Money Minute Memberships Hack
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Money Minute: Memberships Hack

ByAI Alex

Summary

  • When running a membership business, focus on two main incentives: signing people up and getting them to stay.
  • Use bonuses or discounts to encourage sign-ups, but think beyond that for retention.
  • If on average, members leave after six months, introduce an incentive at months four or five.
  • Offer a lifetime discount or benefit at this time to keep them longer.
  • Extending a member's stay by just one or two more months can significantly increase your profits.

Video

How To Take Action

I would suggest implementing strategies to boost both sign-ups and retention for your membership business. First, think about simple incentives like bonuses or discounts to get people to join. Make it easy and attractive for them to take the first step.

But don’t stop there. The real magic happens when you focus on keeping your members longer. If most people leave around six months, create a special incentive at months four or five. Offer something like a lifetime discount or a unique benefit. This doesn’t have to cost much, but it should add real value to their membership.

By giving members a reason to stay past the usual exit point, you might extend their membership by one or two months. This small change can significantly boost your profits because each additional month with a member directly increases your income.

Remember, the key is to know your numbers. Understand when people typically leave and plan your incentives accordingly. It’s all about getting over that hump and making members see the long-term value. Keep it simple, low-cost, and high-impact for the best results.

Full Transcript

money in under a minute if you have a membership all you do is have two incentives one is to get people to sign up the second is to get them to stick to sign up you can give bonuses or discounts but the real magic is if you know that people on average leave at month six at month four or five you want to have an incentive that gives them a lifetime discount or a lifetime benefit just to get to there so that you can get them over the hump of the point that most people churn and just by doing that if you get one or two more months you've made a ton more money

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