$1.5 trillion predicted by 2025 — are you getting a share?

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Subscription programs are predicted to generate $1.5 trillion by 2025 according to UBS (an investment and financial services firm).

What many don’t share is that the average membership/subscription member/customer stays 3-4 months.

There’s a LOT of churn (cancellations).

Membership and subscription programs are our specialty… specifically setting them up and ensuring long-term retention by giving your members an amazing experience.

Our Get It Done Right Community has an average member life of 8.5 years. YEARS, not months.

If you’re considering having a membership or subscription program (And why wouldn’t you given the recurring revenue and leverage?!?!?), a few things to know:

  • Know how many members it’ll take to breakeven/become profitable.
  • Create a kick-butt on-boarding experience for your new members.
  • Ensure your marketing converts at least the number of leads to reach your breakeven/profitability point (notice that the on-boarding experience creation is before this step).
  • Consistently over-deliver whatever your membership or subscription program offers without overwhelming your members.

    An example of this is meal delivery services (pick any of them). Your box arrives with 10 meals/meal prep kits and you get invited to a friend’s for dinner or choose to eat out. It can create some guilt knowing those meals/prep kits are sitting in the fridge waiting… waiting… waiting… Oh, and more will arrive next Wednesday. Consistency in this case = Overwhelm/Potential guilt and cancellation skyrockets.
  • Depending on your membership offer/promise, give members an easy-to-use online platform with additional resources that are available for when they want it. We include a weekly Monday Memo members-only audio on our platform.
  • Make it super easy for members to cancel. While it sounds counterintuitive to increasing retention, it’s not and is part of your Extreme Client/Member Care.
And remember, any program or service that has unlimited recurring revenue is a form of membership whether or not it’s called a membership or subscription program.

For example: virtual assistants, CPAs who offer monthly bookkeeping, marketing agencies, etc. Make sense?