If you're getting dizzy running laps around the launch hamster wheel then you need a system for
monthly recurring revenue. I want to give you all the strategies and tools that you
need to get started including the three major elements that your offer must include in order
to have repeated success so let's get into how to increase recurring revenue for your business.
Before we can even talk about increasing your recurring revenue, let's talk about knowing
your retention and your return rates and to have systems in place to keep them working
and optimized. If you don't have good retention in your recurring or membership programs,
sure you could be increasing your revenue but also losing, churning clients faster than ever
so you're taking like one step forward and two steps back so we want to make sure that
you have the systems in place that when you do increase your memberships or your recurring
models, that you're going to keep those people in place, otherwise your business is not growing and
you've got an expensive hobby. Your churn rate depends on your industry so I would
recommend googling whatever your industry is and what an acceptable or gold churn rate is.
Churn rate is inevitable. I mean think of anything, a gym membership or an online program, eventually
people are going to move on or get distracted or not be understanding more or find something better.
Churn rate in a gym versus churn rate for online courses or employee retention
are all different numbers and results so I would recommend looking up to get a specific answer
for your industry. I mean if you look at Netflix, their churn rate, it's probably a lot lower than
a gym's churn rate or employee retention because it's low cost and pretty high value. I want to
hear from you. What is your typical churn rate and retention rate in your industry? Are you hitting
that goal? What's been working for you to keep people retained? Maybe we can share some ideas
so let us know in the comments below. To increase your recurring revenue, we want to bring people in
and know that they're going to stay. The product that you're selling should have benefits and value
exchange so that your clients are so happy to keep paying a monthly recurring fee. So to do that, we
want to make sure that the offer is irresistible and the way that you market it should have a
no-brainer, must-have quality to it so that it's a no-brainer for them to sign up and a no-brainer
for them to stay. You never want someone coming into your program thinking that they'll cancel
it before their next bill. I know that I've thought that before going into programs that I wanted to
check it out and see what it's all about, maybe I'd get some value but then cancel before continuously
paying this monthly fee. When you're in this zone, you have the opportunity to create high perceived
value and a memorable experience for your audience. I signed up for something recently that
had a seven day free trial and sometimes people will cancel when they're in this window because
they can discredit the value when it's free but it's up to us to nurture them through that free
trial or nurture them through their onboarding experience, whether you offer a free trial or not
walk them through the value of what they're getting. For example if I joined a gym and
they invited me to come in and have a one-on-one session with a personal trainer who then showed me
the smoothie bar, gave me a free sample, showed me that we have free smoothies every Tuesday, I'd
be like wow I am getting so much more value here instead of just like coming here alone and lifting
weights. They've given me the personalized touch. If someone signs up for an online course of the free
trial like I did recently, when I joined I got a personalized video from the person who created it
making me feel like I mattered to them. The video walked me through sections of the course
and they also in this video personalized a list of things that they think I should check out. They
gave me personalized feedback, they directed me to videos inside the platform that they thought would
be helpful for me. I'm getting more value than the money and now because of this experience, I
came to the realization that I'm getting more value than the money so it feels like a very
positive exchange for me and now I want to stay in the program and would likely rave about it
to my friends and family. So the onboarding process inside your membership model is so
important. It's the first impression. It sets the tone for your relationship and their retention
inside your program. Think about it like dating. If you want them to say yes to a second date, your
membership, the next months, you need to nurture them. If you want a second date, don't ghost them,
don't play hard to get, build that relationship and make a good impression and give them reasons to
keep coming back for more. One of the things that we've done that was a game changer in increasing
our recurring revenue and then also increasing our retention is to gamify your entire system. So what
this does is it gives your audience incentives to join, to take action, to be engaged and get results
and often that gamification can lead to rewards, incentives, benefits, maybe discounts, maybe free
stuff and if they leave the program, you don't get that anymore. You don't get the community
involvement and you don't get that you know that validation of you're actually accomplishing
something and the little behavior-based award that makes you feel good when you accomplish things.
Every milestone inside of our program that people complete, we send them pins. They get a lanyard
and they have these shiny pins for every module and every milestone that they complete. I kind of
joke about it saying like I am literally giving you shiny objects so you don't get shiny object
syndrome and go do other things that don't work so I kind of bribe people into getting results
but it works and then they get the most amazing results more than any other program because they
have all of these incentives all along the way and a little friendly competition never hurt anybody.
We've also gamified by giving them prizes, t-shirts, filming kits, we even have trophies and plaques for
when people hit 10,000 dollar months, 50,000 dollar months or made a million dollars
in revenue using the strategies that we teach. And gamification is all around you. Starbucks rewards.
Every coffee that you get after you get so many, you build those points, you can get free ones or
maybe at the gym I actually have a bar studio, ballet bar that if you attend so many classes,
you get to put your name on the hundred bar when you've come to 100 classes, 200 classes, 300 classes
and it's like this little status boost and also a reminder that you should be proud of your results.
I want to get into the three major elements that your offer must include in order to have repeated
success and increase your recurring revenue but before we do, have you subscribed to this
channel yet? Now's your chance. I post new videos to help you grow your business every single week.
I want to share with you some strategies that we've utilized and have been a game changer in
increasing your recurring revenue. The first one is that you can open up your membership every once in
a while instead of just always having it open. And what this does is it installs urgency and
scarcity. So if it's like hey this is only open for the next three days, they want to sign up for it in
those three days because otherwise we don't know when it's going to open again. This can be really
helpful instead of them thinking oh, I'll sign up for it next week. Well next week they get distracted
or they forget about it or someone else that has good urgency and scarcity gets their attention
and now we've lost the sale so it's really important that we have something that's going to
bring people into our offer. Now your offer must include three things in order to have repeated
success that's going to increase your recurring revenue and that's bonuses, urgency and scarcity.
Bonus, urgency and scarcity. How can you incentivize your audience to take action fast by providing
bonuses or installing some urgency or scarcity? So for a bonus, maybe for them to sign up. If you sign
up before the end of the day today, you're also going to throw in this free thing. Maybe it's a
t-shirt, maybe it's a training, maybe it's you know something of high perceived value. Urgency is like
i said when you open and close your membership. Hey, it's open for the next 24 hours. You only have the
next 24 hours to sign up because if it's open all the time, people will procrastinate. Opening
it just every once in a while will give you an injection of new customers inside your program.
Having a short window also creates scarcity but maybe there's something where you say I only have
10 of these available. Well, that's also going to get people to move fast because if they want one,
they better be one of those 10 people. So those are some of my favorite strategies for getting people
to join the program but you also want to give them reasons to stay inside of the program. Some
of those bonuses that you provide maybe you also provide them to current members so that they don't
want to leave the program because they know more bonuses and surprises, incentives are still going
to pop up for them as part of their membership. The first part is getting them to join the program but
then the second challenge is getting them to stay because of the amazing value you provide.
Another strategy that could blow your recurring revenue out of the water was a game changer for us
is to have a referral program. The people in your program who are loving it are going to
be your best ambassadors. So rather than spending money on ads, you could be potentially paying your
clients to bring in more clients who are going to be more of your ideal clients. And something
you could choose to do is something like an affiliate contest. You could say for this week
only we're giving out a bigger commission. Now to do this, you want to make sure you know your
numbers so you know what a customer is worth to you. For example if I'm already spending
50 to $100 to acquire a customer through Facebook ads and I know that that's profitable,
then I'm willing to pay the same or more to a current client for them to bring in their
friends or their colleagues to join my program as well, especially if it's recurring revenue, I
know that the longer they stay, especially because they have a friend that's already in the program,
they're more likely to be retained when they have accountability or friends in the program as well
that I'm going to continue making profit and I'm very happy to pay that person their affiliate
fee. You know for example I joined my ballet bar class. My friend Mandy introduced me to it.
I paid $99 a month to attend these classes and I'm more likely to stay long term because now
I go with my friend Mandy and if I go 15 times in a month then I get to keep my name on the platinum
bar and when I reach 100 classes, 200 classes, I get to write my name on those bars and it's a little
status boost. I make friends, I feel good about my health, there's prizes and games and even if I go
on vacation or something, I'm not going to cancel because I look forward to coming back because of
the community it provides, the gamification and the incentives. If you've followed me for a while, you
know that I like to say all roads should lead to recurring or high ticket. If you want to make sure
that all leads in your business either lead to recurring or high ticket revenue, I have an amazing
free training that I want to give you access to. I'm actually also going to give you access to
my highest performing, most revenue generating campaigns that you can just plug and play into
your business to maximize lead generation and high ticket sales. So click the link in the video
description below to attend my next free private training where I'll show you exactly how to ascend
leads from hello to high ticket. Before we can even talk about work- and have systems in place
to keep them good. Keep them what? Optimized. If you don't have good retention in your recurring
rev- and your occurring or membership programs. So instead of just like lifting weights or-
keep giving them- whoops and gamification is all around you. I mean Nike has it in their app to keep
you- come in so many times, they put your name on the board. What? How can you incentivize more
people to join your program or become part of your membership by offering them a bonus.