Membership sites provide a great opportunity to combine the benefits of a dependable income stream and the ability to teach and share about your passion. This article looks at the different options on how you can monetize your membership site.
1. Mass appeal
One way to monetize your membership site is to have a low monthly fee that has a mass appeal. This makes it affordable for the average person so they will find it attractive to join and easy to maintain the monthly payments. This method of attracting high numbers of people at a low price can translate into a comfortable income for you. For example, having 1000 people paying $30 per month means an extra $30,000 per month or $360, 000 per year.
2. Low Volume
This way of monetizing your membership site focuses on keeping membership numbers low and charging a higher rate. You can do this if you don’t want to deal with too many members and just want to work with a select group of people. So instead of having 1000 people paying $30 per month like in the above example, you can have just 300 people paying $100 per month. This method works best with highly sought after professionals who are extremely difficult to get access to, so people in their industry jump at the opportunity to be part of their membership site and are willing to pay a premium price.
A few more tips
Once you have chosen which model you want to use, it is important to offer various payment options to those who wish to subscribe to your membership site.
• Offer a monthly payment option that will appeal to those who may be on a budget
• Offer a half-yearly or yearly payment option at a discounted rate to those who can afford it. For example, offer 12 months membership for the price of 10 months membership fee. This way you can collect membership fees in advance from those who can afford it.
• Offer a money-back guarantee to all your prospects so that they feel comfortable knowing that if they opt-out within the specified time frame, they will get their money back.
• Give all your prospects access to some free content to whet their appetite that will help them know what they will be getting once they sign up for paid membership.
