Founder at Money For the Rest of Us
David Stein is the founder at Money For The Rest Of Us, a membership website about personal financing with over 1,000 members. He also runs a successful business podcast (under the same name) that acts as a funnel for his lucrative website.
David helps people become better investors. He does this through the Money For the Rest of Us podcast that reaches more than 30,000 listeners per episode.
Tactic that has had the biggest impact on David’s success
Focusing on serving members by adapting site based on member needs and keeping the community to a manageable number of members
Result if you follow the steps in David’s session
Improve your member retention rate
Full session with video, notes, audio and discussion inside EHQ Club. Learn more
Expert session snapshot
So I don’t really get any other way. So I don’t run Facebook ads, or even the traffic to my website, where the podcast and the membership sites hosted on the same site, but most of the traffic, our members, or the listeners on my podcast that want to get on my email list, so they’re not just not that, it’s for members, generally speaking.
And sorry about that, little throat, frog in my throat.
But and so that that’s kind of how that works. But on the site itself, I don’t know. I’d open it periodically, so people can just join all the time.
And so I’ll do a public opportunity to join twice a year and I’ll mention that on the podcast, as well as to my email list, and then they’ll join from that.
Once you see the waiting list start to get larger, I’ll send out a two sided private invitation just to that email list or members that are on the waiting list and bring them in that way. And that allows me to really to control the growth.
So don’t get too many members in at any one time and get overwhelmed because I mean, they’ll have questions and it’s easier for me psychologically to, and I thought about this the other day because I did a membership, just sort of this private invite. And it was good. But I offer monthly, offer annual and with an annual offer, 30 day guarantee.
And if somebody joined and they just realized that they weren’t a good fit, they weren’t going to have enough time and asked for a refund which, you know, when you have a membership site, at least for me, it just stinks right?
I mean, it’s part of the process. You expect people to quit and ask for refunds, but it still stings, it’s almost like I’d be better if they didn’t join when they join us for a refund.
And so by just opening it several times a year, that emotion of somebody joined today to somebody joined the day, I can just do it, I can batch it.
I can batch the pleasure of people joining, and I can batch the, you know, having to give an occasional refund, which, actually doesn’t happen that much. My typical launch refund, so be maybe three to 5% generally speaking, and which, you know, it’s acceptable.