MBA956 How to Turn Monthly Subscriptions into Annual Subscriptions

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 8 March 2018

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Running a monthly subscription service is a wonderful way to achieve predictable, reliable revenue. Even more reliable is a yearly subscription, which allows you to spend fewer resources on retention and pass the savings on to customers. But how can you convince customers to make that kind of commitment? How can you entice people to go the distance with you on an annual basis?

Today, we discuss how to construct and execute your campaign to turn monthlies into yearlies. We offer tips and strategies on educating your customers about the benefits of going annual, how to target the customers most likely to convert, and what to offer them as incentives. Set yourself and your customers up for the long(er) haul. Click Play!

Transcript

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0:15.4	Heyo! Welcome to the $100 MBA show because you don't have time for useless jibber that's why we go straight to the business strategies you need with our daily
0:19.2	10 minute business lessons for the real world I'm your your host, your coach, your teacher, Omar
0:24.6	at home. I'm also the co-founder of the $100 MBA, a complete business
0:29.1	training and community online over at 100 MBA.net.
0:33.7	And in today's episode, you will learn how to turn monthly subscriptions
0:37.3	into annual subscriptions.
0:39.6	If you offer a reoccurring service or product,
0:41.8	whether it's a software, an online course, a community,
0:46.0	or even coaching.
0:47.3	How do you take those who are on a monthly plan and move them to an annual plan?
0:52.1	How do you sell them on the benefits of going
0:54.5	annually? Getting people on your annual plan is really essential to keeping
0:59.0	churn down. Customers on annual plans are less likely to turn to leave you because they have to make
1:04.2	that decision only once a year versus having to make that decision every single month.
1:08.6	You have to earn their business every single month.
1:10.8	So in today's episode I'm going to share with you some strategies to show those
1:14.2	customers that are currently paying monthly how it's beneficial to them to
1:18.6	upgrade to annual. We got a lot to cover so let's get into it. Let's get down to business.
1:24.0	Today's episode of the 100 R. M. A show is supported by the Jordan Harbinger show. This is Jordan
1:33.6	Harbinger's all-new podcast and it's a huge hit. Jordan teaches everything
1:38.8	from what you do in a crisis, how to cultivate resilience and grit, how to handle uncertainty and instability, and
1:45.3	how to protect your mindset, so you're always performing at the top of your game.
	...

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