A12.7 Maximizing the Lifetime Value (LTV) of your members

Creating customers for life

  • It costs over 5x to acquire new customers than to retain existing ones
    • You can constantly be on the hunt for new customers
    • OR… you can go deeper with your existing customers
  • Overdeliver every way that you can (sustainably)
  • Deliver what you promised during the sales process
  • Provide the support you’d want a loved one to receive

A12.4 Choosing a Learning Management System (LMS)

  • Two options…
    • The budget-friendly route (one-off or annual WordPress-based LMS license)
      • LearnDash or similar; possibly also a membership plugin
    • The premium route (monthly LMS subscriptions)
      • Kajabi, Thinkific, Udemy, etc.
    • Let’s talk about the pros & cons…
  • Other things to keep in mind besides budget…
    • Integrations with other tools you use
    • Whether or not you need a supplemental (or replacement) membership plugin
    • Self-hosted & managed vs. hosted & managed by IT professionals
    • Added fees
    • User experience & its impact on retention

A12.3 A quick discussion about creating your sales funnel

How do I sell my course?

  • This is outside of the scope of this particular section, BUT…
  • Look at what your competitors are doing and study their funnels
  • Be respectful of their intellectual property (IP), but don’t reinvent the wheel

A12.2 Outlining a kickass course that’ll deliver results

Where do I start?

  • Think about where your target audience is starting
  • Think about where you want your target audience to end up
  • Then bridge the gap between the two: “Inch Wide, Mile Deep”
  • Also remember that the broader an audience you cover, the more people you’ll be able to sell to
  • Let’s take a look inside my WorkFlowy for A12

A12.1 Why even do it?! Plus things to keep in mind

  • Why even bother?!!
    • Looking at the numbers…
    • Think back to the early FIMP “reverse math” numbers
    • Would you rather make 4%, 7%, 50%, or 100%?
      • $1,000 x 1,000 = $1,000,000
      • $97/mo x 12 months x 860 = $1,001,040
      • $1,000/mo x 12 months x 84 = $1,008,000
  • Things to keep in mind…
    • Your product = YOU support it
    • BUT… you also benefit from conversion tracking & possibly affiliates
    • Will people be willing to pay for this? Conduct a market analysis.
    • Honestly ask yourself this question: Can I deliver?
    • Also remember what’s your responsibility vs. what’s NOT

A11.10 Bringing it home

  • No matter where you’re shipping to/from, be aware of:
    • Import tariffs, duties, and other taxes
    • Manufacturing & delivery estimates
    • Planning for the worst while hoping for the best
  • Strongly recommended: Research & secure a good freight forwarder
    • REGINA — this is for placement as a non-bullet-point at the bottom of the previous slide, not its own slide