When you see the number, but have no idea what to do about it...
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About six weeks ago, everyone was jumping on the Skool bandwagon because Hormozi became a partner - and there was SO much excitement about building a membership.
\"2024 is the YEAR of the MEMBERSHIP!\" Twitter hailed, like community building, membership models and recurring revenue models haven't been around for ages.
Nobody talks about the REAL facts.
\nIn 2019, it was predicted that over 75% of businesses would have a subscription model offer by 2023.
\nThey also noted that only 20% of those subscription services would actually succeed at figuring out retention.
\nTwo years ago, Bankrate survey of 2,497 U.S. adults found that 51 percent ended up with unwanted charges from a subscription or membership. A separate study by Chase bank found that the number is actually much higher — 71% percent of Americans waste over $50 a month on unwanted subscription fees.
Here we are, 30 days after the big Hormozi + Skool challenge ended, and I've personally seen no less than 3 major folks get hit with the \"retention reality\" asking what happened when a huge percentage of their membership didn't stick around for the next month.
(Can you imagine losing 350 members a month after launching?! TRUE STORY.)
\nThe number of memberships I see where their retention strategy is \"close your eyes and hope that your members don't remember to cancel their subscription\"!!!
Ugh, I could go on about this for ages, but this isn't about the MODEL of recurring revenue offers, it's about the engine underneath that defines whether or not they succeed.
It's easy to lose sight of what genuinely moves the needle in community building and engagement.
\nYou can look at the glaring reality of a retention statistic, or an engagement metric, or the bitter pill of a dramatic dip in a predicted revenue and know what those numbers mean, but have NO IDEA how to solve it.
\nWell Reader, you're a lucky ducky because I'm sharing it with you now.
\nLast week, I recorded a masterclass sesh for my clients, pulling back the veil on the Retention Blueprint.
\nI'm sharing a segment of that video with you.
\nThere's no tactics, no gimmicks, no fancy video filters and no pitch. Just pure value.
\nSpend the next 20 minutes leveling up what you know about retention, engagement and growth.
\n
\nStarlight \"it don't mean shit unless they stay\" Mundy
P.S. If you're sick of the drain that your membership has become, just know that it's solvable. When you're ready to fall back in love with your membership, there are 3 ways I can help you.
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