How membership websites increases revenue and higher cash flow.
Learn all the details how membership websites increases revenue and higher cash flow.
How membership websites increases revenue and higher cash flow?
First off I'm going to show you how membership websites increases revenue.
Then I will show you how memberships creates a higher cash flow.
How membership websites increases revenue and higher cash flow?
No matter if you are a life coach or personal trainer, everyone needs a website.
Before we get into the goodies of why membership websites increase more revenue, lets look at the depth of calling people members.
First of all, lets dive into the meaning of being a member. Let me ask you this: Were you ever a member of a golf club? or A member of a discount store, such as Costco? If the answer is yes, you get the idea of what I'm about to tell you.
The definition of a member, according to Merriam-Webster dictionary is:
a part of a whole: such as a: one of the elements of a set or class
To put it in simpler terms, you are part of a group, a special group. This tells a person you are part of an elite club.
For example, if you are reading this article right now you are probably calling the people you do business with your customers or clients. Now that doesn't sound so special, right? Your relationship might not be as close, personally you don't have any connections, but call them members and suddenly you feel even closer to them and they have this close relationship with you.
Going back to Costco. I especially loved receiving the coupons in the mail and showing off my club card to the guy at the front entrance to the store. As I walked into the huge warehouse, I felt the prices were exclusively set for me and the price for a computer had a sweet price tag that regular people couldn't have. The rotisserie chicken or a sheet of cake was reasonably priced, something that Walmart or an average grocery store couldn't even beat.
As a result, members may have special access to content, have an elevated status, and is treated with the utmost care.
Therefore, membership websites can give the exact qualities of an exclusive club like Costco.
Now to tell you how membership websites increases revenue.
I've read how many entrepreneurs, such as Yaro Starak that was successful at creating a business through a membership process.
Basically, he mentioned there's many sites that varies on the length of the membership. For instance, some is month to month, 3 months, 6 months and yearly. Starak has developed courses that people can take online with no obligation. He decided to go that route to test things out before going with a required status.
He later discovered that this process worked. Even though some people canceled and dropped out in the first month or few months, creating an undefined date to join for $47 per month worked.
When he launched his Blog Mastermind courses, Starak brought in a little over 400 membersper week. That's fantastic!
Also, between the two membership sites, Starak raked in over 2,000 members.
His aim was to get 1,000 members to increase revenue to$50,000 at $50 per month.
Although, there can be ups and downs in any business, Starak learned to adapt to the market. He needed to examine why people was dropping out of his courses. He learned they didn't like that it had no end date to finishing the program, so he made the courses he offered a yearly subscription. By having an end date of a yearly subscription, people were more likely to enroll in his courses.
😀 The recurring yearly subscription was how Starak was able to increase revenue.
Ah ha! So this is how membership websites increases revenue and higher cash flow.
Website Marketing: How membership websites increases revenue and higher cash flow?
Having a website is essential to running a business. People expect you to have a website automatically when you establish your business.
It's common knowledge that today's digital age is dependent on having an online presence.
If you don't have a website you may be missing out on all the opportunities to grow your business.
Some benefits to having a membership site include:
Convenience- A website is there to advertise your hours of operation, address and phone number as well as vital information about your business. In the old days where you had to pay a clerk to answer the phone and take orders. Paying an employee was costly. Now you can have your shop available to customers that want to buy from you if you had an online store. Cha ching! $$
Low cost- Generating a website is relatively cheap to maintain. Look at it as FREE advertisement for your company. Just set aside a budget for a basic website and presto you're in business. You don't need a fancy one, but just one to get you started.
Credibility- Establishing trust with consumers is huge. This is an excellent way to announce your brand to your audience. As you create your brand around content and blogging, your credibility grows with people all over the world. People will also base your reviews, testimonials off other customers that have bought your product in the past, which can help you grow leaps and bounds.
The Biggest Takeaways: How membership websites increases revenue and higher cash flow?
I believe memberships are a lucrative market if you know what you're doing and if you carefully think things through.
We've learned that membership websites increases revenue by a number of ways, such as the length of the membership and by the different services or products offered.
We also gained the knowledge of how it can yield higher cash flow by having recurring revenue each month by charging a certain fee.
We've also learned that you've got to adjust your strategy just like Starak. He payed attention to his members and took action. Our clients are the number critic to our success.
Don't assume memberships is a cash cow until you automate the process and put in the hard work.
But I guarantee this could work for any business owner if you're a personal trainer, coach, or instructor that produces online courses.
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If you are thinking of setting up a membership website and need some advice, please leave me a comment below.
Need some help growing your business?
This next article 5 Ways to Grow Your Business 2017 is perfect for you if you are looking for some technical tools to help you get a head start on increasing revenue.