important than acquiring new customers…is keeping them.…And to optimize retention and minimize churn,…you have to start at the bottom of a funnel.…The first thing you need to do is to make sure…you have what jargonists call product/market fit.…This means that you need to make sure…
In this course, Robbie Kellman Baxter—author of The Membership Economy: Find Your Super Users, Master the Forever Transaction, and Build Recurring Revenue—goes into the types of skills required in a membership economy company, why onboarding matters so much in long-term customer relationships, and how to optimize the experience for loyalty. She also outlines pricing for value in the membership economy, when free makes sense, how technology can extend the infrastructure of trust, and best practices for customer success and retention.
- Building the forever transaction, the right organization, and an effective acquisition funnel
- Onboarding members for success
- Starting simple with pricing
- Leaving room in pricing for flexibility
- Using the right technology
- Tracking the right data
- Knowing when to retain members
- Transitioning from idea to going concern
- Recovering from a pricing mistake
- Understanding the difference between loyalty and inertia