463 - There Are Only 2 Ways To Make More Money From Your Membership
Membership Geeks Podcast with Mike MorrisonShow Notes
In this episode, I dive into the two fundamental strategies for increasing the revenue of your membership business. I break down why making more sales and boosting the lifetime value of each member are the only real ways to grow your income, and share actionable tips for improving both areas. From smart marketing adjustments to retaining your members for longer, I offer proven, practical advice you can implement right away. If you’re looking to ramp up your membership profits, this episode is packed with insights to help you get there. In this episode: What are the only two ways to make more money from your membership? How can you refine your marketing and sales strategies to attract more new members—and even win back former ones? What practical steps can you take to increase the lifetime value of each member, including improving retention?
Thank You For Listening I really appreciate you choosing us and for supporting the podcast. What's your next step? Whether you're looking to launch your very first membership or scale and grow an existing one, come and join me inside Membership Academy - where I'll give you everything you need to succeed at every stage of your membership journey. And if you found this episode valuable, I'd be eternally grateful if you would leave an honest review and rating for the show. They're extremely helpful when it comes to reaching our audience, and I read each and every one! Key Quotes & Takeaways: "If you're not bringing people into your world, you're not getting traffic, you're not building your followers, you're not building your email list, then there's fewer people to sell to, and by virtue of that, fewer people who join your membership." "If you are bringing people into your world, your list is growing steadily, but they're just not joining. We need to reach out and survey those non buyers, find out why they've not joined, find out the main obstacles, and then tailor your marketing in order to preempt those and to overcome some of the issues that might be keeping people from becoming members." "At Membership Academy, around about 25 to 30% of people who leave ultimately return within a 12 month period. On average. When we've done our survey, that is tending to be around about 15% across the thousands of memberships that we surveyed, about 15% of people in memberships where they conduct win back campaigns, about 15% of those X members come back. That's one heck of a conversion rate." "So once they've been in there for three to six months and they start to get some wins, they've start to feel integrated into the community, they start to feel that sense of belonging, then they might be more receptive to upgrading to annual."
More from Membership Geeks Podcast with Mike Morrison
A year is a long time in a membership. Long enough for members to forget their renewal date, let their card expire, or get hit with a charge a few days before payday. In this episode from the vault, I walk through exactly how I handle annual renewals in Membership Academy so members are never caught off guard. I share the email sequence that kicks in 11 months after someone joins, why I tell members how to cancel, and why keeping renewing members on their original price is one of the strongest retention levers you have. I also share how one membership switched to manual renewals, offered a renewal-only lifetime deal, and saw its renewal rate go up. If you offer annual or six-monthly plans and want fewer failed payments and more members choosing to stay, this episode is for you. In this episode: Understand why longer billing cycles lead to failed payments, disputes and surprised members See the final-month email sequence I use in the Academy, starting 11 months after someone joins Learn why pointing members to the cancel button actually protects your business Discover how recapping past value and signposting future value creates a “pain of disconnect” Find out how a renewal-only lifetime offer increased renewals and lifetime value for one membership
As fantastic as your membership may be, not everyone sees joining as a no-brainer. Some people sit on the fence for weeks, almost ready to sign up but held back by something they never quite tell you. In this episode, I'm heading back into the Membership Geeks vault to break down the five most common objections people have to joining your membership, and what you can do to overcome each one. I also share the one question you should be asking your audience right now to find out which objection is really costing you sales. In this episode: Why dropping your price is the wrong response to "it's too expensive," and what to do instead How to reassure people who are wary of recurring subscriptions The social proof and risk reversal tactics that prove your membership delivers Simple ways to make people feel safe entering their card details How a "who this is for (and who it isn't for)" section helps people decide whether the timing and fit are right
At some point in every membership's journey, you'll have to decide whether to raise your price. That's a good thing! It means your membership has grown more valuable since you launched. But there's a right way and a wrong way to do it, and this week I'm on my soapbox about the very, very wrong way. My video host took my annual renewal from about $900 to $4,500, with less than one months notice and a single email that was easy to miss... If it isn't obvious to spot, I break down exactly what they got wrong, why I only raise prices for new members, and what you can take from it for your own membership. If you're thinking about a price increase, please make sure you never handle it like this. In this episode: Why considering raising your price is a healthy sign for your member How an upcoming price increase becomes one of the most profitable promotions you can run Why legacy pricing is a silent retention tool that gives members more reasons to stay What Vimeo got wrong, and the communication, clarity, and fairness lessons you can apply Where the line sits between a smart save offer at cancellation and rubbing it in
00000000 00000210 0000073B 000000000ADD3A35 00000000 04ED47C0 00000000 00000000 00000000 00000000 00000000 00000000
00000000 00000210 000007C6 0000000007BABB2A 00000000 0381565D 00000000 00000000 00000000 00000000 00000000 00000000