This video explores how to evaluate engagement throughout a customer's journey, and identify risk of potential attrition well before they push the cancel button.
- Many long-time membership organizations…brag about their loyalty.…They tell me how their members have been around…for 20 years on average,…or how no one ever cancels.…But for me, this kind of loyalty is suspicious.…How can you tell the difference between loyalty and inertia?…First of all, ask them.…Surveys, even really simple ones…like the Net Promoter System,…can provide a good indicator of member satisfaction…and can serve as a canary in the coal mine,…signaling dissatisfaction.…
Even better, track engagement.…If they aren't using what they're paying for,…they're less likely to see value in their spend.…The exception is if your product…is an insurance type of benefit,…which is a different story,…and in those cases, you still need to figure out ways…to remind people of the value they're getting,…even before they need to file a claim.…'Cause if they don't see value,…eventually they're going to cancel.…Sometimes, that takes a while because people are busy,…and sometimes that monthly or annual fee…isn't big enough to get the subscriber to pay attention,…
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