This video goes into establishing your mission, target market, and key segments, as well as solving the "chicken and egg" problem.
- You can't have a community of one person…so what do you do if you have an idea that requires…the network effect of a large group,…but you have no members?…One of the biggest challenges in the membership economy…is getting started with a new idea.…There are several ways…you can launch a community from scratch.…One is to take an existing community…and recruit them to join your organization as a group.…For example, when Facebook started,…they took an existing community,…the Harvard student body,…and brought the whole group online at once.…
Since that group already had relationships…in the real world,…they saw Facebook as an extension of their network…and took their conversations online.…From there, it was easier to add new members…focusing first on other nearby colleges…with lots of friend overlap…and later with alumni of these same schools.…Another way to avoid the chicken and egg…is to offer early members benefits…that don't require community.…Take LinkedIn.…Today, most of us would say…that the biggest value of membership…
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