Making more money is usually top of the list for any business owner. And a membership site is a great way to do it.
Whether you’re a coach, a personal trainer or a private tutor, a paid subscription can boost your bottom line, bring more stability to your cashflow and significantly grow your business.
There’s no denying that membership websites bring more money into your business. But did you know it’s not just from monthly subscription fees?
There are other ways your membership pays…
1: An Additional Income Stream
Let’s start with the obvious – an additional income stream. Adding a membership to your business gives you another product to sell to your new and existing customers.
And the real beauty of it is that you can charge a recurring monthly subscription fee. This not only gives you money coming into your business every single month without having to find new customers, but it also brings more stability to your cash flow and more predictable growth.
Having multiple income streams for your business is pretty smart too. It can help protect you from industry or market fluctuations and keep your business profitable even if buying habits change.
2: More Time To Do What Makes Money
As a business owner, time is your most valuable asset. When you deliver your service through a membership site, you’re no longer reliant on manual delivery – the website does that for you.
This frees up your time, allowing you to focus on what makes you more money – growing the business, delivering high-ticket services and making sales.
3: Better Customer Retention
The longer you can keep a customer, the more money you’ll make. So how do you keep your customers coming back for more?
You build a relationship with them and provide them with massive value. When your customers buy into your membership – and you consistently deliver them with value through your membership site – they start to form a bond with you.
That bond not only keeps your business top of mind when they need to purchase something else, but it builds the foundation for additional sales – trust.
People buy from people who they trust and there’s no better way to build trust than to nurture a relationship and deliver outstanding value month after month in your membership.
4: Upgrades, Upsells & Add Ons
When people become a member of your subscription, they become part of your tribe. If you deliver your membership well, they’ll love what you do and become a raving fan.
And raving fans are easy to sell to.
Look at it this way, if they’ve paid you £27 per month and been thrilled with the results, they’re much more likely to say yes when you offer them an upgrade, upsell or add on service.
You’ve already proven yourself. They’ve already bought into what you do and you’ve already cultured that relationship of trust that’s essential for making sales.
Memberlab makes it easy to incorporate add ons and upsells into your membership offering, thanks to the flexibility of custom build features such as lives, podcasts, coupons and integrations.
5: Education & Progression
And finally, if you want people to buy your high ticket products, there’s a journey they have to take. There will be questions that need to be answered and information they need to know in order to prepare them to take the leap.
Your membership website can do this job for you. Use your subscription to educate your members, sharing the knowledge and information they need to know to move up your value ladder and buy your bigger ticket products.
Wondering If A Membership Site Could Be For You?
So membership websites can make you more money, but is a membership model right for your business? Check out our previous blog post here to find out – or book a demo call to see what Memberlab can do for you.