Monthly Memberships: Friend or Foe?
You're trying to grow your business or organization and you think to yourself, If we could just appeal to more people, we could grow our revenue.
Indeed, there are two ways to grow revenue and I've pursued them both:
- More customers
- More dollars per customer
New Interview for Business Development
Shortly after ReMembership came out, I was approached by an eager young business development rep at a convention.
"Mr. Sexton, my boss gave me your book to read and my interview at the chamber was a discussion about it."
Cool, I thought. Today, I'm wondering why we don't take interviews further.
Reward the right behavior
A 13-year-old sports fan is taking his time looking through every single poster in the store. This little store, The Sports Page, was about a mile and a half from his house and he would ride his bike or scooter there anytime he had at least $7 in his pocket. He would go after church on Sundays if he couldn't make it on Saturdays because of basketball, soccer, baseball, wrestling, track or tennis activities. This kid was really into sports.
The boy didn't have an allowance, so coming up with $7 for a new Michael Jordan poster for his bedroom was a big deal. A few bucks tucked inside birthday cards could mean a new poster, but what if it could become many posters, he wondered. Those birthday dollars became the seed money he needed to start his poster-buying enterprise.
The One Star Review
A Different Kind of Membership Campaign
Your membership drives herd marginally interested businesses and forces a quick yes or no. You keep about half in the second year and half that in the third.