In this video, observe the types of skills required in a membership economy company, as well as the functional departments. Build your organization around your mission and customers, not your products and services.
- Maybe you're watching this course…because you're an entrepreneur designing a new business.…Or maybe you're an executive evolving the business…you have for the membership economy.…One of the biggest challenges in either case…is something that many organizations overlook.…First is the structure.…Metrics are different in the membership economy.…Acquisition of new customers isn't as important as retention…and minimization of churn.…And engagement, meaning how much people actually use…the stuff they're paying for,…isn't tracked in transactional businesses.…But in the membership economy,…engagement is a really useful indicator of retention.…
There's an infinite amount of data…that you can obtain for your customers.…But it's going to be pretty useless…if you aren't being smart about what you do with it.…And you can be sure that your competitors,…especially the new disruptors, will be using it.…Organizations have access to much deeper…and richer behavioral data in the membership economy,…which requires analytics.…And of course you need people who can manage…
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