Thursday, February 16, 2023
On last month's Diamond Q&A call, Diamond member Jay Conner expressed feeling stuck with his membership ($37/month). It had stagnated and the people coming in equal the number of people falling out. He wanted my advice. I thought you would find the answer enlightening.
First of all, attrition, and the matching of members in and members out is a very common reality of the subscription membership business. When there is a relatively static and limited pool from which they are being drawn in the first place, or when they are being added only by cheap media. The truth of the subscription/membership business, almost regardless of the subject matter of the market, is that to get growth that significantly outpaces attrition you will have to be buying new subscribers through multimedia and not just online, but offline as well. On average, you will need to spend two to three times the first year subscription or membership revenue at the moment of acquisition. This ends most flirtation with this. It doesn’t need to. It shouldn’t because of the other value of having them as members.
A search for the unicorn of breakeven or front-end profit from subscription or membership revenues, better men than me or Christ have attempted to break this code and nobody has with two exceptions…
1. They are either playing really small ball and then they hit this ceiling where all the can do is replace attrition or
2. They are in a very specialized category where they are charging a very large sum to start with for the subscription service.
Otherwise, this is a game where money … How you handle the finance and how you finance the growth is at least as important, probably more important than personality, subject matter, content, audience, etc. A lot of people don’t know it and a lot of people don’t want to admit it, but that’s the reality.
If you looked into the biggest and most successful newsletter publishers in finance and health, which is where 80% of the action is, you are going to find the exact same dynamic. Now if you want to win at the game, you have to stop trying to beat the number and start making the number work.
This is usually done not by one answer, but by cobbling together many answers. On the call, I shared the three biggest ways to accomplish this. Diamond Members can listen to last month's call inside the members area.
Our next call is later today, Thursday February 16th. If you're already a Diamond Member, you can register for the call and submit your question right now.
Even if you know you want to be on the call but maybe not ask a direct question, everything’s recorded and available for the future, including all our past calls which are available to Diamond members right now. Get full access to everything at www.DiamondUpgrade.com and join today’s Q&A.
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!