Membership sites are getting a lot of love at the minute, everyone seems to have one or is looking to get one.
But what is a membership website and what is the benefits to you the business owner for having a membership website?
A membership site is a locked down part of your online business where only members who subscribe or pay you can access the content you’ve placed behind the doors.
Membership sites offer you a lot of beneficial changes that can make the day to day running of your business a little more comfortable. You can use a membership site to grow your following and customer base, or they can be used as a way to support current clients with how to videos or community only available to them. Either way, they are a massive asset to your business and offer many benefits.
Let us run you through why some of the reasons for setting up a membership site could be a game changer for you and your business.
One of the most attractive features of a membership site is the comfortability of a regular, predictable income. You will have a list of recurring customers supplying a consistent stream of revenue into your business.
You won’t have to worry about when the next one-off payment from a sale will come through.
You swap out the feast and famine business model of chasing one-off sales, and instead, you get a slow and steady consistent growth. An excellent change from volatility and worrying about your next payday.
You can charge at a frequency that suits you. The most common payment type is a monthly subscription. I’ve been part of membership sites that charge monthly, quarterly and yearly. Some are merely one-off sales, and you have access for life.
The choice is yours as well as the price you set for access.
Your business ecosystem
A membership site can be an excellent way for people to take their first step up your product and services ladder.
The value of the content you offer your new members builds trust and likeability. Once you have established yourself as the expert, your members will be more likely to come to you for higher ticket services and products when they are ready to take the next step.
Below is an example of a business ecosystem that your clients may work their way through and where your membership site fits into this.
£20 – £100 One-off Ebook or course sale
£20 – £100 per month Membership Site
£2000 + Done for your service
£500 – £1500 per month Masterminds
£10,000 One To One Mentoring/coaching
A great way to move customers through your business ecosystem and increase your customer’s lifetime value.
Showcase Your Skills
Ever feel like you’re stuck in a bit of a rut with your business? Feel as though you aren’t doing what you should and could be doing? Then have a look at setting up a membership site.
Remove the restrictive work that doesn’t allow you to show off what your real superpowers are in your industry or niche. Membership sites have NO restrictions, so it’s up to you to publish work depending on which skills you want to be in the spotlight.
Are you a bit of a sales wizard? Post up a How-To video exclusive for your members along with a new sales script that your members can access.
There is so much freedom that comes with running a membership site. Just make sure the exclusive content is regular and worthy of your member’s money. You don’t want people cancelling after they have run out of material to consume.
Become a Known Expert
If you already own your own business, we’d be surprised if you didn’t know a lot about what you do. You are likely to have trained for your career and spent a long time learning and mastering your craft.
This experience is valuable, and you can pass it on to your members. You can fill out your membership site full of relevant and exclusive tips from your previous experiences.
The extra credibility you gain from sharing your knowledge on your membership site can also help you to attain other higher ticket clients for services like done for you or masterminds.
Build Your Tribe
Your membership site needs to add value to people. Otherwise, it is going to struggle. A Successful membership site is all about the value exchange. Your members need to feel like they are getting a fair amount of content and support from yourself and your website.
Going beyond the call of duty and supplying your members with useful and impactful content on a regular basis will make your members value you even more, building up loyalty to you and your brand.
If you have an engaged member only community, this becomes a massive value to your members as they feel they are part of something.
Most people will join for the content but stay for the community they find.
Your tribe will be more likely to recommend you and your site and services. If you are directly involved in transforming and making a positive difference to a person’s business, not only will you form a stronger relationship, it is one of the most rewarding things you can do.
To Wrap up
A membership website can be an excellent way to grow your business and monthly revenues.
It’s important to bear in mind that it can take some time to build up your members. They are not a quick win and take a lot of work and dedication.
You’ll need to invest a lot of time in developing ongoing content for your members as well as the content you can use to market and grow your following.
If you are willing to invest in the cost of the site and the time to produce and market the content, they can be a game changer for your business and offer you a reliable and steady income that you can depend on.