Have you noticed that many businesses utilize a membership business model and most of us don’t even realize, we’re so comfortable with it? For example I can remember joining a video club and showing my membership card every time I wanted to rent something, I’ve been a member of a gym, a drinking establishment and even a golf club. It’s obvious the concept is lucrative but how do memberships, really generate income and why?
People Love Feeling As If They Belong
Being part of a community of like mined people who have the same interests as you do is very powerful. They say birds of a feather flock together, and memberships prove this point over and over again. Your business can have a very small niche and still attract members in enough numbers to be profitable if you price the membership right and deliver ongoing value.
You Offer Unique High Value Products
No online membership is complete without something new, at least on a monthly basis be it a new products or services added to keep the members interested. The products need to add value to the consumer to the point that they say, “Wow, this is awesome.”
Participate in the Forum Personally
Discussion forums are the lifeblood of any membership website, they allow members to interact with each other and form relationships. Without a discussion forum you will have very little opportunity to keep your audience excited and willing to pay the membership fee month after month. You should spend time on the forum every single day, so that you deliver value and build lasting relationships.
Your Content Is Regularly Updated
Aside from products and services, the content that your members consume each month is important too. You need to update content daily (if possible) with a blog post, plus contribute more content each month such as white papers, checklists and so forth, so that you are constantly adding in value.
You Know How to Over Deliver
It’s all too easy get carried away with marketing and make your audience feel as if they’re going to get more than they actually are. This is always a mistake, membership websites that make money deliver far more value than the person joining believes they’ll get.
Start-up Costs Are Relatively Low
All you need to start a site is a way to make sales pages, landing pages, a membership website complete with membership, plus an email auto-responder and discussion forum. You can install it all yourself or hire someone, and be up and running for a relatively small cost with some form of ongoing expenses, depending on the software and platform you select.
You Can Charge More People Less for Superior Value
Another major attraction people have to memberships is that it is a way to spread the cost of resources over many different people. Something that might cost thousands a month for one-on-one work will now cost just a fraction of that when you spread that cost over many different members.
Offer Unannounced Extras
Another neat trick to keep members interested in your offering is to offer unannounced extras that make your members want to see what comes each month. Make these really special and super hyper-focused on the audience, and you’ll have a winning combination, that will ensure members remain members for a long time.
Earning money from membership sites is easier than many other methods of earning money online, but you do have to continuously wow your audience to keep them interested, plus devote a fair amount of time to marketing the membership itself. Always remember to try and drip feed content to new members and to recognize long time members within your community.