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Tattooed troublemaker spills subscription secrets…
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I’m about to say something that can get me in a lot of trouble. But as a man with a neck tattoo, it’s safe to say I like to live life on the edge. So here’s the deal… Despite what all the online gurus say, recurring revenue doesn’t magically appear just because you have a great idea… …The difference between success and stress-induced nightmares comes down to a simple, repeatable process to get and retain new paid subscribers. Yesterday I showed you the card on the different types of revenue models you can get. Today, I’m handing you the exact blueprint to launch your own recurring revenue stream from idea to paying subscribers. I’ll give you that blueprint in a minute… But first here are 5 important words that you should write down on a Post-It note and stick to your laptop: Create something people use every day. Think about the software or subscriptions you rely on daily: Netflix, ChatGPT, mail order brides etc. Why do you keep paying? Simple: Because the products are designed to be in your life every day. Now I know what you may be thinking… “Parker, these are multi billion dollar companies. How can I create something people use every day?” Well I’m glad you asked… Here’s some fast action examples to get you started:
Do you see where I’m going with this? You don’t need to be the next Apple to create a subscription product that someone uses every day. It just needs to solve a problem or provide some kind of pleasure (like daily puppy photos sent to my inbox). But now is the time where I karate chop this brilliant idea in the neck… Because people hate subscriptions. They’d prefer a one-time fee (unless the subscription is something they regularly depend on). The reason why your subscribers cancel isn't because of price - it's because you failed to create a daily dependency in the first 72 hours. Because subscriptions appear to be more expensive than one time payments. But don’t worry, because I’ve got the good news in my pocket. Here's something worth $197 that I'm giving you for free: The exact psychological trigger that converts one-time buyers into lifelong subscribers - even in markets where people supposedly 'hate' subscriptions. If these 5 steps don't 10x your retention rates, then I’ll stop writing emails forever hahaha… Step 1: Make entry a no brainer Offer a low-cost, irresistible trial to make signing up effortless. I used a $1 trial for the first week for my Skool community. This got credit card info upfront, making the renewal process easy. Offering a low priced trial destroys the risk in your prospects’ minds. Try it for a dollar. If you don’t like it I’ll refund you –works like a charm. Step 2: Immediate high impact value. Delight subscribers immediately with unexpected personalized interactions. I welcomed new community members with surprise one-on-one onboarding calls, this boosted retention and enthusiasm. There’s a cool software called Bonjoro that lets you send personal thank you videos to your customers’ inbox after purchase. It’s a killer way to show your face, show that you care, and stand out from the competition. Step 3: Flawless onboarding Clearly outline benefits, the transformation to expect, set expectations, and make it as easy as possible for your customer’s to navigate. There’s nothing worse than joining a software tool and being confused as ferk. Whenever I feel like that I unsubscribe immediately. For my community, I provided simple templates to help new members easily connect with each other, which kick started relationship building fast. Step 4: Celebrate member wins Sharing member wins is a must. Not only does the person feel celebrated, but it shows other members what’s possible if they use your product. Celebrating wins boosts morale, engagement, and loyalty. Which helps you retain customers and increase lifetime value. Step 5: Collaborative brainstorming The truth about keeping subscribers long-term…. HINT: Top entrepreneurs exploit human psychology to create 'subscription addiction,' and once you see their secret, you'll never worry about churn again… Enter group brainstorming sessions. The value of peers sharing their goals, lessons, and mistakes binds every member together like glue. People check on each other and create accountability. This one act alone increases the perceived value of your product. Why? Because the return on investment from relationships is infinite. If someone meets their new business partner in your community, can you even put a price on that? All you have to do is schedule weekly meetings and ask members:
The rest will take care of itself… But here’s what to never do when launching recurring revenue (this mistake kills more subscriptions than any other - and it happens in the first 24 hours after someone joins): If your subscription isn’t a daily habit, it’s already dead… Make something they’ll use every day (or don’t bother). Tomorrow, I’ll tackle the common questions and hurdles you might face… To give you the confidence to build and launch a subscription offer. Catch ya soon, Parker |
The Story
Grab attention, monetize, and persuade with Storytelling Every Thursday you'll get one story and writing tactics in 5 minutes. This is the FREE newsletter that 50,000 follower accounts read.
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