Building Loyalty and Engagement in the Member Economy Webinar Slides
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On November 4, 2015, Access Development and author Want to view the recording? Visit https://www.youtube.com/watch?v=ua33yubCN6A
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Building Loyalty and Engagement in the Member Economy Webinar Slides
- 1. BUILDING ENGAGEMENT AND LOYALTY IN THE MEMBERSHIP ECONOMY BRANDON CARTERWEBINAR PRESENTATION
- 2. H OST Brandon Carter Marketing Manager, Access Development http://blog.accessdevelopment.com Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 3. FEA TU R ED PR ESEN TER Robbie Kellman Baxter Founder, Peninsula Strategies Author, The Membership Economy Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 4. • THE BIG TAKEAWAY • Business Is Moving Away From Ownership To Membership. ▶ Greater Revenue ▶ Higher Customer Engagement ▶ Greater Commitment From Everyone Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 5. Any Customer-centric Company That Develops Ongoing, Formal Relationships With Customers Is A Membership Organization. Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 6. O W N E R S H I P E C O N O M Y ▶ Product-driven ▶ Big reveal ▶ Customer service minimizes anger ▶ One-way communication ▶ Build in-house ▶ Key metrics: conversion rate, transaction size, economies of scale MEMBERSHIP ECONOMY ▶ Relationship-driven ▶ Continuous innovation ▶ Customer service maximizes loyalty ▶ Two-, Three-way communication ▶ Outsource, configure ▶ Key metrics: retention, customer lifetime value Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy HOW IS THE MEMBERSHIP ECONOMY DIFFERENT?
- 7. • B E N E F I T S ▶ Recurring revenue ▶ Direct relationships ▶ Ongoing data ▶ Better customer lifetime value Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 8. O W N E R S H I P T O M E M B E R S H I P Can any business move to an membership model? Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 9. EXA MPLES ▶ Netflix ▶ Pandora ▶ Microsoft ▶ Weight Watchers ▶ American Express ▶ Vanguard Financial ▶ AARP ▶ Your local car wash Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 10. TH E N EW FU N N EL Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy TH E N EW FU N N EL Aware Trial Signup Loyal Subscriber Aware Trial Signup Loyal Subscriber Increasing Engagement (CLV) Referral Source Forever Transaction!OLD FUNNEL MEMBERSHIP FUNNEL
- 11. FREEMIUM MODELS • “Freemium” marketing builds awareness, attracts users and increases membership. Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 12. TIERED PRICING ▶ Value of three choices Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 13. ON B OA R D IN G ▶ Remove friction ▶ Build initial interactions for success ▶ Deliver immediate value Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 14. MEMB ER R ETEN TION ▶ To create a membership organization, everyone in the company has to live and breathe the culture of membership. Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 15. T H E I M P O R TAN C E O F B E N E F I T S ▶ Benefits that members value ▶ Make your organization a habit ▶ Ongoing value Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 16. VALUABLE TOOLS ▶ Marketing automation ▶ CRM ▶ Billing ▶ Community ▶ Customer success ▶ Loyalty programs Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 17. BEST PRACTICES • Don’t just answer questions, provide value • Credit card expiration notices • Open lines of digital communication (capture emails) • Partner with other companies • Build online communities Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 18. SU PER U SER S • Loyal and engaged • Community leaders • Ongoing regular usage Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 19. A CCESS DEVELOPMENT Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
- 20. THANKS FOR ATTENDING ▶ Be sure to follow @AccessLoyalty and @robbiebax. ▶ http://accessdevelopment.com ▶ http://www.peninsulastrategies.com/ ▶ Free, non-pushy consultation Building Engagement & Loyalty in the New Membership Economy I @AccessLoyalty I @RobbieBax I #MembershipEconomy
Hinweis der Redaktion
- Your host: Brandon Carter, marketing manager at Access Development. Most commonly found at the Access blog – http://blog.accessdevelopment.com
- Our featured presenter: Robbie Kellman Baxter. Robbie brings over twenty years of strategy consulting and marketing expertise to the company she founded, Peninsula Strategies. Her clients have included start-ups and mid-sized venture-backed companies as well as industry leaders such as Netflix, Yahoo!, Oracle and eBay. Over the past ten plus years, she’s advised nearly one hundred organizations on growth strategy. Robbie is also the author of The Membership Economy, released earlier this year. It’s been a “#1 Hot New Release” in 6 categories on Amazon, is being translated into Dutch, Chinese and Japanese and an Audible version will be available in 2016. If you haven’t picked it up yet, go for it. It’s packed with a ton of good, actionable information and ideas. The Membership Economy is an engaging read. Which is good, because engagement is a crucial aspect of the book.
- What were the key points of the webinar? Basically, companies across the world are moving from an ownership model, where the customer makes a single purchase and then owns that purchase, to a membership model, where the customer pays for the product or service on an ongoing basis. Think about Netflix, Pandora and Spotify. We used to own physical media, now a lot of us are subscribers to organizations that give us on-demand access to that media. It isn’t just online media that we’re subscribing to, however, as we’ll see shortly. The membership economy features a greater revenue opportunity, as well as an opportunity to enjoy increased customer engagement and loyalty. But to get there, and make it work, it takes a greater commitment to customer relationships from the entire organization. That’s what we’re going to get into. Among those who registered for the webinar, quite a few of you are from membership-based organizations, so you’re going to be familiar with some of the ideas we’re going to cover. I still think you’ll pick up some new ideas. We also have a lot of attendees from traditional, non-subscription businesses. Even if a membership model isn’t feasible for you, there are still specific strategies and tactics you can borrow to build better relationships with your customers. In fact, these businesses may be surprised to find that they, in fact, do have a membership model because of a quote from Robbie’s book.
- I wanted to highlight this quote from the outset because I think it will help give people an idea of what “membership” means. To me, it has two qualifiers: the first is a company that’s customer-centric, and they have formal relationships.
- There is a stark contrast in the behavior of ownership-based models and membership. This shift in behavior is what truly defines the “membership economy”
- In considering the benefits of a membership model, there’s the big obvious one with recurring regular revenue. But it goes far beyond simple dollars and cents.
- Nearly any business can move to a membership model, or at least incorporate elements of the membership economy.
- These are some of the examples mentioned in the book, and I think it illustrates a wide group, from online-only companies to some that have historically been offline. For example, what are Weight Watchers and American Express doing on the same list as Netflix and LinkedIn? Even your local car wash is getting in on the act. Instead of one wash, they’re now offering an all-you-can-wash monthly pass. The idea is really taking off across all industries.
- The traditional customer acquisition funnel is changing. It’s not even really a funnel in the technical sense, it’s more of an hourglass. One of the really unique aspects of the hourglass funnel is the Forever Transaction. The effort to keep members engaged and loyal is a neverending cycle.
- Let’s get into that funnel a bit. One area where the difference between ownership and membership is the concept of freemium, or having an unpaid option to bring people in the door. Most of us can’t imagine giving away our services for free, but it’s proven to be a good strategy for membership companies such as LinkedIn. “Freemium” marketing builds awareness, attracts users and increases membership.
- When it comes to membership pricing options, aim for three tiers with varying levels of value and benefits.
- One topic the book spends quite a bit of time on is onboarding, and the importance of offering value from the very beginning. The first 30 days are the most important for building behaviors and habits. We’ve invested a lot into this here at Access, and several of our clients have brought us in solely to create that low-hanging fruit for people when they sign up. What should a great onboarding process do? Removing friction build initial interactions for success deliver immediate value
- Now that we’ve talked about acquiring and onboarding members, we need to discuss the most important aspect of a membership model. Keeping and engaging them. (onboarding, early participation, incentives, getting personal)
- Besides having a culture geared toward membership, there also has to be more of a “what’s in it for me?” aspect of membership to keep that customer engaged. This is something a lot of our clients use Access for. What we’ve found is, if benefits aren’t unique but rather a bundle of stuff that’s available everywhere else the organization will have a problem. This is mentioned in the book as benefits causing “competitive disruption”
- Technology is an important part of the Membership Economy, and you mention a few important tools that are important to creating a great membership experience. Each tactic must be used with a membership mindset. I think a nice way to summarize this portion is to do everything with a personal touch – people always respond to personalization, and being addressed based on who they are or their behavior.
- Keeping that personalization in mind, that concept is an umbrella over a lot of specific tactics you mention throughout the book. I’ve selected a few to highlight here, because I think they apply to just about every person registered. One that stuck with me is the idea of a customer success department. Customer service oriented employees will be more consultative and help callers use the product. A staff that supports customer success builds loyalty. For example, when someone calls in to customer service, don’t just provide an answer to get them off the phone, provide value.
- And here we are at our end goal: superusers. From the member community, and as part of an organization’s commitment to retention, there’ll be the emergence of superusers. For a lot of our clients, and many of the people tuned in to the webinar, this is what it’s all about.
- This webinar has been brought to you by Access Development. And for those not familiar with who we are, we specialize in partnering with companies to offer value to their customers through member benefits, incentives for things like registering an email or signing up for a checking account, points redemption options, and more, all powered by the strength of the nation’s largest private collection of merchant discounts.
- Feel free to visit http://Access Development.com for more info on us, and I’ll also encourage everyone to visit Robbie’s website and contact her for a free consultation.