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Recurring Revenue in Memberships - Is it Really Magic?
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Recurring revenue sounds like magic, right? The idea that you only have to market to someone once and they will continue to pay you month after month. Pretty fantastic! However, the reality is that you still need to market to your members and keep them engaged in order to retain them. In this episode, Laura shares her experiences and lessons learned from running a membership for nine years. She discusses the concept of recurring revenue and the importance of realistic expectations and mindset when it comes to member retention. She also offers advice on starting small and building up, testing new ideas, and the use of free trials. If you're considering starting a membership or looking to improve an existing one, hit play and learn how recurring revenue can be a powerful tool for growing your business and making a positive impact on your members' lives!
Key Topics:
- (02:55) Debunking myths of effortless recurring revenue in memberships
- (08:25) Rethinking metrics: growth over retention
- (11:15) Adding new features instead of taking away
- (13:45) Balancing marketing promises with membership fulfillment realities
- (15:15) Testing member engagement with limited-time content offerings
- (17:30) Prioritizing current members
- (20:00) The importance of knowing your membership numbers
- (22:20) Strategies for enhancing membership retention and engagement
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