470 - The Way You Market Might Be Killing Retention - Here’s How…
Membership Geeks Podcast with Mike MorrisonShow Notes
In this episode, I dive into the crucial relationship between your marketing strategy and member retention. I explore how the way you attract new members to your membership business lays the foundation for whether they'll stick around long-term. I break down why focusing solely on sign-ups can backfire and how certain marketing tactics may actually set you up for higher churn rates. The aim is to help you develop a retention-first mindset that keeps your membership thriving. In this episode: Why does retention start with the way you market your membership? How can urgency and scarcity tactics impact member retention negatively? What are the risks of relying on discounts, offers, and bonuses to drive sales? Why is overpromising in your marketing strategy detrimental to long-term member success?
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: "Without question, we all know memberships are a retention business. If this is news to you, then this is something you need to get to grips with pretty quick." "Retention starts with the way that you market. I really want you to understand and to embrace that and to develop this long-term view when it comes to your marketing, because marketing for a membership, the success is not measured by how many new signups you get. True success comes from how well those signups, those sales you get, actually stay subscribed. How long do they stick around?" "If somebody can't afford $50 a month, but they'll afford $40 a month. That's too small and too narrow a margin to be sustainable because all that it needs is for one of the things that that person's paying for in their life to become a little more expensive. And then all of a sudden your membership's potentially on the chopping block." "The biggest culprit, or one of the biggest culprits, for the kind of marketing that ends up backfiring in terms of long-term retention is membership owners who hugely overpromise. They oversell, you know, they really, really go over the top with their value proposition."
More from Membership Geeks Podcast with Mike Morrison
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
00000000 00000210 000007C6 0000000007BABB2A 00000000 0381565D 00000000 00000000 00000000 00000000 00000000 00000000