Profit From Your Podcast Two Monetization Strategies That Aren't Worth The Customer Causing Headaches
We all love customers, but there are some people who are NOT your target audience, and yet we create strategies that cause unrealistic expectations in your customers, or we get a great customer who can be a little forgetful.
The Black Friday Sale
When you do one of those HOLY COW - UNBELIEVABLE DISCOUNT Black Friday kind of sale, you get two types of customers.
- The customer purchases and does nothing with your product as they have no skin in the game
- A customer who didn't read the offer, but jumps in because it is so good, and then expect much, MUCH more than what is included in the offer
Consequently, (after doing two) I will not do a "Black Friday / DEEP DISCOUNT" offer.
The Yearly Subscription
This typically brings you your target audience. They are a joy to work with, and they are action takers.
However, a year later they forgot they purchased a recurring membership program. This leads to:
- Emails the day after they get charged asking, "Hey I didn't authorize this!"
I just got an email from someone who purchased my product. They worked for a company, and each year they have been charged. Now two years later, they want their money back.
Two Ways To Solve This Issue
- You can set a trigger in your CRM (I Use Less Annoying CRM) and remind them that their year subscription is coming up. Alert them how to cancel their subscription if needed.
- I also now send an email a week before the charge to alert them that their subscription payment is coming up.
Another Strategy To Solve This Issue
A yearly subscription is an easy-to-make "higher ticket price" item. You might consider raising the price on the subscription and making it "Lifetime Access" this way you get the benefits of an action-taking customer, and you don't have to worry about "I didn't authorize this payment."
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