105. Subscriptions and Membership Programs: A Behavioral Economics Perspective

<p><span style="font-weight: 400;">Today, we are going to be talking about subscription models and membership groups. I have been thinking about an episode on this for a long time. As many of you know, if you’ve been listening and following The Brainy Business for a while, I launched a membership group at the beginning of 2020. It's called the BE Thoughtful Revolution, and I’ll use examples from my experience of setting that up (as well as others) throughout the episode. </span></p> <p><span style="font-weight: 400;">At the center of any really strong business is finding the experience people want (the biggest benefit to them) and showcasing the value in a way that makes it easy for them to say yes. </span></p> <p><span style="font-weight: 400;">Even if you are thinking about creating a subscription or membership now because you think it will benefit your business, solid customer experience has to come first in the design and final decision. You need to think of the people you are creating this for, what they want and what they will be excited to pay for. </span></p> <p><span style="font-weight: 400;">In this episode I’ll talk about the behavioral science concepts behind subscriptions and memberships, how to consider if they are a fit for your business, and then I’ll do a Q&A with the actual questions listeners like you posted to me on social media. If you don’t yet follow The Brainy Business, you can find me as @thebrainybiz on Facebook, Twitter and Instagram. Links to all the socials below!</span></p> <h3><span style="font-weight: 400;">Show Notes:</span></h3> <ul> <li style="font-weight: 400;"><span style= "font-weight: 400;">[01:35] The environment is going to be changing constantly over the coming months (and possibly years) as we all adjust to the impact of coronavirus.</span></li> <li style="font-weight: 400;"><span style= "font-weight: 400;">[02:24] What we can do is take a look at our businesses and industries to determine how to reinvigorate the offerings we are putting out there, and provide them in a