"Why Are 11% of My Customers Leaving Every Month?" — Transcript

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1. 0:00My name is Joe. I'm in the financial
2. 0:01publishing space. We sell premium
3. 0:03newsletters. Our avatar is seven-figure
4. 0:06do-it-yourself investors 65 plus pretty
5. 0:08traditional.
6. 0:09>> Oh, Agora Agora.
7. 0:10>> Oh, yeah. Agora maxing.
8. 0:11>> Yeah, yeah, yeah. They yeah, same thing
9. 0:12but you know, smaller.
10. 0:13>> Yeah.
11. 0:14>> But
12. 0:14we I I think right now I I came here
13. 0:17thinking that it was lead gen was my
14. 0:19problem but now I think it's
15. 0:20month-over-month churn rate. It's at 11%
16. 0:22so I'm kind of looking for tactical
17. 0:23things on how to have a better
18. 0:24onboarding process to
19. 0:26get that month-over-month churn down.
20. 0:27>> What's the price point?
21. 0:29>> We have a 97 front end, back ends 1200,
22. 0:322300 and then a big old markman bundle
23. 0:34the bomb for 5000 at the at the end.
24. 0:37>> You got the you got the model price
25. 0:38points.
26. 0:39Um okay. So
27. 0:44gosh, this is a deeper dive. So um
28. 0:46high-level what's the onboarding process
29. 0:48right now?
30. 0:48>> Uh very minimal. Just emails. We have,
31. 0:50you know, a 30-60-90 but it's just
32. 0:52sending free content that I mean it's
33. 0:53valuable but they haven't seen it
34. 0:54before.
35. 0:55>> Okay.
36. 0:55>> It's not individualized based on where
37. 0:57they came from at all.
38. 0:58>> And is almost everyone annual?
39. 1:01>> Uh mostly, yeah. It's like
40. 1:03I think it's like 65-70 annual. We do
41. 1:05have some monthly.
42. 1:06>> Okay.
43. 1:07>> And yes, we are going to do four four
44. 1:08week instead of monthly so.
45. 1:10>> it. Yeah.
46. 1:11Big fan.
47. 1:12Um
48. 1:13So right now of the people who stick cuz
49. 1:16you do have some people that have
50. 1:17probably loved you and been there
51. 1:18forever, right? Of the people who stick,
52. 1:20what was the thing that happened
53. 1:22to them that didn't happen to the other
54. 1:24people in the first 30 days?
55. 1:25>> This is where I could be naive to it.
56. 1:27I'm I'm newer to the industry. I took
57. 1:29over the company from my father and so
58. 1:30some people have been following him for
59. 1:31like 20 25 years. Like some I had a
60. 1:33woman send me newspaper clippings from
61. 1:35when he wrote for the LA Times.
62. 1:37So like there's that but I
63. 1:40part of it seems to be market cycle
64. 1:42but I don't want to externalize the
65. 1:44problem.
66. 1:44>> I agree.
67. 1:45>> Um cuz we our our our subscribers
68. 1:47generally do make money all the time. So
69. 1:49we've noticed though in the last like 12
70. 1:50months the recent cohort is not
71. 1:53nearly as sticky as all. Like sticky at
72. 1:55all as as the as the like cohorts that
73. 1:57we've had for 20 years.
74. 1:58>> Did you change the advertising platform
75. 1:59you're advertising on?
76. 2:00>> We never advertised until about a year
77. 2:03and a half ago. So all of this until it
78. 2:04started happening.
79. 2:05>> Yeah. Yeah. Which
80. 2:07Yeah.
81. 2:08>> Right.
82. 2:08>> Yeah.
83. 2:09>> [laughter]
84. 2:09>> Yeah, warm traffic, cold traffic. I
85. 2:10mean, that makes sense. So
86. 2:12um
87. 2:14So I'll give you I'll give you work to
88. 2:15do. Um which is you want to probably get
89. 2:19on the phone with 20 customers that have
90. 2:21been with you from the cohort of the
91. 2:23last 18 months that stuck
92. 2:25and 20 that didn't.
93. 2:26>> Okay.
94. 2:27>> And the more important one like both
95. 2:29will be important.
96. 2:30>> Yeah.
97. 2:30>> Of the ones that did, you want to ask
98. 2:32number one, why did you buy? Number two,
99. 2:34what were the biggest things that you
100. 2:35were afraid of that you weren't sure of?
101. 2:36That's going to be all helping on the
102. 2:37marketing side. But the thing that's
103. 2:38going to matter most for you is what was
104. 2:40the moment that you realized this was
105. 2:41going to be great.
106. 2:43>> Okay.
107. 2:43>> Now the people if you want to really get
108. 2:45dialed in this and get into the sub
109. 2:46cohort,
110. 2:47>> you should look for the people who are
111. 2:48on monthly.
112. 2:49>> Yeah.
113. 2:49>> Because annuals aren't going to help you
114. 2:50because they they didn't churn cuz they
115. 2:52couldn't, right?
116. 2:52>> Yeah.
117. 2:53>> Uh find the people who are monthly who
118. 2:55stuck month over month over month.
119. 2:56That'll be a much smaller cohort to go
120. 2:58after, but they actually did it for a
121. 3:00reason.
122. 3:00>> Mhm.
123. 3:01>> Um and we just need to find out what
124. 3:02action they took and then that means all
125. 3:05of the cannons of onboarding go towards
126. 3:08this activation.
127. 3:09>> action, okay.
128. 3:09>> Yeah, so like for school for example,
129. 3:11it's like we know that if people join
130. 3:13multiple communities and they get at
131. 3:14least three members in one community,
132. 3:15their lifetime value goes to like 11x.
133. 3:17It's huge. And so all of our onboarding
134. 3:19is like, your first three members, get
135. 3:21your like text it right now. Here's the
136. 3:22text. You can send it with one click to
137. 3:24your contacts so you can get your first
138. 3:26three members in there. And we like all
139. 3:28of it is repeated throughout. And so it
140. 3:29might be
141. 3:30uh you have to make your first trade.
142. 3:32>> Yeah.
143. 3:32>> Right? It might be that.
144. 3:33>> That's how it's all skewed right now is
145. 3:35to hey get get in get into it.
146. 3:37>> Yeah.
147. 3:37>> But in a bad market where, you know, I'm
148. 3:39not going to blame that again, but you
149. 3:40know, it's like
150. 3:41>> But hey, your people make money in every
151. 3:43market, right?
152. 3:43>> Yeah.
153. 3:44>> So there you go. Well, fair enough.
154. 3:45>> [laughter]
155. 3:46>> All right, that makes sense.
156. 3:47>> Yeah, but that it's a this is the dirty
157. 3:49work. It's this is like that's actually
158. 3:51how it is.
159. 3:51>> granular.
160. 3:52>> Yeah, you have to go find the people who
161. 3:53have insurance, look at what they did,
162. 3:55then map the activation point to this
163. 3:57and you might find two or three things
164. 3:59and you're going to have to figure out
165. 3:59which one of them when you point it to
166. 4:01it and that's just the work of business.
167. 4:02>> Perfect. Okay. Appreciate you. Thank
168. 4:04you.
169. 4:04>> So you just saw a compressed version of
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