This post references a podcast interview with Brian Kurtz, a master of direct sales marketing, which you can listen to and watch the full interview with Brian Kurtz right here.
In the recent podcast we published with Brian Kurtz, one thing he said that caught my attention was, “Once people renew once, the odds that they'll renew again grows.”
Brian also mentions that “renewals give me the most satisfaction.”
We’re talking about Recurring Revenue. Subscriptions. Continuity.
Right now, there's a lot of talk about our economy and whether or not we're in a recession. I'm not an expert when it comes to economics or what the definition of a recession is.
What I do know is that during COVID when a lot of business owners were struggling, online courses and training were doing better than ever because people were at home, in front of their computers, bored, and they knew that they needed to increase their skillset.
If YOU have a skillset that you can teach others, trust me when I say you have potential for a business.
There are a lot of different models you can use for a membership site, but if you want something more recession proof, allows you to reach more people, and provides a steady stream of income then you need to look at offering subscriptions.
You can make a million dollars by selling $39/m subscriptions one at a time. Look at the news companies, Netflix, Spotify…. And it will probably be easier than selling $2,000 courses one at a time.
Because the upfront investment is small. And once you get someone on that subscription and they renew, each time the odds they’ll renew grows.
Sell once and collect over the lifetime of that subscription. In addition to what you’re doing to generate new sales.
I would strongly recommend adding some sort of continuity to your membership model if you haven’t already done so.
But even more, I would recommend that you listen to the full interview with Brian Kurtz because there is an unbelievable amount of practical advice and wisdom in it.