4/ Pay it forward.
Coach someone coming up behind you, so they can move further faster than you did.
What would you add?
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Robbie Kellman Baxter
@robbiebax
Subscription & Membership Model Expert • Keynote Speaker • Author of The Membership Economy and The Forever Transaction • Host of Subscription Stories Podcast
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3/ Remind yourself of your successes too.
We tend to need 5 good things to counteract one bad thing, so focus on gratitude.
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2/ As Ted Lasso says, “Be a goldfish.”
Once you’ve gleaned any learning from the situation, forget about it.
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1/ Seek to understand, so you can learn for next time.
Was it something you could have prevented, or just "one of those things"?
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Your ability to handle rejection says more about you than success ever will. This is true in sales, your career, and your life.
Here are 4 ways to embrace and grow from rejection...
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Most subscription businesses don't pay enough attention to offboarding their members, but offboarding is just as important as onboarding when it comes to customer relationships. Here are 3 ways to ace it...
#subscription #membership #strategy #customersuccess #pricing
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4/ Make sure you aren’t underinvesting in onboarding new subscribers. If you establish good habits from the beginning, subscribers are more likely to stay longer!
#subscription #membership #strategy #customersuccess #pricing
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3/ Assess the difference between your “best” (most valuable) subscribers and the rest of your subscribers.
Get your team together to brainstorm hypotheses. And once you figure out what attributes the best subscribers share, optimize your marketing to make more.
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2/ Regarding customer research, listen to the whole orchestra, not just the violins.
Talk to customers, but also understand why people cancel and why “good prospects” sometimes don’t sign up. Balance your quantitative (is this a trend) with qualitative (what’s really going on).
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1/ Track acquisition, retention, and customer lifetime value.
Three metrics–if one of them declines, the business declines–and too many organizations over-index on just one.
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You think you lack new customers, but you really lack loyalty.
Here are 4 ways to grow your subscription business–no matter what happens.
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Ex: if people sign up for your streaming service to watch the soccer championship–and that’s what you’ve been advertising, even though you only have that one soccer match–customers might cancel when that game is over! Maybe not the retention team’s fault after all…
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3/ Not enough coordination between teams.
Maybe the reason the “retention team” is having trouble keeping subscribers is due to the way the acquisition team is attracting them in the first place.
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Understand the reasons people cancel their subscriptions. Distinguish between acceptable churn (“I canceled my gym membership b/c I moved”) and unacceptable (“I canceled b/c the equipment is always dirty”).
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2/ Lack of understanding of the full customer life cycle.
Balance “acquisition metrics” that get subscribers to sign up with “engagement and retention” metrics that help subscribers form habits.
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3 common marketing breakdowns to avoid when scaling a subscription business:
1/ Too much focus on acquisition metrics, the historically “sexy” part of marketing.
Getting subscribers in the door is important but keeping them engaged is the driving force of your business value.
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4/ Going forward, remember that nothing stays the same.
What goes up might come down, or vice versa. Plan for both!
#subscription #membership #strategy #customersuccess #pricing
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Often consumers subscribe to these services when they are in a rut–once they find a new offering or two, their needs may be met.
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3/ Remember that subscription box services, especially the ones that promise “discovery” and curation (in contrast to replenishment-oriented boxes), generally lack a “forever promise” that resonates with a big audience.
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2/ Invest equally in acquisition and engagement.
If one or the other of these two key metrics begins to decline–dive into the details immediately.
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1/ Understand how the consumer journey has changed.
Now that restaurants are open, cooking at home isn’t as common.
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Other subscription box companies are grappling with similar challenges as the Pandemic “boom” veers into decline.
Here are 4 ways subscription box companies can adapt to the post-pandemic market:
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Blue Apron’s shares fell 90% in 2022. HelloFresh closed the year w/ a hasty departure from Japan, w/ Thomas Griesel, HelloFresh CEO International, citing “pressure & increased focus on profitability and the long (and likely bumpy) road ahead to get to reasonable unit economics.”
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4/ People that are “way ahead” of you have often been where you are.
Being a business owner can feel isolating, and so can being a parent. It’s easy to think no one has come up against the challenges you’re facing, but remember, many have. Lean into them for support.
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3/ Time is your most valuable asset.
You can always make more money. But as a parent with 3 kids who have already left the nest, I can tell you that time is precious and finite – prioritize accordingly.
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2/ Sometimes, even if you have the skills, it’s still better to outsource.
It truly “takes a village.” This is as true for parenting – college counselors, baseball coaches, etc. – as it is for business. You don’t have to know and do everything.
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1/ When people have earned your trust, give them leeway.
This is a hard lesson in both management and parenting, but micro-management tends to lead to negative outcomes. Instead, share your vision, values, and expectations clearly, and empower people to take ownership.
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I’ve been a parent to 3 kids for almost as long as I’ve been a business owner… 20+ years.
Here are 4 lessons being a parent has taught me about business:
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I’ve worked with subscription businesses for over 20 years. Here’s what I look for when investing in them…
#subscription #membership #strategy #customersuccess #pricing
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As anyone who’s ever cleaned out a closet knows, you can find and enjoy what you want more readily if you get rid of what you don’t need anymore.
#subscription #membership #strategy #customersuccess #pricing
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It can be tempting to leave all features in the subscription, but there’s a COST to maintaining each feature. Too many features can confuse customers and be expensive to continue improving.
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More is not always more. Downturns can be a great time for pruning your offerings.
If you’ve been successful for an extended period of time and added lots of features, it 𝒎𝒂𝒚 𝒂𝒍𝒔𝒐 𝒃𝒆 𝒕𝒊𝒎𝒆 𝒕𝒐 𝒔𝒕𝒂𝒓𝒕 𝒔𝒖𝒏𝒔𝒆𝒕𝒕𝒊𝒏𝒈 𝒑𝒓𝒐𝒅𝒖𝒄𝒕𝒔 𝒂𝒏𝒅 𝒇𝒆𝒂𝒕𝒖𝒓𝒆𝒔.
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4/ The smaller your business, the more "lumpy" it will be.
As the saying goes, "When it rains, it pours." Especially with smaller consulting businesses, you'll have boom times and quieter times. Don't worry too much in the downtimes, and don't get too cocky in the uptimes.
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3/ Get outside support so you can do your most valuable work.
Even if you're better at a task and can do it quickly, your time is always better spent on your "Zone of Genius" –the intersection of what you love to do, what you're great at, and what yields the highest return.
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2/ Invest in relationships.
Give when you can, and ask for help when you need it. Don't merely collect contacts, likes, and business cards, either. Engage deeply and intentionally. It's one of the most rewarding activities you can do.
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1/ It's your business, so design it to achieve your goals, not someone else's.
Decide what's most important to you. Whether it's making
money, being famous, having a team, flexibility, traveling, or learning, get clear on your values and how your business can reflect them.
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I've owned my own business for over 20 years. Here are the top 4 entrepreneurial tips I share with others.
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