You’ve probably heard a lot about how a membership website can provide your business with a recurring and stable income online (and remember, membership works offline too). You basically create a subscription website where the public is blocked from your content. It’s only available only members who pay a fee to access the membership area.
But getting people to join your membership is only half the battle. Getting them to stay is the other half. The key to member retention is to under promise and over deliver. Creating a subscription website, no matter how lucrative some might be, isn’t for everyone. Do you sometimes wonder if starting a membership website is right for your business?
Let’s look at some factors that can help you decide.
Memberships are part of our everyday life even when we don’t realize it. It’s a business model most people are comfortable with. You can join memberships for sports clubs, chiropractor care, medical practices, gyms and more. Members pay a regular fee, normally every month, and as long as they feel that they are getting good value, they continue to pay.
A membership website means that the public is blocked from the content. It’s only available only members who pay a fee to access the membership area. It’s an effective business model for the website owner because it generates a healthy passive income stream.
However, to make money with membership websites you do have to continuously ‘wow’ your audience to keep them interested, plus devote a fair amount of time to marketing the membership. So, how does the membership site business model really work and why?