Posted on Aug 20, 2015 Leave a Comment
Discover a Way to Prevent Your
Subscriber Credit Cards From Expiring
So You Can Maximize Recurring Revenue
Credit card expiration by your customers is a hidden cost that you rarely see until its too late.
If you are like most entrepreneurs and marketing executives, you focus your eyes on getting the next customer. You spend much of your time developing and executing marketing campaigns.
Perhaps you also spend some of your time on customer retention programs, particularly if you have a subscriber-based model.
You see, customer retention is really where all the money is at. There is a high cost associated with recruiting a new customer. But it costs virtually nothing to keep a customer.
This is why customer retention is like money in your pocket. So when a customer opts out of your subscription, its like money lost from your pocket.
But opting out is not the only way you can lose money from customers. At least you can easily track opt-outs in your database.
The bigger way you can lose money… A LOT OF MONEY … is from customers whose credit cards have expired.
Credit cards can expire from any one of your customers at any time. These may be from your most loyal customers. So losing a recurring transaction hurts your business. And it may hurt it in more than one way.
You see, credit card expiration is a hidden cost. But they also hurt your future sales. Let me explain.
When a credit card expires you can no longer receive payment for a service you are delivering. The longer this goes on, the greater the loss in collectible revenues.
If you program your system in such a way that you deliver your product or service only after you collect payment, then credit card expiration injures the customer relationship. That’s because your customer will no longer receive what they were paying for.
The big dilemma occurs when the customer begins to have second thoughts about the subscription. They were paying for it each month. But now that they have not received your product or service they may no longer have the same enthusiasm for it and may decide to cancel.
So credit card expiration puts you in a position where you may have to resell your customers on something they once agreed to pay for before their card expired.
If you do NOT have an automated system, you may not find out about the credit card expiring until weeks or months later. By then you’ve lost a big amount of sales.
By having an automated system in place, you can know a period in advance when the credit card is set to expire. So you can send out reminders to your customers to get them to update their card on record. If your automated system allows, you can make it very convenient for the customer to click a link in a text or email to take them to a form where they just complete a few fields of information. And you are done.
You can program your automated system to contact the customer via email, text, voice or post card at the times you want. For example, you can set it at 30 days, 14 days, 7 days and 3 days before expiration. Each communication should sound more urgent for the customer to respond.
Get Paid For All Uncollected Charges
In some cases, your customers may not respond to your requests before the card expires. But you can program your credit card expiration campaign to continue even afterwards. At some point many of your customers will respond. And when they update their information you should demand payment for the products and services you delivered.
You can do this by programming your marketing automation system to collect all charges that did not complete. That way you do not lose any sales earned.
Where To Go From Here
Setting up a marketing automation system takes much thought, time and expertise. It’s best you work with a consultant who can assist you with your automation strategy, system map (flow chart) and build and copywriting for persuasive messages. Having a system in place to protect you from credit card expiration will prevent the loss of recurring revenues and loyal customers. Plus it will help you maximize your profits.
Posted on Aug 20, 2015 Leave a Comment
Discover How Easy It Is To Build a
Subscription Based Member Site
That Could Increase Your Cash Flow
Each and Every Month
Member sites seem to be everywhere on the Internet. To maximize your revenues with a member site, you need to have a marketing automation system, which has become the latest business trend to stay ahead.
You see, prior to the internet age, there were very few ways for an entrepreneur to earn recurring monthly income from customers. The traditional models included publishers of magazines, newsletters and book, video and audio clubs.
Today, thousands of individuals have a member site for specific niche content that they charge for a recurring fee each month, quarter or year. The truth is, a member site is the fastest and easiest way to not only earn income each month, but to also increase cash flow. Yet a member site requires a marketing automation system to enable it to maximize your sales.
What Is a Member Site?
A member site is basically a website or part of a website that is password protected. So only those with a registered username and password can see certain content. The content is what the subscriber is paying to receive.
It’s fairly easy to create a member site by using plug in software for WordPress. However, to get more mileage for your membership site and generate better results, its best to set up your member site through your marketing automation software.
How Does a Member Site Work?
When creating a member site, the first thing you need to do is set up the levels. For example, you could have a gold, silver and bronze level.
Then you assign member levels to each page or post you create in your WordPress website. For example, if you create a certain page containing content that you only want gold members to see, then you’d set the page for only gold members.
As you build out the content on your website, you’ll likely have many pages and posts. You may make some of these available to everyone, and others specific to one or more member levels.
You can charge your members a set fee each month to access the content based on member level. So for example, you can charge gold members a higher price than bronze members.
What Are The Pitfalls?
A well-managed member site can allow you to generate a growing income. But it is not without pitfalls.
One big pitfall is you must continue to create fresh new content. Fresh new content that satisfies the audience needs is vital to keep each contact a member. As long as each contact values the content you create, the longer you’ll retain them as a member that pays you.
Yet if you reduce the amount of content and/or diminish the quality, then you can lose subscribers and the income.
Having a member website is a good start to earning recurring revenue. But you can increase your income even more each month by selling digital content packaged as a download, such as an eBook. You can promote this content to your members for a special price with an incentive to order in a short period of time.
So in other words, each month or a designated period of time, you can sell your members special content relevant to their needs. Since your members already appreciate the value of the information you provide them through their member site, they’ll most likely trust the product you are selling to be valuable.
To do this, you’ll need a marketing automation system.
Who Can I Get to Help Me With Marketing Automation?
A WordPress designer can help you design a member site. A skilled copywriter can provide quality content for your member site and an eBook. A marketing automation consultant can assist you in building the automated processes associated with the member site.
If you can find someone who does all three, you’ll not only save time and money, but you can assure everything will flow together much better than if you had different people for each function. So spend the time finding the one special writer, WordPress designer and marketing automation consultant.
Posted on Aug 20, 2015 Leave a Comment
Find Out What You Need
in a Sales Funnel to
Capture More Leads,
Convert More Sales and
Retain More Customers
Creating a money-making website appears to be simple. Some of it is with the turn-key tools available today. Yet to allow your venture to be super successful, you’ll need to know what parts to use and a strong strategy to follow.
The biggest mistake most people make when deciding on selling products or services online is to focus on their website. While that is an important part, it is not the place to start.
The best approach is to first focus on the whole sales funnel. A sales funnel involves the process of how you first induce a contact to opt-in to your business, convert them into a customer and get them to buy again.
Yet to fully optimize the results, you’ll need one part that would be involved in virtually every step of the sales funnel. And that part is your marketing automation system.
Vital Parts of a Sales Funnel
There are all sorts of sales funnels. Here are the most vital parts to a sales funnel that can enable you to capture leads, convert sales and retain customers.
Notice that a full website is NOT a vital part, even though it can be beneficial. So let’s briefly cover what is vital for a sales funnel.
To sell products or services online you do not need a large website. The most important thing you need is to have landing pages with persuasive content about the thing you are selling. A landing page has a distinct URL that you send your contacts to or market in such a way that you attract your target audience.
There are four types of landing pages you’ll need for a successful sales funnel. The first type is a squeeze page that contains content that focuses on getting the visitor to opt-in to your system. A squeeze page is the most important landing page because without building a list you’ll not have anyone to whom to sell your product or service.
The second type of landing page is where you sell your product or service. It can include a registration form to a webinar, a sales letter or a video sales letter.
The third type is the order form. It’s where the contact makes the purchase. And it’s the only one that requires a secure encrypted URL.
And the fourth type is a thank you page. You can have one thank you page you send contacts to after they opt-in. Plus you can have a different thank you page for customers after they buy your product or service.
The opt-in form goes on your squeeze page. Requesting an email address is essential. Any other information you request is optional. But the more you ask for, the lower your opt-in rate will most likely be.
The customer database is where you store all your contact information. This includes their name, email address, purchases and more. Most marketing automation systems include a CRM and include other vital information.
Autoresponder for email, text, postcard and voice
Autoresponders are a big part of any automated system. These are messages such as emails, texts, postcards, voice or a combination of these that your marketing automation system sends out automatically at the time you program it to go out.
You can have messages go out in a step sequence triggered by when the contact enters the sequence. And you can have messages go out via a date sequence triggered by a specific calendar date or time relevant to the contact, such as a birthday.
Webinars are an online tool you can use to make your sales presentation to your audience. You can present these live or prerecorded.
By using automated webinars, you can schedule the recorded presentation around each audience member’s schedule, no matter what time zone they are in. For example you can have your webinar play every day at 2:00 pm local time, so a person on the east coast will see it at 2:00 pm eastern time and the contact in California will see it at 2:00 pm pacific time.
A sales letter is the most effective tool to sell your product or service. It is persuasive. It contains a big idea, a big promise and many of the benefits the reader or viewer will receive after buying the product or service. It also contains the offer, one in which compels the reader or viewer to buy.
Writing a good sales letter takes a high degree of skill. This is why this is most likely one of the most costly parts of your sales funnel. If you want results, you’ll need to find a skilled copywriter rather than do it yourself.
The order form is critical. It is the last step in the sales funnel to close the sale. That’s why it’s vital to pay attention to the information on the form. A good copywriter can help you enhance the closing rate of an order form.
The payment gateway connects your order form to the credit card processor, such as Paypal, Authorize net, Stripe and others. They in turn send you your money from the sale less any transaction fees.
You can certainly create a sales funnel and generate income without a marketing automation system. Nonetheless, a marketing automation system can make your work-life much easier and enable you to earn much more money faster.
A marketing automation system can integrate your database, autoresponders, landing pages, order forms, payment gateway and more. It can enable you to set rules so that certain processes turn on or off based on behaviors by the contact. Plus it can track the contact throughout your website so you know where they go and how they behave when they get there. And it can conduct split tests of your landing pages and messages, so you can see what campaigns work best to sell more faster. You’ll also need a copywriter to create the content in your sales funnels to persuade your audience to buy your products and services.
There are many types of marketing automation systems on the market. There is a wide range in costs between these. The good news is there are now solutions for small businesses. The biggest key to building your sales funnel and automation system is finding a consultant skilled in marketing and the software to assist you. They can be a huge asset on your business team.