THIS WEEK'S ASSIGNMENT
A membership program is not a set-it-and-forget-it product. It’s important to take a look at the performance and cost of the program regularly and adjust your offering. Some of your benefits might take off, while others are rarely used.
As your membership program grows, some of the more intimate benefits, such as the opportunity to attend editorial meetings, may not feasibly scale, and new opportunities to improve the member experience might arise.
This week’s assignment is to take a look at your membership program and decide whether you should make any changes.
If you haven’t launched a membership program yet, you could try our step-by-step process for designing your program from scratch.
Step 1: Take stock of what you offer your members
Start by making a list of all the benefits you offer, and identifying how you can evaluate whether members find them valuable. Sometimes it’ll be as simple as checking your data. If you’re wondering how valuable your member-only newsletter is, check the open rates. If you offer swag but members have to provide their address to receive it, check how many members actually take the step to share their address or inquire about how to get their swag.
Sometimes, however, you’ll have to ask.
Step 2: Survey your members
Krautreporter and Steady co-founder Sebastian Esser recommends a simple approach: send your members a survey with just two questions: what benefit do they value the most, and which benefit do they value the least? It’s easier for your members than asking them to rank all of the benefits you offer, and you’ll end up with more than enough information to decide what to stop offering.
You might want to include a list of your benefits, or link them to your membership landing page, in case they don’t actually remember all of the benefits you offer. (If they can’t remember a benefit that you offer, that’s a good close that it’s not valuable to them!)
Step 3: Make some decisions
Now you should evaluate the payoff for each of the benefits you offer. Are they worth the costs and staff time associated with providing them? A simple value/effort matrix will help you figure that out.
The ranking from your members will determine whether something goes in a high value or low value quadrant. The effort it takes to provide the benefit determines whether it goes in the high effort or low effort quadrant.
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