February 15, 2008
The Answer
What would be a universal continuity program that's applicable to any market, at any time, and has a higher than average (3 months) stick rate?
Answer - The question was phrased to get you to think and there are many incredible answers given.
My answer was simple though and this is what I was looking for… give your customers what they want on a monthly continuity basis. It's universal (all people want something; you just have to find out what it is). Continuity is king (give them what they want with a recurring element). It's applicable to any market as every person in every market WANTS something. It's applicable at any time and if you do it right, you will have an astronomical retention.
This is all done by properly crafted surveys. I'm no master of the survey, but I'm smart enough to partner with some people that are. I will do my best to twist some arms and get a guest article or two on this subject.
Woody
Filed under Marketing Strategy
Comments on The Answer »
So does that mean nobody got the $100?
A forced continuity program is only the first part of the answer. If you rely upon the "forced" aspect, counting on their dissatisfaction not being sufficient to motivate them to cancel, you are inviting that 3 month mortality.
You need to identify the "basic" need your product is satisfying and not only ensure that you fulfill that need each and every billing period, but also ensure that the member is consitently made present the value.
Hollywood uses a very effective technique. The "Cliff Hanger"; They hook you with an intriguing story and then leave the story incomplete while you are on an emotional high. You find yourself driven to obtain that next installment. Case in point, many of you, like me, are fascinated with the unfolding story in the series "Lost".
And if you want to not only keep those members coming back but make it go viral, the challenge becomes one of not only meeting their expectations each installment but exceeding them. Not an easy task, but a potentially rewarding one.
Rich
Rent, along with utilities. Quit and you are homeless and in the dark.
I think a real benefit for clients in recurring sales is that you have to satisfy both today's requirements and tomorrow's.
Kenneth