In the spirit of
making lemon aide from lemons, let’s take a look at how to make money from your
membership cancellations.
The first way is
to stop those cancellations before they ever happen, if at all possible.
The second is to
make people an offer they cannot refuse when they do cancel. In fact, we’ve got
4 different methods to achieve this.
And finally, we’ll
cover how to reactive subscribers after they’ve left the fold.
Simple Trick for Stopping Paid
Subscription Cancellations
Do you have an
automated system that allows paid subscribers to cancel their subscription?
You might be able
to retain some of those paying members by letting them know what they’re going
to miss.
For example, when
they click on the link to suspend or end their subscription, the next screen
might say something like…
This will cause
you to lose access to [insert your membership name or programs]
Suspension
effective as of [DATE]
Coming soon
from [Business Name]
[List what is
coming soon. Make it sound super enticing]
By giving them a
sneak peak of what’s coming next, you will hopefully retain some of those
members who attempt to cancel.
Even
better, be sure that your paid members are always kept up to date on what’s
coming. When you have a paid membership, one of your most important jobs is
always tempting your members with whatever is just around the corner, so that
they never want to leave.
How to Make Money When
People Ask to Cancel
Method 1: If you have a paid monthly membership or software as a service,
then sooner or later you will have customers who want to cancel their
membership.
When they do, make
them a special offer for one year of membership at a major discount.
You’re not losing
any money since they were going to cancel anyway.
And you retain the
opportunity to sell them more products from inside the membership, too.
Method 2: Your paid member has cancelled. Now what?
Don’t give up. On
the page that lets them know the cancellation has gone through, offer them a
membership in another program of yours. This other program might be a better
fit for their needs.
Don’t have a
second paid membership program to offer them? Team up with another membership
site owner in a related or identical niche. You offer their membership on your
cancellation page, and they do the same for you.
Of course, you can
also become an affiliate for another membership site and use that as your
offer.
This works best if
you can make the offer a one-time special. Either they get a discount that
won’t be repeated, or they get access to a very special bonus.
Method 3: If your paid membership is all about the content (versus, say,
software as a service) you might offer them all the content published thus far,
immediately downloadable and theirs for life.
They must have
liked your membership if they signed up for it in the first place. Getting
access to what’s inside the membership up to the month when they cancelled
might be something they would love to have, for the right price.
Method 4: Offer them the same membership they just cancelled, only better and
more expensive. This one might sound crazy – why would they sign up for the
membership they just cancelled, and pay more for it, too? That depends…
If your site is
teaching them how to do something, it could be that they need more help than
just being told what to do. Maybe they need coaching, or they need someone to
perform a service for them such as setting up a website needed to put a profit
stream in place.
Take a good look at your site and figure out what’s
missing. What would make it even easier for your members to reach their goals?
Then build this better version, whatever it might be, and
offer it to subscribers past and present.
Simple Trick for Reactivating
Paid Subscribers
If you’ve had a paid membership site or software as a
service for any length of time, you’ve also got a list of people who canceled
their membership.
(Don’t take it personally – this
happens to every single membership site, regardless of how amazing the content is
or how low the price.)
To Your Success Online
Steven Morton
Founder-Marketing Mastermind Tips
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