The most common mistake that membership businesses make is:
Operating their business like a “customer-based” business instead of “membership-based” business.
It’s about numbers!
In a membership business we have MRR – Monthly Recurring Revenue
Not to mention there are numbers that you need to be tracking if you really want to multiply your membership.
Here they are
- How many new members did you get in the past month?
- How many members quit in the past month?
- What is your retention rate?
- What are the drop off points where people tend to quit?
- What’s the average life span of a member?
- How much can you invest to get a member?
These are just some of the numbers are important to the health and growth of your membership business.
Not to mention every number represents a member! If your members are important to you, then you need to know your numbers and how you can better serve your members.
Track these numbers every week. Get a snapshot of what’s happening every week so that you can take action and lead your membership business.
When you’re ready to multiply your membership and money, here are four ways we can work together!
1. Are you looking for a community of like-minded membership business owners/leaders? I run a fun Facebook group for “membership marketers” who want to grow & scale. Might be useful for you. Check it out here.
2. Have you picked up a FREE copy of Accelerate: How to Get Your Next 10, 100, 500 or Even 1,000 Members? Yes, you can get a free copy of my brand-new book! In it, you discover more on how to promote your membership, get more members and increase retention. Click here to get your free book now!
3. Looking to Reduce Cancellations and Keep More Members… If you really care about your members, why not try to RESCUE THEM and help them with your membership? Your membership could possibly be the very tool that helps them get beyond their trouble, tension or transition. Go here to help more people and keep them paying!
4. Are you interested in working together to multiply your membership? I just spent some time with my mastermind group and I have a couple spots available…just send me an email to Scott<at>MembershipMultipliers.com and put “MASTERMIND” in the subject line… tell me a little about your membership and what you’d like to work on together, and let’s see if and how I can help.
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