Ep11: Darren LaCroix – How a Smart Subscription Pricing Strategy Improves Retention (And Eliminates Upsell Friction)
Darren LaCroix is a world champion public speaker in 2001 at Toastmaster’s International. Since that victory, Darren has traveled the world demystifying the process of creating a powerful speech and teaching it to people through his speaker training program. Several years ago, he completely changed his business model from selling physical coaching products to a subscription-based model.
Don’t miss a chance to listen to this episode and hear Darren talks about his journey from being a stand-up comedian wannabe, a champion public speaker to owning a high-ticket subscription-based speaker training business.
Why you have to check out today’s podcast:
- How to reach for your dream however hard it may be
- The tips and tricks of running a subscription business
- Revenue buckets you have to focus on to keep a steady stream of clients/customers
“The subscription model to me, it allowed me to give more people access at a lower price. But the better my programs are the longer they’ll stick around with me, the more I’ll earn.”
– Darren LaCroix
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02:34 – What’s behind Darren’s public speaking’s story and his purpose why he wanted to teach other’s the craft
11:27 – A backstory of his business before venturing into a subscription business
16:50 – Taking about his higher-end products before he going into a subscription business model
19:19 – Value giving, nurturing, and improved retention: reasons why customers stay subscribed and keep paying
20:38 – What is customer acquisition cost?
23:46 – How does he manage his subscription business and make things work
24:19 – Mark taking about viability metric= a measure of profitability
26:01 – Expansion ideas to keep clients coming in, talking about cross-selling and upselling
29:03 – Darren asking a question to Mark: Should I increase my subscription rate and how much, if I should?
33:17 – One good advice from Darren: “I would tell anyone about reaching any goal or dream is to find the people who have been there and done that.”
“I never thought pricing could be exciting and fun, but man, when it impacts your bottom line, you make it fun.“ – Darren Lacroix
“… when you buy into a success system, actually follow it.” – Darren LaCroix
“Be a sponge. Go to the people who have been there and done that and ask them for advice because they think differently than the average person.” – Darren LaCroix
“You have to have your area of expertise. …you need to understand how you help them solve problems. When you’re the one on the stage, you don’t have to network your butt off and hand out business cards and do follow-ups. You’re the expert. You’re onstage now. It’s what you do with that privilege of the platform that gets people to come to you.” – Darren LaCroix
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Mark is a pricing expert who helps companies understand value, how to create it, communicate it and capture it. He has a PhD from U.C. Berkeley and an MBA from Santa Clara University, plus 25+ years pricing experience. As an educator, speaker and coach, Mark applies innovative, value-based pricing strategies to guide growth and increase profits for large and small companies.