Boosting Your Membership Retention: Customer Avatars

IMG_2329Once your business reaches a certain size, it becomes impossible to know each of your customers personally. There are simply too many of them to keep track of. Instead of tracking the movements of individuals, the more reasonable approach is to keep track of groups of customers with common traits like age group, gender, or income range. We call these “segments,” and they’re incredibly useful for things like creating targeted marketing campaigns.

But when it comes to the highly personal stuff of understanding customer motivation, segments simply aren’t intuitive enough. If you want to understand why a subscriber or customer acts in a certain way, it helps to give that segment a face and a name. The result is called a customer avatar. Continue reading

Boosting Your Membership Retention: The Value of Returning Members

SIBP-3When you have a membership or subscription-based business, one of the most valuable sources for information you will ever have are those people who tried your service, but didn’t renew. There was a failure of alignment between what they needed or were looking for, and what your business provided. It’s not always possible to connect with those folks, but there is a subgroup within those canceled memberships that can provide an even better level of insight: Returning subscribers.

Those are people who were once members, later dropped their membership, and then ultimately returned. Not only can they shed light on what’s not working with your product or service, but they can give you great feedback about how to retain more of your subscribers in the first place. Continue reading

Boosting Your Membership Retention: Getting Feedback

Image source: https://www.flickr.com/photos/cogdog/

Image source: https://www.flickr.com/photos/cogdog/

If your business relies heavily on subscriptions or memberships, you face a unique set of challenges when it comes to creating sustainable success. Not only do you need to master the art of making the sale, you also need to create a customer experience that continues to deliver value. As a result, your subscriber retention rate is a huge indicator of the health of the business.

Inevitably, some of your subscribers will leave. That’s the nature of any subscription-based business. But if that retention rate really starts to slip, you’ll need to be proactive about making changes to your member communication, your value proposition, and even the specifics of your service or product. Continue reading

Crafting A Company Vision Your Employees Can Embrace

Image source: https://www.flickr.com/photos/joshsamson/

Image source: https://www.flickr.com/photos/joshsamson/

A few weeks ago, I was having a casual business meeting with one of the founders of a company I coach. It’s a great company, growing quickly thanks to a truly dedicated, battle-tested team. Everyone at the company not only understands the vision for the business, but also appear to genuinely embrace it.

Company culture and vision has been on my mind recently, and I was curious how this small startup seemed to knock it out of the park. Most companies struggle to even create a meaningful, clearly communicated vision, and never manage to embed it in the overall culture of the business. What was this startup doing differently? Continue reading

Inspiring Employees to Embrace the Company Vision

IMG_2329If you’ve gone to the trouble of really clarifying your vision for your company, you might think it would be easy to get your employees to rally behind it. Most companies don’t have a strong vision driving them, after all. Yours does, concisely explaining the goals you’re all striving towards, and the defining direction you’re headed in.

So why don’t they care? As carefully crafted as the vision is, the employees just aren’t interested. They don’t talk about it, they don’t think about it, and they definitely aren’t being guided by it. Continue reading

A Short Story About Startups and Sales

IMG_2329Let me tell you a story. One of the companies I work with is a small tech startup. About year ago, it was in the same place that many small tech startups find themselves in. They had some early traction, and they were well positioned to be a high-growth company. And, like many early stage companies, they were completely intimidated by sales. Continue reading

The Danger of Renting Your Sales Leadership

SIBP-2If you haven’t invested in building a strong sales foundation, it’s tempting to skip over building it yourself and simply hire a proven sales manager and an experienced sales staff. If they do their jobs right, the thinking goes, the sales growth will take care of itself. With the right hires, it might even work out that way. Until they leave for another job, that is. Then you’re right back where you started. Continue reading

Outside Capital Is No Replacement For A Strong Sales Foundation

Image source: https://www.flickr.com/photos/peasap/

Image source: https://www.flickr.com/photos/peasap/

Photo Credit to: We Love Costa Rica

In my work as a business coach, I talk with a lot of ambitious, driven business owners and entrepreneurs. One of the conversations I frequently have comes when I talk people with high-growth startups and small businesses looking to scale. It goes something like this:

“Hey Tom, we need capital to grow my business,” they say. Continue reading

Taking the Intimidation Out of Sales

SIBP-1The entrepreneurs and business owners I work with are not natural-born salespeople. Their businesses usually didn’t come into existence from a strong urge to make cold calls. They created a product or developed a service they believe in, and they formed their company to bring that vision to life. Doing the less-than-glamorous stuff of sales was the farthest thing from their minds when they launched their business. Continue reading

The Benefits of a Strong Sales Foundation

An overwhelming amount of attention in sales training goes towards teaching tips and tricks. Some of these tips are tricks can be good things to know, but ultimately they don’t add much to the value of the company. To see real results, you need more than tricks. You need to create a strong foundation for your company’s sales structure. Continue reading