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10 Insights on The Membership Economy — Robbie Kellman Baxter

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Robbie Kellman Baxter created the popular business term “Membership Economy”. She is the founder of Peninsula Strategies LLC, a strategy consulting firm. Her clients have included large organizations like Netflix, SurveyMonkey and Yahoo!, as well as smaller venture-backed startups. Over the course of her career, Robbie has worked in or consulted to clients in more than twenty industries.

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10 Insights on The Membership Economy — Robbie Kellman Baxter

  1. 1. Powered by
  2. 2. This presentation consists of highlights from the interview with Moe Abdou, founder & host of 33voices®.
  3. 3. Robbie Kellman Baxter created the popular business term “Member- ship Economy”. She is the founder of Peninsula Strategies LLC, a strategy consulting firm. Her clients have included large organizations like Netflix, SurveyMonkey and Yahoo!, as well as smaller venture- backed startups. Over the course of her career, Robbie has worked in or consulted to clients in more than twenty industries. Robbie Kellman Baxter @robbiebax Strategy Consultant
  4. 4. Among the most desired of human needs is belonging for people are willing to pay a premium and give up their privacy in exchange for feeling accepted and loved. Insight #1
  5. 5. Insight #2 While a membership business model may not be right for your business, consider these advantages:
  6. 6. Insight #2 While a membership business model may not be right for your business, consider these advantages: It creates recurring revenue and removes lumpiness
  7. 7. Insight #2 While a membership business model may not be right for your business, consider these advantages: It builds a more direct relationship that strengthens your brand
  8. 8. Insight #2 While a membership business model may not be right for your business, consider these advantages: It generates an ongoing data stream that can be used to improve service and identify opportunities
  9. 9. Insight #3 If the ‘Forever Transaction’ is the key metric in a membership model, then innovation must be verb. Unless you continuously tinker with new ways to add value, you’ll grow stale.
  10. 10. Insight #4 The smart onboarding process has three key steps:
  11. 11. Insight #4 The smart onboarding process has three key steps: Removing Friction
  12. 12. Insight #4 The smart onboarding process has three key steps: Delivering Immediate Value
  13. 13. Insight #4 The smart onboarding process has three key steps: Rewarding desired behaviors that will drive member success
  14. 14. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams:
  15. 15. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: Subscriptions
  16. 16. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: À La Carte Service
  17. 17. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: Ancillary Products
  18. 18. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: Partnership Streams
  19. 19. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: Aggregated Analytics
  20. 20. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: Advertising
  21. 21. Insight #5 Pricing is especially tricky in a membership model; consider these seven potential revenue streams: Free
  22. 22. Insight #6 “Give your service away for free possibly ad supported but maybe not, acquire a lot of customers very efficiently through word of mouth, referral network, organic search marketing, etc, then offer premium priced value added services or an enhanced version of your service to your customer base.” - Fred Wilson on the Freemium Business Model
  23. 23. Insight #7 The genius behind Netflix’s early membership traction was their commitment to focus on one key benefit and deliver it to a focused audience: no late fees. What’s the one thing that only you can do?
  24. 24. Insight #8 If you must raise prices, over-communicate and consider these two options:
  25. 25. Insight #8 If you must raise prices, over-communicate and consider these two options: Grandfather existing members at old prices
  26. 26. Insight #8 If you must raise prices, over-communicate and consider these two options: Add tiers above the current level with more benefits
  27. 27. Insight #9 The best organizations innovate around their business models. Before you contemplate a shift to a membership model, evaluate these three key issues:
  28. 28. Insight #9 The best organizations innovate around their business models. Before you contemplate a shift to a membership model, evaluate these three key issues: Product - Does your product need to be rebuilt to be offered as a subscription?
  29. 29. Insight #9 The best organizations innovate around their business models. Before you contemplate a shift to a membership model, evaluate these three key issues: Pricing - How will you price the value of access for a finite period of time? A month? A year?
  30. 30. Insight #9 The best organizations innovate around their business models. Before you contemplate a shift to a membership model, evaluate these three key issues: Communication - Be as transparent and as consistent as possible
  31. 31. Insight #10 Membership is timeless, important and powerful; people crave it.
  32. 32. Is there one component of your business that can support a membership model? tweet us!
  33. 33. Get the book
  34. 34. LEARN MORE
  35. 35. CONNECT WITH US! Tell us what you think Jenna@voices.com Presentation created by Chase Jennings Insights by Moe Abdou

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