Loyalty Growth Lab

[EXPOSED DAY 23] There are a few ways that you can increase the revenue your membership makes.⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. ⬆️ your price. I would say that the majority of memberships I run into are under-priced. Increasing your price not only means more revenue, but it will often mean a higher calibre of member.⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. ⬆️ your volume of members. This is where it gets a little bit trickier. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Most membership strategists will point you in the direction of how to attract new members. Content, Facebook Ads, affiliates - you name it, and they'll suggest it. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
But there's an unsung opportunity when it comes to increasing your volume of members - and that's decreasing your volume of cancellations. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
The nature of a membership is that every month, you'll have people joining, and you'll have people cancelling. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
So let's say you attract 50 new members a month - that sounds pretty impressive, right? ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Focusing on this number seems like an easy fix. But let's dig deeper. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Let's say that you have 40 existing members cancelling every month. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
That brings your net growth to 10 members a month. Not as impressive 😱 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
You could decide to focus on attracting even more members *OR* you could focus on reducing the volume of members cancelling every month.⠀⠀⠀⠀⠀⠀⠀⠀⠀
It is 5 - 25x more expensive to attract a new member than it is to retain an existing one.⠀⠀⠀⠀⠀⠀⠀⠀⠀
There's a massive opportunity here for memberships to turbo-boost their profitability by getting the member experience itself right by:⠀⠀⠀⠀⠀⠀⠀⠀⠀
1️⃣ Having a solid onboarding programme⠀⠀⠀⠀⠀⠀⠀⠀⠀
2️⃣ Engaging their members via their newsletter⠀⠀⠀⠀⠀⠀⠀⠀⠀
3️⃣ Making their content easy to navigate and digest⠀⠀⠀⠀⠀⠀⠀⠀⠀
4️⃣ Automating member win-back⠀⠀⠀⠀⠀⠀⠀⠀⠀
I could go on.⠀⠀⠀⠀⠀⠀⠀⠀⠀
So before you double down on that Facebook Ads agency to attract more members into your membership, I'd ask you this: what have you done recently to improve your member experience and reduce member churn?

INTRODUCING THE MEMBERSHIP MAPPING CHALLENGE >>

I've never done this before...

But from April 6th I'm kicking off a FREE four-day challenge.

As part of the challenge we're going to cover:
✅ Why member retention is just as, if not more important than, acquisition
✅ The strategic questions that will form your membership north star
✅ The loyalty framework I use with my 1:1 clients to help optimise their offering
✅ The customer research template you can use to better understand your member needs
✅ Live Q&A at the end of each live training

This is for anyone with a membership who wants to lay the foundations for the retention strategy.

It's also good for anyone who wants to start a membership but doesn't know where to begin when it comes to proposition and offering.

This challenge is completely free (yup, you read that right!) so if you want in, register now in the link in my bio 🎉

"How do I differentiate between my free and paid content in my membership?" 🤔

I get asked this question all the time. It's come up about three times in the last week alone 😅 and I get it - it's hard! You want to keep your non-paying customers warm without giving them more value than your paying customers! ✨

If you're sat there saying, "IT ME!" then I've got a thing for you. I've created a free guide to help you navigate the choppy waters of free vs paid membership community content 🚢

In this guide I'm covering ✌️ two types of content to consider, 😱 some common pitfalls to avoid, 🏋️‍♂️ and some exercises to get you started in thinking about what should go where.

Tap on the link in my bio to download your free guide today 🤩