Memberships have been positioned as an easy way to make a lot of money. And in many ways they are.
But like all businesses, if you want your membership to be a success you’ve got to do it right.
For over 10 years now I’ve been building bespoke membership websites for all kinds of companies. And I’ve noticed some common mistakes that crop up time and time again.
This is great news! Because if you know what the pitfalls are then it’s much easier to avoid them.
Here’s my top 5…
1: Overcomplicating Things
In the words of Avril Lavigne, “Why you gotta go and make things so complicated?” The beauty of the membership model is its simplicity. They pay you a monthly subscription fee and you provide them with access to high-value content.
Too many business owners think they’ve got to reinvent the wheel. That they’ve got to do something “different” or “special” to make their membership a success. When in reality, keeping it simple is the win.
You don’t need multiple courses, complex systems and confusing packaging. You need simplicity. Create a high-value membership and deliver it in the simplest way possible – with payments and pricing to match.
2: Too Much Too Soon
When you’re excited about launching your membership and you’re keen to deliver value to your clients, it can be really easy to fall into the trap of trying to do it all right now. This is a big mistake.
When you’re launching a membership site, the most important thing is to launch. Sure, you might want to incorporate all the features in your membership site – courses, webinars, live streams, quizzes… but trying to do it all at once can hold up your launch.
If your budget or timescale is tight then launching with the essentials and adding more features as time goes on can be a really smart idea. With some DIY membership sites, this can be tricky to do – but that’s the beauty of Memberlab: it’s been designed to adapt and grow with you so you can add features when you need them.
3: Sell & Forget
This one’s on the gurus really. The guys and gals out there who have sold you the “membership dream” on the premise that it’s the easy way to make money. You just set it up and let it run…
If only it were that simple. Now, don’t get me wrong, a membership site is an easy way to make money. It can bring your business an extra income stream, stability in your cash flow and increased customer loyalty. But it’s not quite as simple as “sell it once and forget about it”.
Your members are customers and they’ll need looking after like all customers do. You’ll need to be engaging with them, listening to their needs and adapting your membership to provide the best value. Otherwise, you’ll see your retention rate drop and you’ll miss out on some of the greatest benefits that the membership model has to offer.
4: Missed Opportunity
Most people think of a membership site as a cash cow. A way to add another income stream to their business with minimal cost and time input – and they’re right. It does exactly that.
But there’s another huge benefit of a membership site that many businesses miss out on.
Your membership site doesn’t have to just be a stand-alone product – it can actually form an important part of your funnel, helping to capture leads and sell your higher ticket price products and services.
When it’s done right, your membership site can increase your leads, build trust, overcome objections and prime your members ready for the next level of your offering.
That’s one of the huge benefits of working with Memberlab – you don’t just get a super-cool, branded and flexible membership website, but you get support, advice and ideas from our team of marketing experts too. We’ll be with you every step of the way as you grow your business, sharing our expertise and helping you to make the most of your business model.
5: Build It & They Will Come
And finally, one of the most common – and most crippling – mistakes I see people make time and time again is that they think they don’t have to market their membership site.
A membership business is no different to any other business when it comes to getting clients ad making sales. You still have to actively get out there and promote your offering. You have to capture leads, nurture prospects and convert sales – much like any other business.
If you’re thinking that you can build your membership and that people will just fall into it – you’re mistaken. And that way of thinking will cost you big time.
But if you market your membership and keep your customers happy, you’ll start to see just how powerful the membership model can be. You’ll have more income, higher profit margins, better customer loyalty and reliable cash flow each and every month – It’s like the holy grail of business!
Want to learn more about the benefits of membership websites? Check out my previous blog post here or click here to book a demo and one of the team will be happy to help.