The Membership Economy: Mastering the Forever Transaction
Robbie Kellman Baxter created the popular business term “Membership Economy” in response to how the smartest, most successful companies are using radically new membership models, subscription-based formats, and freemium pricing structures to grow their customer base—and explode their market valuation. The “Membership Economy” is the most disruptive shift in business since the Industrial Revolution, but unlike the previous business disruptions, the “Membership Economy” requires the companies to pay much more attention to the customers, their experience and ultimately, their success with the company’s offering. Join Robbie Kellman Baxter, Author of “The Membership Economy: Find Your Super Users, Master the Forever Transaction, and Build Recurring Revenue” and Lincoln Murphy, Customer Success Evangelist at Gainsight, as they discuss the “Membership Economy” and how to master the “forever transaction.” In this webinar you will learn: The Reality behind the “Forever Transaction” Finding your Super Users (and why that matters) Building and Scaling a Recurring Revenue Business The most successful Enterprise SaaS companies know that growing revenue only through new customer acquisition is the less efficient way to scale. Rather, they understand that growing revenue within your existing customer base - through up-sells, cross-sells, and expanded use - is the most profitable way to scale. In fact, Enterprise SaaS companies that grow revenue - and company valuation - by expanding revenue within their existing customer base also know the key to making this work is to focus on - and operationalize - Customer Success.
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The Membership Economy: Mastering the Forever Transaction
- 1. The Membership Economy: Mastering the Forever TransactionApril 2, 2015
- 2. Housekeeping • Q&A panel on your right • Recording for colleagues who can’t make it • All attendees will receive slides • Twitter hashtag #customersuccess
- 3. Our Speakers Lincoln Murphy Customer Success Evangelist lmurphy@gainsight.com @lincolnmurphy Robbie Kellman Baxter @robbiebax http://www.peninsulastrategies.com/ http://membershipeconomy.com
- 16. Online Subscription Companies Online Communities Organization with loyalty programs Mainstream Membership Businesses Small Businesses and Consultancies Nonprofits, Professional Societies & Trade Associations
- 17. What does it mean to have members--not customers? How would a forever transaction change your customer’s life? Who are your super-users and how would you build more of them through your on-boarding process? What is the ongoing forever benefit that you provide?
- 19. 5 QUESTIONS WITH ROBBIE KELLMAN BAXTER The Membership Economy and Customer Success
- 20. 1. Renewals • You talk about the “Forever Transaction” but the reality is there isn’t just one transaction • Renewals, Upsells, Cross-Sells, even Downsells • We’re “Always in Pre-Sales Mode” • How do we handle this from a “membership” perspective?
- 21. 2. Success Potential • You say “Why invest in acquiring a member who's going to leave quickly and cost you money?” • In Customer Success we talk about the “Success Potential” of a customer. • What are some ways to figure out who will be a successful member and who won’t be?
- 22. 3. Defining Success • You say “when a member signs up for a Trial or for a Membership, it is helpful to optimize the member's initial interactions for success.” • What is this “success” you speak of and how can we go about defining it for our customers?
- 23. 4. Active Churn • You talk about Active vs. Passive Churn and provide some examples of how to keep customers from churning, such as ensuring credit cards don’t expire to offering discounts. • What are some other ways we can work to mitigate both active and passive churn?
- 24. 5. Indoctrination • You talk about CrossFit, Churches, and other membership organizations that have “cult-like” followings… in a good way. • What are some of the shared characteristics of those organizations that we can leverage in a B2B setting to drive such divine loyalty?
- 25. Q&A Lincoln Murphy Customer Success Evangelist lmurphy@gainsight.com @lincolnmurphy Robbie Kellman Baxter @robbiebax http://www.peninsulastrategies.com/ http://membershipeconomy.com
- 26. Thank You! April 2, 2015
Editor's Notes
- Thanks for your attention today. At this point, I”d like to open things up for questions and comments. What has resonated with you? What would you like to disuss more deeply? I look forward to hearing your feedback. Please come and tell me your stories—what have you found most valuable or provocative tonight and does it fit with your research and your teaching. I’m really interested in what you have to say!