To build a membership and run it successfully it’s not just about the money. It’s about the people and connections you make along the way. Kinda like a paid family reunion.
A membership site can be created to provide valuable content for your audience in exchange for an annual fee or monthly fee that provides access to all of the benefits offered by your platform. In this post, I will talk about why to build a membership site and the benefits of this business model.
Starting with number 1:
A membership offers income stability
Memberships will give you predictable recurring income you can count on every month mostly without any additional work on your part (once you have set up everything). You don’t need to spend hours upon hours creating new content every day. Nor sweat about how to make your next launch work better (and bring more profits) from the last one.
While creating and launching products is a profitable business model, it’s usually a ‘feast and famine’ type of income. You make money when you launch and your earnings start tapering off as the days go by.
Even with a certain percentage of members’ dropping, for the most part, you will know what’s coming in the next month.
The value of brand loyalty and customer retention
After you build your membership and start growing it, you now have a very tuned-in audience. Some would argue that paying members are an even better audience than email subscribers in terms of how engaged they are. This also makes them a great place for testing new products and launching new services.
With a membership, your members are more likely to buy from you again because they have already gotten results and feel that your product or coaching is worth every penny! They have also invested time in your membership and know how working with you or using your products look like. Plus your members, who are advocates of your brand and already know your products well, can give you great feedback. The better you get to know them, the more data you’ll be able to receive. This will help you improve your offers and products and continue to serve them in the most valuable way.
Lifetime value per customer
Depending on the quality of the content you offer, the lifetime value of your customers will be much higher than with other business models. Most of your members may have a need for ongoing support. For example: Let’s say you are a fitness coach and you offer specific exercises and a healthy food lifestyle. Your members most probably would love to have a community to keep them accountable. They also would love to keep their monthly membership to receive new recipes every week to maintain this lifestyle long-term.
So, the constant need for fresh, new content will ensure your members stay subscribed to the membership. Which in return will grow your income.
Build a membership so you have less work, but have higher profits
As your membership grows, you’ll have more income that gives you the flexibility to start outsourcing or hire a team to help run it. This ends up freeing time to focus on other aspects of the business you may not have had enough hours for before.
And because it’s paid, there is no need or worry about launching a new program or a product every month to grow your profits. You probably already know that your profits go down when people stop buying.
Now, with a team or even just a VA to back you up, it gets easier. You can focus your efforts on supporting your members to get results, attracting more people into your membership and growing your profits.
So, you’re not only making a bigger impact and more money with less work but also creating a life on your terms.
Which brings us to the next point…
The membership site business model is scalable. The more members you get, the more people you can help and the more you’ll earn.
Now you can start outsourcing the content creation, the community management, etc. You’ll have much more time to hone in on the marketing aspect of running a membership site and serving your members.
The more people join your membership, the more opportunities you’ll have to work with them on different levels. You can support them with additional products and services. Or invite them to your courses, high-ticket offers and one-on-one coaching (if that’s applicable to you).
Build a Membership site to grow your authority and credibility faster than an evergreen model online program
Consistently supporting your members getting the results they desire month after month builds trust and helps you become the authority in your field.
Which in return builds a strong foundation for sustainable online business.
Membership sites are great for building relationships with customers
Membership sites are the perfect way to serve your audience in a more intimate and personal way. You can offer support on an ongoing basis, which is what people really want these days. You can also build trust with your members by helping them achieve their goals long term. And it’s not just about making money. It’s about being of service and creating something that lasts for years.
If you’ve been thinking about building a membership site and haven’t taken action yet – now is the perfect time to do it. It will change your life for sure!
Having trouble thinking about what type of membership site will best meet your needs? No idea where even to start with building your membership?
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