Why Start a Membership Site?
Have you ever thought to yourself, “Why would I need a membership site?”
If you’ve ever wondered this or thought twice about why you should start one, then you’ll want to watch this video first.
The video also talks about some important trends that are revolutionizing many industries and may eventually take over yours if it hasn’t already. Being aware of trends and possible disruptions are highly important when it comes to adapting to change. Netflix, for example, disrupted the media consumption industry and as a result, it led to the end of Blockbuster. Watch this video to discover what other successful companies are doing to create enjoyable online experiences for their customers and in turn, creating loyal, lifelong customers while generating automatic recurring revenue.
This kind of strategic thinking is vital to keeping your business growing and staying ahead of your competition.
The Gateway to New Business
To open a gateway to consistent new business, offering front end material for less money is a good place to start. Business owners could easily charge a regular premium fee, but the issue becomes one of “cash versus keep”. The more cash a company makes from individual customers, the less likely they are to keep those customers.
However, if you can get more customers spending even a small amount of money consistently, you’ll be able to dominate the market.
One-time fee businesses typically earn $0.75 on the dollar, but recurring subscriptions lead to monthly recurring revenue (MRR). Subscription-based businesses can earn between 24 and 96 times their MRR.
Consistency Leads to Efficiency
Having a schedule developed for your business can make it to where your team can predict the amount of work they’ll be doing at a given time. It also makes keeping inventory easier and leads to far less waste when businesses know exactly how much of a product they’re going to need.
This said, every business should have a membership site. With this type of business model, companies can provide information through their memberships, set up internal training for their teams, offer supplemental training for their clients, as well as coursework.
Memberships are not only about content, however, as many people who apply for membership to a site enjoy the community aspect. It’s rewarding to network and interact with like-minded people.
Also, providing perks, discounts, special products, webinars, and other interactions only sweetens the benefit of membership.
What is the Disruptive Trend?
Consider what’s replacing old sites: E-Learning.
In the past, customers would buy a course and never look at it, buy a course and open it briefly, or complete a course and never actually implement it.
With the way that e-learning sites are developed today, people can have a better sense of ROE (return on education) with the interactions available in their coursework.
With newer courses, customers can become well-trained and certified to perform a skill. These certifications can be an incredible value for those who would like something that sets their website or resume apart from their competition.
Adding a gamification aspect including quizzes, points systems, badges, and certificates inspires users to complete their coursework and provides progress indicators that make them want to continue.
To get potential customers interested in your memberships, it’s a good idea to give them a small preview of what your content has to offer. You can utilize Google 1st Click or Facebook Crawler to offer small previews of your content, even if that content is exclusive to your members.
You can also create short teaser clips or content transcripts that will populate in search engine results. The content offers just enough information to get viewers interested in becoming members.