Recurring Revenue Rolodex: The science, art & madness of a membership program that lets people pay you on auto every month
The big Question is not HOW to create the monthly membership site, it should be WHEN to create a monthly membership site. Reality check: Not every business is suitable for this.
WATCH THE FULL VIDEO BELOW
OR YOU CAN CATCH THE AUDIO HERE INSTEAD:
Here’s the checklist you need:
Firstly you need to be solving a problem that people are not ashamed to admit. If it’s a problem involving shame it is hard for people to invest in the beginning and also every month that payment will remind them of how inadequate they are. The caveat is of course if you are SOLVING the shame problem.
A continuous solution to a continuous problem
If you fix a problem for good – like curing acne for example – why on earth would you need a monthly membership site?
Ease & speed
Add this and you have bingo baby! Think of putting together a stylish outfit in 10 minutes for example.
Leads into bigger offers
If your membership programme is your only offer you’re setting yourself up for failure in the long run. Make sure the membership site creates hunger for your bigger offer
Does not cannibalize bigger offers
If your membership site has enough elements that people are totally satisfied then it’s hard to sell them anything else. DOn’t kill the need for the bigger offer
NOT your first offer
It’s not impossible to do this BUT it is relatively hard if you don’t have a track record or a proven product.
Ch ch ch checked them off the list? Then go forth and spin that rolodex, click below to get the slides:
Thank you Bushra! This was very helpful!!
Hey Bushra!! I love the article and video!! The ONLY thing I don’t think I totally agree with is point number one. 🙂
I don’t believe memberships are about solving a problem (that’s what courses do!), but more about MASTERING something. Acne, to use your example, can be a chronic problem. So someone with just a few zits wouldn’t need a membership…BUT, someone with chronic acne MIGHT. Companies like Pro-Active (which I subscribed to when I was in high school 15 years ago) have definitely proved that.
So, I don’t think the question should be “Will your customer be solving this for good?” so much as “Does your customer want to master this skill/solution?” It’s a subtle difference, but definitely a difference. 😀
Seriously great video!!!! I absolutely adore your work and love being a customer of yours!! Thanks Bushra!!!