The Complete Guide to Scaling Your Business with a Membership Site
Why Membership Sites are the Most Creative Offers that Just Keep Giving
Where do membership sites come from anyway?
Memberships are not a new phenomena. Most of us have known about community organizations and non-profit associations, as well as the typical monthly memberships to gyms or studios.
They've been in our towns and cities for decades.
In fact, they've been around for much longer. According to a reference in Wikipedia, "The model was pioneered by publishers of books and periodicals in the 17th century."
The concept of sharing the cost with others to access valuable information is a long-held value and certainly widely used today in the business world.
From content subscriptions (think Netflix or Spotify) to accessing mentoring and community, memberships are popping up everywhere!
They are now providing unique and different delivery options for business leaders.
The most common denominator is that many members can have access to content, support, programs, benefits etc. at once, without diluting the value of what they've bought.
Members typically pay less because they are sharing the cost of the service.
The businesses can earn more because they are able to add new customers without adding an equivalent expense increase for each new user or client like they would if selling a customized solution.
It's a win-win.
Why are memberships such hot offers for services professionals right now?
International growth strategy experts Manifesto Growth Architects have revealed that 70% of businesses believe that membership and subscription models are the key to future commercial growth.
There is no doubt that memberships are on fire amongst service providers. Coaches, consultants, trainers & specialists are seeing them a viable way to grow beyond offering private, one-on-one services.
Here are a few of the top reasons:
- Recurring revenue - having one program that can bring in consistent & predictable income, however big or small it is buffers out unpredictable cash flow.
- Content repurposing - for business owners who have a signature method or customer journey path who find themselves repeating this pillar content to clients individually, these programs showcase their best training and material in front of many members at once.
- Zone of genius work - a membership allows us to prioritize a program around our strengths, delivering the best result possible, without fitting us into a delivery style that doesn't help us shine at our best.
- Speaking to an audience of buyers - people who pay to be apart of a group are more likely to pay attention and are eager to get value from it, than those who have signed up for something free.
Ready to create your unique program already?
Well, don't jump in too soon. First, let me share one of the most common myths about memberships.
Many people are excited about one program or another because they think it's going to be "passive." While this may sound like the perfect outcome...
Passive income is a myth.
(Yes, you can ignore all the BS marketers!)
While memberships are compelling programs for all the reasons above, they are often lower-priced than some of our higher ticket offers. So transitioning to a membership model can create an initial hit on our revenue until we've brought in right number of people to replace previous income.
That can be a tough pill to swallow when you're ready to scale your impact, reach, and revenue.
But don't fear. These programs can be insanely profitable because ...
Memberships are a LEVERAGED offer.
A membership program gives your clients 24/7 access to your best work... without your having to be there.
As a business owner, your time is valuable, and membership programs leverage your time in ways that enable you to quickly and effectively scale up your business.
Be forewarned, though. When you have a steadily increasing revenue stream from your membership program, you too will start believing in unicorns.