Since completing the Boston Marathon last April I’m often asked, “When is your next marathon?”
“My next marathon is going to be a Netflix binge-watching marathon” is my current answer. “With all of our training, my wife and I fell behind on our binge watching of the new season of Orange Is the New Black.”
Have you ever wondered what makes a show binge-worthy versus a show you watch only once and move on?
I was fascinated by Netflix data published by Wired magazine that shows when a series becomes addictive.
The chart shows the length of each series in minutes together with cubes representing episodes. The gold cubes represent the “hooked episode.” The hooked episode is the episode after which 70% of the viewers complete the entire series. Some complete the series within a week; others savor the show over several months. Yet, after the “hooked episode,” 70% stick with the series until the end.
This brings up an important question for you: At what point do your new subscriber members become hooked?
You see, this is the exact same pattern I see in every membership and subscription program I’ve studied over the last two decades. A lot of new subscribers start, but many of them disengage in the first few weeks or days. Then a group reaches the “retention point” where 70% to 80% become subscribers for life.
Most subscription programs leave the retention point to chance. Heck, few take the time to track the numbers necessary to determine what their retention point even is.
Armed with the Netflix data, producers and writers are writing the first few episodes of their programs to move that “hooked episode” earlier in the series. The quicker each viewer gets hooked, the more people who start the series will stay to the end, giving the producer funding for the next season. This is similar to your subscription program. Getting your subscribers to the retention point faster is the secret to slashing churn rates.
I’ve dedicated my career to orchestrating an early retention point. Moving your retention point earlier in your subscriber life cycle is the key to long-term growth. The retention point is when your subscriber decides that he wants to be a member of your tribe, that he’s engaged, and that he’s going to do whatever it takes to succeed. The retention point is rarely heralded by an outward success that you or I will recognize. Instead, it’s an internal decision.
You move subscribers to the retention point by inspiring them to improve themselves, providing clarity about their pathway to improvement, helping them take the first step, and revealing your unique personality. When you’re intentional about these components of your new subscriber welcome, you can move your retention point to immediately after the sale.