347 - How to Identify Your Member Drop-Off Points

What do you fear most as a membership site owner?Let us guess... Cancellations?!We'll let you into a little secret...You're not alone in this.Cancellations are without doubt the big bad boogeyman of the membership world...Even your friendly neighbourhood Membership Geeks face this fear with you!No one likes them...The truth is, cancellations are inevitable.But there are ways to minimize them… Especially if you can predict drop-off points in your memberships ahead of time and take action to fix them.In this episode of the Membership Geeks podcast, we’re going to share with you how to do just that. Essential Learning Points5 key drop off points majority of memberships face. How to make people want to stay after the initial 30 day period. Strategies to put in place to maximize your number of annual renewals.How to identify and prevent seasonal cancellations. Key Quotes: “Sometimes the reasons for cancellation are beyond your control. And often, they're even beyond the control of your members. Life happens!”“Within the first month when someone joins your site you'll see several different stages that can form a common drop-off point - a time when you lose a lot more members than normal - You need to ensure that you have a strong onboarding process in place to minimize the number of drop-offs.”“If somebody joins for 12 months and this period is coming to an end, they have a big decision to make whether or not to renew, as it's a bigger lump sum investment rather than a monthly payment.”“It’s a worthwhile exercise to monitor the performance of your membership site, identify patterns with sign-ups and drop-offs, and average member attendance. But also, to try to monitor, predict and pre-empt seasonal drop-off periods or topic-based drop-off periods according to your audience profile.”