20 May How One Small Business Grew With A Membership Site And You Can Too!
People are Seeking Community ￼- Provide It The Right Way and You Can Create A Dependable Income Stream
I’m a big fan of membership sites for small business. The only problem is most business owners haven’t had a good model for their membership sites and set up their sites wrong. This results in inconsistent cash flow and usually makes the entrepreneur believe that membership sites don’t work. What do they do? The business owner runs off to try another marketing strategy hoping the next one will bring them success.
The truth is membership sites done strategically do work. In fact you can receive income each and every month using the best business model on the internet which is a membership site because it gives people what they desire – a sense of community and belonging – and gives you more freedom in your life and greater passive income.
Membership Site Models
One effective model for your membership site is to follow the low price, high volume model. Using this model you want to attract as many members as you can at a lower price. You typically charge under $40 and can price your membership plan at anywhere from $15 a month on up. This amount of money won’t make your customers think too much about investing their money in your content.
To show you how effective this model is let’s just say you you signed up 100 members at the time of launch at $15. That’s $1,500 a month. Let’s also say you only bring in 100 members at launch. You added $18,000 of income. I’m being very conservative here and I’m using the number 100 as a low number scenario. If you follow a systematized launch with a solid growth strategy (like I did with the client example I about going to share with you) you will have much better results! More typically if you have a list of 3,000 actively engaged people you will have a minimum of 10% respond to an inexpensive launch. Imagine 300 members at $15 a month. That is $54,000 of launch income! Of course you will have expenses coming out of that, I’m just showing you what kind of numbers you are looking at from a launch of a an inexpensive priced membership site.
Another model is the big ticket exclusive. Instead of charging a low price you charge a high ticket price and only seek a few members a a high price. In this model you aren’t looking for a lot of members. Typically you are looking for less than 20 and often only 5 or 10.
As an example, you might have a program that is $1,000 a month (like we offer at http://todayscoaching.com/rapid-roi-group-mentoring/) and only want a few members in the program. Let’s say you have a list of 3,000 people and you offer them your high ticket membership program. If you offer exactly what you have heard your target audience wants and needs you will easily find 5-10 people that will invest in a program like this as long as the program is high quality and great value. Say you get 5 people in your $1,000 a month program. That is $60,000 in revenue and if you acquired 10 clients that is $120,00. This is all very do-able IF you have a program of high value and the right list.
Freedom in Your Business… Freedom in Your Life!
Adding $100,000 or more online to your business creates freedom in your small business and in your life. small business and in your life. You can have more free time to spend with family, on vacation, with your hobbies, with your community, or just with yourself! You can pay off your bills, save for college or for retirement and take some stress off your bills and most of all you can be doing something you love to do – serving others by providing great content.
Setting up a membership site is not very complicated either. Many people don’t have a system and believe they have to spend a long time creating massive amounts of content first and then launch a membership site. As I will illustrate with my client’s example shortly you only need to have a little bit of content ready to go to launch the site. You serve your first customers and then continue to build as you go. Don’t delay your site, and your income, waiting for more and more customers to launch! Get out there and offer your site and then modify the content as you go based on the feedback of members. Get paid for launching and creating the site!
Case Study: Dentist
Since I believe the best small business advice I can give my clients as a business coach is to establish a membership site I had to be creative when a dentist asked me if this could work him, too. I knew my client desired passive income and hired my company because he wanted to create a future filled without long practice hours and independent of him trading time for money.
I then realized it would be easy to create a membership site for any medical client as they could have a site teaching medical marketing to other practitioners or they could teach other practitioners something they know! They didn’t have to focus on patient care. The goal we set up was to educate other practitioners instead of patients. I will also later I figured out how to also have a site for this practitioner (and others) so they can operate several membership sites and make even more passive income and the other sites are for patients and consumer education. This case study is just based upon his first membership site where we focused on educating other dentists.
The first step is establishing yourself, no matter what industry you are in, as the number one credible expert in your field. People must believe you are the best at what you do and this is why you are worth investing in. When you are seen as preeminent people will join your membership site and partners will promote your site, too. To establish yourself in this position it is helpful to be seen in the media, at events, by writing, by having a direct consumer education channel (which my company provides) and by connection to people who are already established credible experts in the field. If you don’t have connections to the right people who already hold preeminence in your industry, you need to establish this (something else my company provides), it is difficult to launch a site because people won’t trust you.
Relationships with other preeminent experts, those who have access to thousands of people,will create the leverage you need to launch a site. Knowing the “right people” positions you to reach the right people fast and have a huge membership base as soon as your site launches.
So here is what we did with my client. First we created content and then we marketing by:
2. Interviewing on podcasts, radio, press releases – radio interviews
3. Connected with other industry experts found endorsers willing to email to their lists
4. Had him publish articles, release videos, wrote a consumer awareness guide (we provided template), gave away free reports, created a blue print to give away free
5. Got him several places to speak
6. Used our social media – Linked In and Facebook programs to expand his reach and his lists
We did most of the work with our “Done for You – Done With You Model”
The Successful Launch!
At launch time the dentist already had a large list built because we had been attracting people to him by all the items above. Now we promoted his site to the public and used Facebook ads and pay per click to his target audience and asked his endorsers to email their lists. He had some content built and uploaded – about 10% – into a very simple WordPress platform so he could spend his time delivering great valuable content to members and not working on technology!
And The Result Are In!
￼My system is deliberately simple, so you don’t need much technology, and the ability to have things run on autopilot once it’s all set up my client added an extra $127,000 to his bottom line in cash upon launch and expects to add another $350,000 in the next 6 months based upon addition insights we now have and the second launch coming up!
Did I get YOU interested? I hope so. This is an easy way to create freedom in your business and life and additional profits quickly. If you want help it’s available at www.todayscoaching.com and if you want to go it alone take action today.