Learn best practices for customer success and retention. Understand the challenges of members who aren't achieving the promised mission, or who are distracting the organization from achieving the mission of the majority. Know that not every member is a good fit, and that being selective can lead to healthy growth.
- I'm thinking of starting a movement,…make retention sexy,…but I don't know if anyone will buy the t-shirts.…Retaining existing members is way more important…than acquiring new ones.…Most executives and entrepreneurs paid lip service…to this fact,…but then focus all of their attention to net new customers…and new logos to brag about.…But here's the thing,…in the first few months of nearly any membership,…the company is losing money…when cost to serve and acquisition costs are factored in.…It's on the members who stick around that are profitable.…
So, how do you make sure your members stay?…First, make sure you know who you serve best.…If you don't, don't bother investing in acquisition at all.…Second, track engagement.…If they aren't coming in or logging on,…they're probably not finding value,…and somebody not getting value is likely to cancel.…Don't confuse inertia with loyalty.…Third, use best billing practices.…Too many members are lost due to passive churn,…a credit card expires, an address changes,…there are loads of software to service apps…
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