Field Agent: Ross Ann Velasco
Agent Activities: Nurse and Businesswoman
Location: Saudi Arabia
Author(s): Robbie Kellman Baxter
Report Published: 23rd February 2017
Membership Economy, at its very core, is about the human need to fulfill a sense of belonging, the third tier of Maslow’s hierarchy of needs, and how this need has contributed to the transition of companies looking to build single transactions into a “forever” transaction by adopting the membership business model.
Robbie Kellman Baxter discusses, at length, the nature of a true membership company and why it matters to businesses and consumers. She makes the concept very easy to grasp and picture through the exemplification of each form and type of membership organization existing in the market today. She also shows the reader how important companies learn from challenges during their beginnings, and how they used these lessons to soar to the top (and stay on top) of their chosen industry.
With the strategies and tactics Baxter enumerates in the book, which include how to select and form your team, how to retain paid subscribers so they want to be in a long-term relationship with you, this book emphasizes the significance of a strong and clear mission coupled with a customer-centric mindset.
Consequently, if you are looking for a manual for running a membership company, this book is THE book you need. It will convert your ideas to action plans. Furthermore, if you are already in the middle of your climb and you find yourself stuck up in a plateau, Membership Economy will give you the willpower and tools to start tinkering again! Apart from that, and perhaps most importantly this book, will save you from an unwanted waste of money and time investments. So what you waiting for – get building the company you want!
Don’t do the things the way they’ve always been done.
In the Membership economy, splashy is not necessary – steady growth is.
At the root of any good business are three things – vision, mission and culture.
Coming from a medical field and without a solid background of how businesses are run and managed, this book gave me a clearer and deeper understanding as to why there is a need for free trials and premium membership. It also showed me why is there so much competition in the market and the importance of retaining customers.
It made me ask myself if my company was going to the right direction. It made me think about whether I have the right team and whether I have empowered my team to help me in the development, growth and stability of my business. Now I see where I need to improve in my role and how I can best support others so that we can achieve what we set out to do – to create and innovate more, and to ensure steady growth.
Whenever I will deal now with membership companies like Adobe and Amazon, all that gets into my head is, “I know now how you work.” I appreciate them now, and no longer complain when brands charge for access rather than ownership. I will also remember the importance of answering feedback forms or submitting a report for the improvement of a service I am expecting to receive.
Finally, I hope that I can trace my company’s success in six months times, in part, thanks to this book. Stay tuned!