How to Attract and Retain Subscription Members

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Robbie Kellman Baxter explains what a subscription business can do to mitigate customer loss and generate customer gain through attraction and retention strategies.

‘Millennials aren’t joiners.’ ‘Millennials don’t pay for news.’ ‘Our customers love us, but the average age is going up. It seems like millennials just aren’t interested.’

These are statements I hear all the time from membership organizations that have been around for a few decades or more: professional associations and trade groups, religious institutions, newspapers, gyms, and country clubs. Having some success under your belt is both a blessing and a curse. What you’re doing seems to be working, so you keep doing it. But let complacency take hold and you’re doomed. When businesses can’t attract new members, they die a slow death as old members age out.

The problem is two-fold. One, if you don’t evolve your offerings and communication strategy, new prospects will find your company ‘old fashioned’ or ‘not for me.’ Two, you might mistake inertia for loyalty: those members are still with you out of habit, and when new competitors come along they suddenly realize someone else can better meet their needs.

 

Points covered in this article: 

  • Common mistakes made by old and new subscription businesses
  • Tips to reinvention
  • Self-disruption as a strategy
  • The benefits of paranoia

 

Read the full article, Walking the Generational Tightrope: How To Keep Older Members Happy and Also Draw In Younger Ones, on LinkedIn.