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The Forever Transaction

Community Book Review: The Forever Transaction

Last year, as I was in the first few months of relaunching the Find Calm Here Community, I was really excited to discover The Forever ♾️ Transaction: How to Build a Subscription Model So Compelling, Your Customers Will Never Want to Leave.

It offers some BIG promises! (And it delivers!)

“With The Forever Transaction, you have everything you need to build durable, long-term relationships with every customer, and leverage them for ultimate business success―today, tomorrow, and forever.”

I’ve put together a few of my notes, favorite quotes, and questions for you to ponder as you build, launch, and grow your Mighty Networks, or online paid community — wherever that may be.

“To earn a “forever transaction” you must offer a “forever promise” in return. You commit to delivering a result, solving a pain point, or achieving an outcome for your members forever, in exchange for their loyalty. To justify the forever transaction, you need to rethink not just your pricing, but all the elements through which you deliver value. That’s the idea at the heart of this book.”

Customer Lifetime Value

I found this to be a helpful lens with which to look through in regards to the Mighty Networks. Some members will come in and get what they need and leave, these aren’t your “forever members” and if they are leaving, they aren’t really getting a “forever promise.”

What does it mean to offer this kind of transformation or support to a member to keep them inside a community?

The question I have for myself and others is this:

What do you expect to come from building a community on the Mighty Networks and why would members want to stay forever?

If you are building a course and just want to earn money while you sleep (Tim Ferris started an entire revolution of people who are now building courses after reading The 4-Hour Workweek) — I don’t think the Mighty Network is for you.

“If you dive into specific subscription pricing and features without establishing your vision, forever promise, and best customer, you risk launching an offering that doesn’t achieve your goals or those of your customer. Or, success with your initial trial offering might lose momentum because there’s no guide to the next step. A forever promise focuses on what an organization’s target customer can expect.”

Recently I worked with a client who was launching her first course.

We co-created the copy for her Mighty Networks landing page and plans.

She had mentioned needing to express that she would help them get there “faster” than it took her.

I challenged her by offering a different perspective.

I asked her what her students ultimately want as a result and if this course teaches them the method to achieve desired results.

She said yes. “It took me years to develop the ability to be free of antidepressant medications, be happier, and less stressed — so I’m helping them do this in just 6 weeks

But what I asked was their ultimate desired result: never need to take medication, which is a long-term, forever promise.

My thought is that if I was a member of her community and course participant, I’d rather know that she’s going to tell me how I can get off medication forever, even if that takes a year, but the problem (depression) is gone and as a result, I have a lifetime of joy.

That’s more interesting to me than a “faster solution”

“Customers don’t want product-centricity or company-centricity. They want an organization that will evolve with their needs, incorporating currently available resources. They want a promise that the company will solve a problem or create an opportunity forever.”

Questions for community leaders

  • Are you harnessing the power of superusers as ambassadors, feedback sources, or new member mentors?
  • What’s in it for them, and for us?
  • What is our vision?
  • What is your expectation of revenue in 30,60,90 days?
  • Is this attainable and sustainable?
  • Who could you collaborate with for supporting you?
  • Are you earning income from additional pillars of your business?
  • What are your members saying about the value you offer, the pricing, and the “forever transaction”?

About

Deb Schell is the Founder of Find Calm Here LLC — As a community consultant, designer, copywriter, and strategist, she helps entrepreneurs find calm in building, launching, and growing their paid online communities.