Retention Program for Subscription Businesses

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Retention Program for Subscription Businesses by Mind Map: Retention Program for Subscription Businesses

1. Overview

1.1. welcome!

1.2. Quick background

1.3. The "secret" to a profitable & scalable membershipsite

1.4. What we're going to cover

2. The Retention Framework

2.1. Overview

2.1.1. What's an NPS Survey

2.1.1.1. How likely are you to recommend [Product] to a friend or colleague?

2.1.1.2. Scale: 1-10

2.1.1.2.1. Detractors (0-6)

2.1.1.2.2. Passives (7-8)

2.1.1.2.3. Promoters (9-10)

2.1.1.3. Open ended question: "What is the most important reason for your score?"

2.1.2. Why you should use it

2.1.2.1. Gauge Customer Happiness

2.1.2.2. Simple feedback loop

2.1.2.3. Why customers like/dislike your product

2.1.3. Example

2.2. Phase 1: Setup & launch survey

2.2.1. Frequency

2.2.1.1. We send the survey on a quarterly basis

2.2.1.2. You can automate it and send it on day 29

2.2.1.3. 7 day trial

2.2.2. Tools

2.2.2.1. Promoter.io

2.2.2.1.1. First 250 surveys for free

2.2.2.2. Other tools

2.2.3. Segmentation

2.2.3.1. By product

2.2.3.2. By price point

2.2.4. Send email

2.2.4.1. benefit-driven

2.2.4.2. keep it simple & short

2.2.4.3. Send another email after 3 day

2.3. Phase 2: Follow up & Collect Data

2.3.1. Follow up (3 ways)

2.3.1.1. Partial feedback

2.3.1.1.1. Promoters

2.3.1.1.2. Passives

2.3.1.1.3. Detractors

2.3.1.2. Short feedback

2.3.1.2.1. Thank you for your feedback. Can you expand a little bit on what you mean by "X"? That way I can take your feedback and improve on the product for you.

2.3.1.3. Complete feedback

2.3.1.3.1. send email to setup an interview

2.3.1.3.2. Focus on promoters (80% of interviews)

2.3.2. Setup interviews

2.3.2.1. Use online calendar

2.3.2.1.1. acuityscheduling.com

2.3.2.2. Use Skype/phone for interviews

2.3.3. Conducting interviews

2.3.3.1. Duration: 10-15 minutes

2.3.3.2. Record it (get permission)

2.3.3.3. Have an outline

2.3.3.3.1. Customer segments

2.3.3.3.2. Problems they want to solve /we’re solving

2.3.3.3.3. New Features

2.3.3.3.4. Issues

2.3.3.3.5. Case Studies/Testimonials

2.3.3.4. Dig deep

2.3.3.5. Let them speak

2.3.3.6. Add notes immediately after the call

2.4. Phase 3: Analyzing Data

2.4.1. Download data & clean it up

2.4.2. Organize Spreadsheet

2.4.2.1. Email

2.4.2.2. Name

2.4.2.3. Score

2.4.2.4. Comment

2.4.2.5. Benefit 1, 2, 3

2.4.2.6. Issue 1, 2, 3

2.4.2.7. Feature Request 1, 2,3

2.4.3. categorize responses (you can also create a pivot table)

2.4.4. Summarize results

2.5. Phase 4: Optimization

2.5.1. Brainstorm solutions

2.5.1.1. Setup a meeting to discuss insights & brainstorm solutions

2.5.1.1.1. send data before meeting

2.5.1.2. Create spreadsheet & have each member add their ideas

2.5.1.3. Score each idea ICE & priortize

2.5.1.3.1. Impact

2.5.1.3.2. Confidence

2.5.1.3.3. Ease

2.5.2. Create & Launch Test

2.5.2.1. Prioritize & select test

2.5.2.1.1. Test screams, not whispers

2.5.2.1.2. Tie it back to a metric - it has to be measurable

2.5.2.2. Document Test

2.5.2.3. Implement test

2.5.3. Document results

2.5.3.1. There are no failures, only learning

2.5.3.2. Be prepared to run a lot of tests before getting a big win

2.5.3.3. it takes time, resources & patience

3. 5 Plug & Play Retention Strategies

3.1. No Post Left Behind

3.2. Welcome new members

3.3. Leaderboard

3.4. Best of The Best Content

3.5. Tracking Daily Churn