We’re just one week out from a webinar that’s totally product-led. Plus, Tien Tzuo on Black Friday and “the death of retail.” Plus, the five meetings every CEO should lead.
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In Tien Tzuo’s Subscribed Weekly newsletter, he preaches the word of loyalty—with a nod to Black Friday and what he calls “the death of retail.”
We are very much in the thick of retail season and Tien reminds us:
“The entire mindset of most retailers is to trick you into buying more stuff.”
But after the holiday rush has faded, in an attempt to keep us coming back, retailers reward us for our so called “loyalty.” They offer membership cards, coupons, points. And we are trained to come to expect it.
Tien argues that this is a messed up system, a race to the bottom. He considers it one of the main reasons U.S. retailers closed more than 5,800 stores last year—on track this year to close over 9,000. But it doesn’t have to be this way. Because if we flip this mindset, we look at an undeniably successful business model, with retailers actually asking customers to pay them for loyalty.
Think Costco—a membership-based retail company whose model has caught on with companies like Lululemon, GameStop, and master in the space: Amazon Prime. When companies put paid programs in place, everything changes—fostering a brand new revenue stream that they can use to invest in new customer-centric ideas.
Because we know there are hidden costs to things like discounting—a huge topic of intrigue in the subscription world—primarily because most people don't know how to discount effectively. (We have an episode of the ProfitWell Report on the dangers of discounting.)
With this pay-for-loyalty model, “Instead of talking about margins and mark-ups,” Tien points out, retailers are “talking about membership churn and retention. Instead of discounting products, they’re developing relationships.”
A new kind of onboarding
ReinventGrowth hosts a webinar in just one week’s time, with Gainsight VP of Product Growth Travis Kaufman. It’s called Product-Led Onboarding for the Enterprise. And ReinventGrowth's Product-Led Growth Lead and Founder Despina Exadaktylou has the data to prove its effectiveness.
"A while ago our research proved that product-led onboarding (or PLO), a direct outcome of PLG practices, can become a data-driven force throughout the customer lifecycle. Next Tuesday, Travis explains to us why PLO notions can also apply to enterprise organizations.”
During it, Travis will explain why product data, context of usage, infinite in-app experimentation, and ownership are just some of the considerations internal organizations need to consider when striving to optimize onboarding ROI.
So who is this useful for?
We’re eyeing product managers, sales or business development reps, product marketers, and any member of your product growth team. Here's access to sign up, with more detail on what to expect for those interested.
Meetings: overrated or underrated?
Now, we talk meetings, the backbone of a business’ communication.
If you’re a CEO, listen up. Medium drops a piece on the five meetings every CEO should hold, and we’re intrigued.
- The status update meeting, for accountability purposes
- The all-hands meeting, for transparency
- One on ones, to set expectations
- Retrospectives, for feedback
- Recognition meetings to celebrate wins
Obviously each of these meetings has nuances beyond its title, but we’re most interested to hear how you—as a CEO, founder, or other C-suite level exec—treat meetings.
They can be a serious point of contention, and oftentimes unproductive, time consuming, and an unnecessary add to switching costs.
There’s also staying power in rituals, though, so we’re all on board for things like an all-hands meeting, as an opportunity for full company transparency, which we get into in an older episode of Recur Now, linked here. Send me a note at email@example.com with your thoughts on meetings.
We also have a segment called Overrated/Underrated, during which we discuss our internal team's thoughts on meetings. If you're curious about that one, let me know and I'll send it along.
Discounting is a huge topic of interest in the subscription economy, primarily because most people don't know how to discount effectively. As the data suggests, using unnecessary discounts can have a very negative impact on your business.
On this episode of the ProfitWell Report, Olof Mathé of Mixmax asks us to dive into the data around discounting. To answer his question, Patrick looks at the data from over 6,000 companies and 600,000 subscription consumers.
And that’s a wrap for your December 10 subscription news. Recruit your teammates into the subscription know: recurnow.com to sign up for episodes on the daily.
If you have news to share, hit me up at firstname.lastname@example.org and we'll collaborate.