Basically, it is something which consumers pay for on a REGULAR basis rather than just once. You make one sale and you continue to get paid for as long as your customer remains a member. If you can continue to bring in new customers every month your income will just rise up and up and up.
If you sell something that is subscription based, you can continue to make money from the same customer over and over again. Let’s take a really small example to give you an idea of the power. Let’s say you build a cheap membership site at just $20 a month, and you build up to just 50 members which really isn’t many – you have a regular income of $1000 a month! Now if you bring in just one new member every week, you will add an extra $1000 a month for every year! And that is just with a $20 a month site. Imagine what you could earn with a site that you charge $100 a month for.
What Content Can You Include In Your Membership Site?
Here is the most crucial element to the success of any membership site – it must encourage members to want to remain a member forever. I have seen several membership sites that simply got this wrong. The biggest mistake I see people doing over and over again is offering some kind of finite information in a spaced out format and charging a monthly fee for it. The problem is that once the information runs out they have to shut down their site!
You must be able to produce something that will NEVER run out. Having a year’s worth of information means that you will lose all your members in a year’s time! This is SO important. Okay I hope I
have drummed that concept into your heads! Of course, the content of your site will vary wildly depending on your niche but let me give you three specific models which should give you enough examples to come up with an idea to suit you:
1) Fresh Content For Consumption
Some people need fresh content on a regular basis and if you can provide that content then you can cater to your market for as long as you can come up with the content.
This kind of membership site may tend to generate a high turnover of members as people lose interest in the industry but there will always be other members to take their place. You’ll need to be constantly marketing this kind of site. However to offset this downside, if all of your content is always available to all members your site will become more and more valuable as time goes on and you produce more and more. You might also be able to generate stand-alone products with a sample of your work as an added income stream or as promotional material for the membership site itself.
2) Cutting Edge Information
In some industries, the latest information about how to get ahead is forever changing. A good example would be the Internet Marketing industry! How often do things change in this industry? Search engine algorithms, social media sites, pay per click tactics and so on.
In order to make this kind of membership site work it is imperative that you know your industry and you can deliver the goods month after month! It needs to be constantly up-to-date, you can never take a few months off. Also, whatever you are teaching or reporting on needs to be accurate. If you feed your members a bunch of bull you will not keep them for long. On the other hand if you really can deliver true cutting edge information in your industry you will have some very loyal members.
3) Project Based Teaching
Some people like to learn a skill by example and there are lots of examples of skills that can be taught in projects or lessons that students are able to follow along with. In certain industries there
is no limit to the number of projects that you could create and thus as long as your students continued to learn you would be able to keep them as members.
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