MEMBER RETENTION Increasing the Lifetime Value of each Member in your Membership Site

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MEMBER RETENTION Increasing the Lifetime Value of each Member in your Membership Site by Mind Map: MEMBER RETENTION Increasing the Lifetime Value of each Member in your Membership Site

1. Why Members Leave

1.1. You can maximize your membership retention rate by implementing a variety of retention strategies. In order to do that effectively, you must first understand WHY your members will cancel.

1.2. Not getting results

1.2.1. If your members are not making progress, or getting results they will cancel.

1.3. Time

1.3.1. Some members may cancel because they are just too busy and don't have time to consume the content you are releasing every month.

1.3.2. Some members may cancel because they live in a time zone that makes it inconvenient to attend live events.

1.4. Not enough content

1.4.1. Members may cancel if they feel they need to move at a quicker speed than they can in your membership. Perhaps they want to hire a coach, or buy a course that has everything they need in it immediately.

1.5. Too much content

1.5.1. Members may cancel if they can't keep up with the content that you are releasing. They will feel like they are wasting their money simply because they can't consume your content every month.

1.6. Lack of participation

1.6.1. Some members may cancel because they forget to interact in your community or consume your content.

1.6.2. Members may not participate because there is not alot of activity in the community. Or, when they posted in the community they didn't get any replies.

1.7. Cost

1.7.1. Competition Some members will cancel because they can join a different membership or buy a different program and save money.

1.7.2. Can't afford Some members will cancel because they can't afford to stay in your membership. (It could be a short term situation.)

1.7.3. Not getting a good return Members may cancel if they don't think there is going to be a return on their investment. They don't think there is good value in your membership benefits.

1.8. Expectations

1.8.1. Your members may have unrealistic expectations on what to expect in your membership.

1.8.2. Your members may have expected more beginner type content, or more advanced content than you offer.

1.9. Technology

1.9.1. Some members will cancel if they are frustrated with your membership interface. Can't figure out where or how to log in. Can't figure out how to navigate your membership site. Not mobile friendly.

1.10. You!

1.10.1. Let's face it! You are NOT for everyone. Some members may cancel after being in your membership because they just don't like your style, or how you train.

1.11. Success! Gotten Results

1.11.1. Members are going to cancel when they've gotten what they joined for! These members are going to be your biggest fans. Invite them to join you at the next level of offerings you have.

2. Cancellations

2.1. Common Cancellation Periods

2.1.1. There are specific periods during your members time with you that they will be more likely to cancel their membership. Once you know what they are you can implement strategies to prevent them. Before a trial is over Before a guarantee period expires Prior to the next renewal Seasonal: Holidays, etc.

2.2. Cancellation Process

2.2.1. Although you will implement as many retention best practices as possible, the fact is that members are going to cancel.

2.2.2. Make it as easy as possible for your members to cancel. Add a section of your membership that walks them through the cancellation process and how to cancel their membership.

2.2.3. Pre-Cancellation Add a contact form to your cancellation page and encourage people to get in touch to address any issues/concerns they have that are causing them to leave. Add a personal video thanking them for being a member and asking them to let you know if there is anything that you can do that would prevent them from cancelling. You can also ask them what recommendations they have so that you can make your membership better.

2.2.4. Post Cancellation Track Cancellations Include the date they joined and when they cancelled. Include the reason they cancelled. Keep track of all of your cancellations on a spreadsheet so that you can track your metrics. Exit survey After a member cancels their membership you should send them a survey and ask them for feedback. This will help you increase the retention rate for your other members. Membership Win-Back Campaign Depending on the reason your member cancels, they may want to join your membership in the future. Create an automated email sequence to invite them to join again in the future. Ask for testimonials Some members simply cancel because they have made the progress they wanted to make, or achieved the success they are looking for. Now is the time to ask them for testimonials that you can use to market your membership site.

3. Retention Best Practices

3.1. Now, lets talk about different retention strategies that you can implement.

3.2. New Member Onboarding

3.2.1. It is important to get your members engaged right away!

3.2.2. Member onboarding is the process of integrating a new customer into your membership site effectively. The goal is to get them up and running and consuming your content as quickly and as smoothly as possible.

3.2.3. Welcome Phone Call Ask for phone number during or after the checkout process. Thank them for joining your membership. Introduce youself, and learn more about your member. Let them know their next steps.

3.2.4. Personalized Video Congratulate them for joining your membership. Let them know their next steps.

3.2.5. Thank You Gift Send a thank you card along with a gift of some type. (Branded swag is nice to send.) Ask for address during or after checkout Added Bonus: Your member may take a picture of the gift you send them and show it on social media, resulting in additional exposure for your membership

3.2.6. Welcome Video on Member Dashboard Record a welcome video that your new members will see when they log in. Show with them how to navigate your membership site, where to access everything, join the community, or how to get support.

3.2.7. Series of Emails You can create a series of emails that are automatically deployed as soon as your member joins. Emails focus on each of the main membership benefits and how to access them. Encourage members to introduce themselves in the community.

3.3. Content Creation

3.3.1. Membership Roadmap Create a roadmap of some type that let's your members see the different content you have and helps them consume it in the right order.

3.3.2. Don't overwhelm your members! We all want to provide a lot of value to our members. A best practice is to create just enough content that is easy enough for your members to consume every month.

3.3.3. Drip feed core content If you have a core set of content that you are including, such as an Academy you can consider dripping the content so that it is not available all at once.

3.3.4. Consistently create new content Be consistent with creating new content every month to keep your members moving forward.

3.4. Results on a Regular Basis

3.4.1. Your members are more likely to remain members if they feel like they are making accomplishments on a regular basis. Consider making some of your content very easy to consume and implement.

3.5. Calendar of Events

3.5.1. Create a calendar of events to make it more likely that your members will attend your events, and also so your members can see what is coming over the next few months.

3.6. Communication

3.6.1. Make sure you email your members on a regular basis about any upcoming content that is coming, or to let them know when you've added new content to your membership site.

3.6.2. Send emails out on a regular basis to remind them of all of their member benefits.

3.7. Live Training

3.7.1. Accomodate Different Time Zones If your members are from across the USA, or even the world consider using a variety of times to offer your live training, etc so that they can attend.

3.7.2. Archive replays Include an area in your member's portal where you can archive replays for your members that can't attend live.

3.8. Adult Learning Styles

3.8.1. As adults, we all learn differently. Try to incorporate different styles of learning when you create your membership content. For example, in addition to creating video training, you might want to also include text for members that prefer to read.

3.9. Progress Tracking or Gamification

3.9.1. Give your members the ability to keep track of their progress online or offline, or use gamification to motivate members and keep them consuming content to meet their goals.

3.10. Focus on your Community

3.10.1. Hire a Community Manager It may make sense to hire a community manager to monitor your community to make sure your members are taken care of. A community manager can encourage engagement, and make sure that members feel heard. They can also answer questions, and point members to applicable membership content, etc.

3.10.2. In Person meet ups or live meetings People that do business online really like meeting people that they have developed relationships with in person. You could provide your members with an opportunity to meet each other offline, which will solidify relationships and increases retention.

3.11. User Interface

3.11.1. Make sure that your membership site is easy to navigate and is mobile friendly.

3.11.2. Try not to change things around too much as members will get used to where things are.

3.12. Customer Support

3.12.1. Make it really easy for your members to get ahold of you and get the help that they need. For example: billing, technical support, navigating the membership site, etc. Publish support email FAQs

3.13. Inspiration and Social Proof

3.13.1. It's important for your members to remain motivated and inspired to keep moving forward with their goals. This lets your members know that their success is possible, sets expectations in your membership, and encourage them to consume your member benefits.

3.13.2. Encourage members to post wins Encourage your members to post their wins in your communty. It helps to develop a #hashtag that you encourage your members to use.

3.13.3. Case Studies: Interview successful members Create case studies by interviewing your successful members about their wins. When people see that other members are implementing what they’re learning from your training and experiencing positive results, it encourages them to do the same.

3.13.4. Share case studies outside of your membership In addition to sharing your membership case studies in your membership, get permission to share their interviews in your content marketing efforts such as your blog, YouTube, podcast, etc.

3.14. Set Accurate Expectations

3.14.1. Don't oversell your membership site! Make sure that you are completely honest on your membership sales page as to who your membership is for, and exactly what they can expect out of it.

3.15. Accountability Partners

3.15.1. An effective way to ensure that your members implement what you are teaching them is to pair them up with an accountability partner. The goal of the accountability partner is simply to hold them accountable. This can be done on a regular basis via phone, email, slack channel, online meetings, etc. Provide a progress log or set up a thread in your community where members can report their progress. Create a system on pairing up your members that want an accountability partner and provide them with guidelines and procedures so they know what to do.

3.16. Membership Directory

3.16.1. Encouraging interaction and networking between your members to build deeper relationships and creates a sense of community that gives people a reason to remain a member.

3.17. Surveys

3.17.1. Survey your members on a regular basis so that you can ask them what they need to learn to get success. This will give you ideas for content and membership benefits

3.18. Billing

3.18.1. Credit Card Declines Set up your merchant account to automtically recharge a membership due when it is declined. You can set up how many times you want the card to be tried again, and how many days in between attempts.

3.18.2. Expired Credit Cards Set up reminders when a member's credit card is going to expire.

3.18.3. Update Credit Card Include the ability for your members to update their own credit cards, and provide guidance on how they can do it.

3.18.4. Reminders for Annual Memberships With an annual subscription, customers are more likely to forget when their membership renewal fee is due. Sending them a reminder prior to their renewal date will give them enough time to update their credit card (if necessary), or at the very least, avoid surprising them with a membership renewal charge.

3.19. Special Membership Perks

3.19.1. An excellent retention strategy is to provide special perks that your members become reliant on that they would miss if they cancelled your membership. Software, perks, discounts on other products or services, etc.

3.19.2. Offer a Tenure-Based Incentive Come up with something that you can offer members after they have been a member for a year.

4. Exchange of Membership Fees for Ongoing Content

4.1. Is your Membership Site topic "big" enough?

4.1.1. Hopefully, you've chosen a topic for your membership that requires ongoing, continuing education that your members will continue to need for quite a while.

4.2. Membership Sites VS Online Courses

4.2.1. With an online course you do the heavy lifting up front when you create it. You only have to sell it one time.

4.2.2. When someone joins your membership site the initial sale is the BEGINNING of your relationship with them. You have to continue to "sell" them to remain a member every month. You are exchanging value every month for their membership fee.

4.2.3. Membership Sites can make more money Membership sites are attractive business models because once you figure out how to retain your members as long as possible, you can end up making more money than an individual one time course purchase.

4.3. Membership Retention is your Top Priority

4.3.1. Finding ways to increase the amount of time that people remain members in your membership site is the key to creating consistent, recurring income with your membership site.