Capitalize On Recurring Revenue By Building Membership Sites
Having a membership site is a great revenue generator with members paying every single month for your content.
What could be better than getting paid to write about what you love and know about?
The larger your member base becomes, the higher your recurring revenue will be.
In just one year Jason Chester, who runs Do SEO Yourself, made a whopping $172,000 from his membership sites which he has been running for 10 years now.
That is an amazing amount of money to earn from doing something you are probably already doing for free.
In today’s blog post, I’m going to explain what a membership site is, why building one could be lucrative and some top tips for building your own membership site.
What Is A Membership Site
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Before I move on to the good stuff, let me explain a little bit about what a membership site is first.
A membership site can be built on a number of different platforms and can be a very easy build to do.
Your membership site should be filled with extremely valuable content that people will be willing to pay for.
As well as the content aspect, a membership site should be a booming community where members can ask questions and get help from you as well as the other members.
Your membership site should be a hub of activity where members can learn while enjoying the thriving community.
Why Build A Membership Site
There are many things your business could benefit from by having a membership site.
You might have an idea as to some of the benefits of having a membership site by now, but there are probably others that you have not yet thought of.
While there are many benefits, I have listed a few of the main benefits that will make you wonder why you haven’t got a membership site for your business already.
This is one that I’m sure you have already guessed by now… recurring revenue.
No business in the world would object to having an additional revenue stream, but many haven’t yet realised that having a membership site could be so lucrative.
The best way to think about membership sites if it is a product that you sell to someone once but yet they keep paying every single month.
I bet it sounds good to you now doesn’t it?
I’m sure you agree that having 100 members is a reality that can be achieved.
Now just image if those 100 members were paying $30 every month for your content… that’s $3,000 a month.
Another great advantage of having a membership site for your business is that it will help build your brand loyalty.
By creating a community that is full of valuable content, opinions and interaction, you will be naturally building a relationship with your members.
As those members become familiar with your brand, you will be the first brand they will think of when they need a solution.
This will result in the transference from them being a member of your membership site to becoming a prospect. Those that are loyal to your brand are more likely to convert.
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If you link from your membership site to your business website then could benefit from a new stream of free traffic.
This traffic will be of high quality as they are already familiar with your brand and by this point, have already bought into your thinking.
This traffic will have a high chance of converting due to it being a form of inbound marketing.
Now I’m not saying change your homepage to a sales page for your membership site.
That would be silly.
But you can sell the membership site using email marketing through your list’s autoresponder or upsell it throughout your other products and services.
Building Your Membership Site
There are a number of straightforward platforms you can use to build your membership site.
ClickFunnels offers a fantastic easy to use membership site option which you can setup in under an hour.
You can start adding content whether it be videos, pdfs, cheat sheets….whatever it might, it can all be added to your membership website within ClickFunnels.
Now let’s talk about how to start building up your member numbers:
Think About Value
Before building your membership site, you need to think about what value you are going to offer members that will make them want to stick around.
You can do this by offering monthly webinars, training calls, video classes, Q&A chats and more.
Whatever content ideas you come up with, they need to be of value to the members otherwise they won’t want to pay.
People will only pay when it is content that will help them achieve their goals and help solve their problems.
If you can master this as well as building a community, you too could be making $172,000 a year from your membership site.
Offer A Free Trial
Now that you have chosen which platform you want to build your membership site and what valuable content you will use to keep members interested, it is time to think about how you will entice people to become a member.
A great way to do this is by offering them a free trial so they can get to see whether the content you offer and the community is something they will want to pay for.
If during their free trial, they learn new things and have gotten plenty of advice from you and other members, they will likely turn into a paying member.
Communication Is Key
If you’ve ever worked in client management or sales, you will know the importance of building relationships with prospects and clients.
This is no different when having a membership site.
You want your members to keep paying and to do this; you are going to need to be in constant communication.
Email is a great way to stay in contact by sending weekly roundups, what to expect next week, event reminders and even to congratulate members on achievements.
People buy into people and so make them see you as someone they can trust and someone who is an expert in their field.
Interact With Members
A little different from communication, interacting with your members means to have a two-sided conversation and not just you sending emails.
This will further build your relationship and is something that your business website won’t be able to do.
Because a membership site is a community, it makes it possible to interact with members.
You can start conversations by asking them questions and showing interest in their journey.
Make sure to continue the conversation though to build real rapport.
Another great way to interact with your paying members is to involve them in a project.
For example, you could ask members to help you create a series of blog posts about their journey in trying to achieve a goal you have set.
Give Them A Challenge
While I’m on the topic of setting goals, another great way to keep members interested and engaged is to give them regular challenges.
You may have recently written a guide on how to get 500 quality Facebook fans in a week which got a lot traction so want to get more from it.
You can do so by challenging members to use the tactics you mention on the guide to get 500 Facebook fans in the next week.
To really get them motivated, you could offer a $75 Facebook Ads voucher.
It’s always a good idea to get entertaining with your audience and build that strong sense of community.
I mean, that’s what will make it unique and stand out from other memberships.
Different Levels Of Membership
As your membership site builds in popularity, you may want to think about offering different membership levels.
For example, you could offer a free membership where members will see basic blog posts or a VIP membership where members will be invited to exclusive and intimate webinars with a live Q&A chat.
You could have 3 different membership levels in total including free membership, paid membership and VIP membership.
This will let you offer something for everyone to increase further the interest in your membership site.
Multiple Forms Of Media
People can get bored very quickly so to avoid that happening, thank about all the different forms of media you can do to keep content fresh.
For example, you could do a complete guide on how to obtain user-generated content as well as having a video tutorial on how to set up automatic user-generated content on product or service pages.
You can cross-promote each different form of media in each.
Experiment a bit with different forms of media such as text, videos, webinars and podcasts to keep members keen.
To Wrap Up…
Having a membership site comes with its many benefits for businesses including an additional source of recurring revenue and brand loyalty.
If you have a lot of helpful information to share, then this is certainly a viable option for your business.
What would be your main concern in building a membership site?
Leave a comment below!