Feb 23, 2016
Summary:
In this episode, Dave shares the show with Robbie Kellman Baxter, author of The Membership Economy, a keynote speaker and consultant. Listen as Robbie introduces the audience to the power of the membership and subscription business model, and how any business can implement a few key strategies to become one.
Time Stamped Show Notes:
- 00:28 – Dave introduces Robbie
- 00:38 – The Membership Economy
- 00:40 – Dave talks more about Robbie’s background
- 01:30 – Innovation Hub with Kara Miller
- 02:27 – Amazon Prime, Subscribe and Save, Blue Apron, Barkbox, Dollar Shave Club, Microsoft Office 360, Salesforce, Hubspot, Rackspace, Quickbooks
- 03:05 – What Robbie does
- 04:08 – Working for Fields
- 04:39 – Influences and upbringing
- 05:14 – Growing up in Silicon Valley
- 06:19 – Studied poetry in college
- 08:10 – Summer at Mrs. Fields
- 09:28 – Debbie Fields & Randy Fields
- 10:45 – Dave’s work experience
- 11:32 – Perception is reality
- 12:58 – Beginning of subscription based businesses
- 13:31 – Formal known relationship with customers
- 14:08 – Technology has expanded in such a way to expand the infrastructure that enables trusting relationships
- 15:30 – There are new ways to offer the value that the consumer really wants without the burden of ownership
- 16:10 – Loyalty cards and programs
- 16: 31 – Tripadvisor
- 16:58 – Yahoo, Oracle, Ebay, and Netflix
- 17:42 – Peninsula Strategies
- 18:25 – Working with Netflix
- 21:03 – Smaller businesses that have incorporated membership subscriptions
- 21:08 – Riches in the Niches
- 21:26 – Any kind of business can become a membership business or can apply principles of the membership economy to build greater engagement loyalty with their audience
- 22:40 – Looking for ways to maximize value for the consumer
- 23:20 – Our audience doesn’t want to get sold to –they hate marketing
- 25:00 – Dave shares his business experience
- 27:15 – Dave shares an anecdote
- 28:22 – Thinking about your long-term relationship with your customers and continuing to evolve the product you offer to them
- 28:44 – You have to follow the need and continue to meet the mission
- 29:45 – Physical membership economy and its benefits
- Convenience
- Cost Saving
- Discovery
- 31:48 – Subscription fatigue
- 32:42 – Hiding the cancel button
- 34:18 – Reputation goes a very long way
- 35:38 – Recurring revenue
- 38:03 – APPO (Association of Personal Photo Organizers)
3 Key Points:
- There are new ways to offer the value that consumers really want without the burden of ownership.
- Any kind of business can become a membership business.
- Thinking about your long-term relationship with your customers and continuing to evolve the product you offer them is a gateway to success.
Resources Mentioned:
- Entrepreneur's Organization – The EO Network
- The Membership Economy – book authored by Robbie
- Innovation Hub with Kara Miller –mentioned by Dave
- Fields –where Robbie had her first job
- Silicon Valley –Robbie’s hometown
- Debbie Fields & Randy Fields –owners of Mrs. Fields
- Peninsula Strategies – Robbie’s company
- APPO (Association of Personal Photo Organizers) –mentioned by Robbie in her recurring revenue example
Credits:
- Show Notes provided by Mallard Creatives