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.