🤔 How can you use ARR or MMR with a membership model to help monetize your business?
ARR (Annual Recurring Revenue) or MMR (Monthly Recurring Revenue) is basically a recurring revenue stream where someone is paying for access to a product or service you provide. 😃
⭐️ My guest this week, Robbie Kellman Baxter, is the Founder, Peninsula Strategies and author of ‘The Forever Transaction’.
Today Robbie and I will be talking about the value of a subscription or membership model to create a regular revenue income stream for your business,
In this week’s episode you’ll learn the following, and more:
️💲What is the value of using ARR or MRR
💲 How to create a membership model
💲 Ways to monetize yourself, your services, or your products
Check out the episode now! And subscribe to get more episodes like this one!
It’s really about how you package value.Robbie Kellman Baxter – How do I make money with ARR?
How do you create your ARR (Annual Recurring Revenue)?
“If you focus on the long-term goals of your customers or your clients, that makes them come to you in the first place, then you can probably optimize your offering for them.
It’s really about how you package value.
If what you have is your expertise, then you can package that in a lot of different ways.
You can package that as a book, as a course, as a workshop, and you can probably package that as a job inside a corporation.
So if you have deep expertise, one of the questions you should be asking yourself is, which of these packaging options should I use?
And maybe even better? How do these different packaging options fit together in a way that creates a powerful business model?
Ask yourself how you can create something that is self-sustaining, something that is more cost-effective, something where you can increase Lifetime Customer Value at the same time as growing your reach.“
The value of subscriptions is so great in terms of predictability, leverage, and focus that it gives you.Robbie Kellman Baxter – How do I make money with ARR?
Do you have something valuable to package?
“I think this is a huge misconception people have. And here’s the reason…
You do need to have a value worth paying for inside your subscription, but it doesn’t have to be content.
For example, it could be community, it could access, it could be emerging content.
Let’s say that you’re a trend watcher, so the value of the subscription is that as something happens in the market you analyze it first.
There might not even be a website, it might just be an email. But that email might be incredibly valuable when it comes out.
I have one company that I’ve worked with, they do local business news, and they have a lot of different mastheads all over the world.
One of the things that they found is most valuable is, if a new company moves into that market, let’s say, Apple announces they’ve rented three buildings in downtown Austin or something.
There are a lot of people in Austin, who would want to get that information first. All the accountants, lawyers, and even plant waterers.
So that content, even though it’s very small content, it’s really valuable.
Take-aways you do not want to miss 👇
- The value of value through your subscription model
- Why you should have a subscription business
- What makes your membership worthwhile to the buyer
- Creating a safe and facilitated community for yourself
- The importance of having an exit strategy
- The price potential of your business
- Your customer lifetime value over cost
- Who are your best customers and what is their forever promise?
Some resources for you
LinkedIn – Connect with Me
LinkedIn – Connect with Robbie
7 Critical Growth Strategies for Subscription-Based Businesses – Growth Strategies guide
Book to Speak – Booke Robbie as your next speaker
Extra freebies – Process visuals, membership manifesto, and chapter 8 of Robbie’s book
Check out the episode today!
Listen Again – How I sell leadership training w/ Sara Canaday
Listen Again – Why you want to sell retainers to your clients
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