Strategies for Long-Term Growth for Membership Site Owners
There are ONLY 3 ways to grow your online business.
To be successful, you need to crack all 3 areas.
But…. master the third, and your knowledge commerce business will explode…
To grow your online business, you need the skills and systems to
i) attract new customers,
ii) sell more to existing customers,
iii) retain customers for longer.
Simple, I know, but don’t mistake simplicity for ease.
Most online business owners focus on attracting new customers. Having a system to introduce fresh prospects and convert them into customers is essential. However, it is also the most difficult and expensive.
Your lead generation, copywriting, and offer creation skills are key during this phase. The “best” rarely wins. Instead, it’s the marketer that demonstrates how their product solves the #1 pain point of their audience.
To sell more to existing customers, answer the question: How can I help them get their desired result faster with fewer headaches? The answer is rarely “more”. Give shortcuts. People will pay to buy back their time.
Upsells, downsells, order bumps, cross-sells, and add-ons are all ways to increase average order value. Make them feel like the logical next step for customers to take. On their way to solving their major pain point.
Focus on retention and optimizing customer lifetime value to unlock the power of compounding in your online business. This is both strategy and execution. Crack this, and your success is inevitable.
Step 1 is to create a success path for your customers through your business. Have low, medium, and high ticket options for them to ascend. Mini-course, signature course, membership, group coaching, mastermind.
Step 2 GET RESULTS. Without results, you don’t have an online business. Obsess over getting your customers the results you promise. No one leaves because they made too much progress. Results = Customers for life.