012: Why I shut down my profitable membership program
Recurring revenue is often seen as "the Holy Grail" of business - who wouldn't want income that's practically guaranteed month after month? I launched a paid membership program that initially looked successful, but ended up being a drag. Here's how I made the tough call to shut it down, and how I communicated it to subscribers. But there's a happy ending to the story - I was able to redeem some of the material and turn it into a popular new course. Show notes: http://www.entrepreneursinmotion.com/membership My attempt at a monthly subscription program (1:50) The GOOD results... and the warning signs (2:45) The disastrous relaunch (5:30) Two keys to a successful membership program (+examples) (7:25) Why I didn't start a community, but how you can do successfully (9:53) Why I ended it earlier than planned, and how I notified the members (14:30) How I turned a dead program into a profitable new product (16:55)
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