Here is why you should build a membership site
If you’ve no time to read the rest of this article, the answer to this question is a resounding, “Yes!”
Building a membership site is one of the best ways to build a stable income online. There’s no denying the fact that setting one up is a bit ‘techy’. But with a good membership site plugin, you’ll be able to set up a membership site in a day or two.
Let’s see why these sites have so much profit potential…
- Recurring income
This is the biggest selling point as to why membership sites are so crucial for building a stable online income. If you have 300 subscribers paying you $17 a month, you know for sure that you’ll be earning $5,100 a month.
Even if 10 people or so cancel their membership, you’ll still have a rough idea of how much money is coming in. This is very different from affiliate marketing or even selling your own products where sales can be unpredictable.
You definitely want your own membership site that earns you a monthly ‘salary’ without you having to work a day job.
- Build a loyal customer base
When someone has been a member of your site for a while, he/she will implicitly trust your recommendations because they’ve been paying you for so long and getting good value.
It’ll be easier to sell new products or promote affiliate products to this group of loyal customers. That’s definitely a plus point for having a membership site.
- Exponential growth
Generally, only a small percentage of people will leave your membership every month. For your site to grow, all you need to do is add more subscribers to it than people who leave.
If 5 people cancel their subscriptions, but you add 15 new, paying subscribers, you’ve increased your income. If you keep repeating this over time, your income will grow exponentially.
There are no limits as to how much you can earn with a membership site. You can set up different tiers with different pricing and so on. This is a very profitable business model.
- Allows you to deliver consistent value
Some industries are constantly changing and one needs to stay abreast of the latest changes. For example, finance, tech, crypto, etc.
If you have a membership site that shares stock tips, market analysis and so on, your members will stay on for a long time just to get the latest updates.
It’ll also allow you to provide better value to your subscribers because you’re in contact with them every month as opposed to a one-time customer who bought an ebook from you and has never been seen since.
- Builds a community
You can create a Facebook group for the people in your membership site to hang out in. This will create a sense of camaraderie amongst your customers and they can get to know you better in your group.
The only hassle here is that you’ll need to remove members from the group should they cancel their membership.
By now you’ll realize that there are many benefits from having your own membership site… and once you set one up, it’ll be smooth sailing all the way, as long as you can get new customers.
Do not let the tech stuff scare you. Get an easy to use membership plugin and you’ll have a recurring income business in no time at all.