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How Do You Position Your Membership So That People Stay?

Tuesday, December 06, 2022

How Do You Position Your Membership So That People Stay

“Thank you Sir, you just made me a lot of money!” That was Josh Hickock’s’ reaction after I shared my thoughts with him on last month’s Diamond Q&A call.

I haven’t been knighted like Sir Elton John, but I appreciate the accolades. On the same call, Darcy let me know that Insider Circle Member, Scott Mizenko who asked a question the month prior and took action on the advice has a 50% response to the letter he just sent out! Now the key word there is took action. All I did was give him the tools, he took the action.

Back to what is about to make Josh a lot of money. He is launching a coaching membership at $997 a month and wants to offer an upsell to $2,497 a month option where he will hold their hands, but the concern is the work and expense to fulfill this level is front loaded into the first 90 days. So how do you keep them for longer than 90 days?

First, it is very smart to be planning for and strategizing to have an A/B option as at least 20% of the population is always looking for the VIP or higher level of membership - you are leaving money on the table when you don’t think this way.

I offered two things to think about as he determined how he wanted to offer this second level of membership. First, the big rule of thumb is that you can get to 20% market penetration before it gets really hard and expensive. For his market, he acknowledged that there are 7,500 - so that gives him 1,500 he might ultimately ever be able to sell to, and the bottom range of that is 750. That has to come into your consideration about pricing.

The second, I shared 4 ways that members and clients have solved this exact problem in their businesses. The first is by turning themselves into something of a utility. Where there are plugs to be pulled out of the wall when they leave. Maybe that’s controlling websites, or lead flow, or licensed content. A lot may be front loaded, but it all can be unplugged and cause massive inconvenience if someone discontinues the program. Diamond members can go to the members site to hear the other 3 ways to solve this problem.

If you are not a member of my newsletter at all yet, you can find the basic frameworks taught in detail in my Most Incredible Free Gift Ever with over $19,997 of pure, money-making training plus a monthly newsletter. Choose to give it a try today at www.nobsletter.com!

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