Top membership sites are drawing an enormous amount of attraction. They’re a great platform for businesses and entrepreneurs to display their products. At the same time, consumers are getting a bargain for their monthly fee.
Everyone flocks to where to newest money trend is. However, successful membership sites have been around for years. It’s just recently that people are discovering the amount of money that is being made. Five and six figures a month are not uncommon.
Benefits for the Site Owner
- Gets your name out there as a well-known expert
- By constantly adding high-quality site content, you develop a loyal customer base
- Regular, reoccurring income
Be Known as an Expert
By adding your expertise and experience in the form of information products with your name on it, you will become known as an expert. Whatever knowledge you have on anything such as accounting, health, gardening, your hobby, etc. you can put into the form of digital products and add them to a membership site.
Creating a membership site is one of the best ways to showcase your expertise on a subject.
A Loyal Customer Base
Membership retention is all about value. The average retention rate is around three months. If the customer perceives that the content that they are getting is a bargain for what they are paying in membership fees, then they will stick around. Lousy, poorly written PLR articles that have already been splashed around the Internet for years will not sit well with customers and their membership to the site will be short-lived.
Fresh, original content in which members can’t get anywhere else, will keep them coming back. Once your products are known as high quality, customers will never forget. Even if they stop their monthly membership, many often come back.
The most successful membership sites have a free access period. This allows potential members to go in and “look around”. If they like what they see, they will join.
Two Types of Membership Sites
Free Membership Sites
Free membership sites can be more lucrative than paid ones. How can that be? Here’s how:
Customers are allowed a free membership to the site however, all of the products inside have to be purchased. This is mainly true for sites that sell physical products such as DVDs and hardcover books.
Using this model, it’s not easy to predict your monthly income because the income is based on product sales.
Paid Membership Sites
Charging monthly membership fees gives you the advantage of being able to predict your monthly income. Normally, a customer would pay a fee upfront and get free access to most of the content inside the store. Of course, there may be some premium products that would have to be purchased.
One of the advantages of this business model is that they are relatively inexpensive to get started. Depending on the type of content, the platform you use, and the amount of set up you do yourself, membership site startup costs can vary widely. If you do the minimum and just get a domain name, hosting, a free WordPress plugin, and do the work yourself, you can get started for less than a hundred bucks. Then you’ll have to add content whether you outsource it or create it yourself.
If you want to start a business, then a quick and easy way is to set up a membership site. Make sure to research everything before you start. You’ll have to find out if your product idea is something that will sell. The best thing to keep in mind is that you are selling a solution to a problem; not products.
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