497 - From The Vault: Increase Your Annual Member Renewals
Membership Geeks Podcast with Mike MorrisonShow Notes
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
Want the exact setup I use to stop annual renewals from failing? Grab the free Renewal Safety Net at membershipgeeks.com/497. It includes the final-month email sequence, a failed payment fix table and a setup checklist. And if you’d like a wider view of where the gaps in your membership business actually are, our free Membership Healthcheck is built for exactly that. Key Quotes & Takeaways: “We’d far rather somebody who doesn’t actually want to renew take that action and cancel their account than have them get billed again and then complain to us, or dispute the payment, or kick up a fuss.” “That signposting of future value creates a bit of pain of disconnect. It means they need to make a decision to not get this stuff that’s coming up.” “Showing that people continue to get the rate that they first signed up for is huge for retention.” “When that renewal payment goes through automatically, the decision stays a passive one. You don’t need to do anything if you want to stay.” You might also find useful: Should I Charge Monthly Or Annually For My Membership Site? 4 Essential Email Automations Every Membership Website Needs How to Identify Your Member Drop-Off Points Tips For Dealing With A Downturn In Your Membership
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