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There will come a point while running your membership site that you’ll consider increasing the fee that you are charging your members. Maybe you’ve changed what you are offering, or perhaps your site has evolved so much that there is much more content and you feel it is worth a bit more. Rather than increasing your prices overnight and potentially angering your membership base, there are several proven strategies for successfully increasing your membership fees.
Keep Existing Members at the Same Price
If you are going to increase the fees for being a member on your site, the most important thing to remember is that you need to keep your existing members at the price they joined at. It is extremely rare that you will have justification or even the right to increase their rates.
Use the Upcoming Increase as an Anti-Discount
Rather than running a price and promotion where you give new members money off their monthly membership, use the fact that your costs will be increasing to get more people to sign up. While you aren’t really giving anyone any money off their membership, but you’re telling them that they can currently join your site for less. This strategy is all about using scarcity to gain more members while still being able to increase your fees.
Provide Incremental Price Increases
This strategy is similar to the previous Anti-Discount approach, except rather than implementing the full price increase at once, you raise it incrementally over several weeks. Say your current membership fee is $50, but you will be increasing it to $100 in two months, then you can stagger the price increase over the next couple of months. So, instead of telling customers that the price will go up by $50 on a specific date, you can stagger your increases to work your way up to the final price.
Increase One Pricing Option on the Way
If you have a tiered pricing structure on your site already, you can just increase one pricing option at a time. If you offer a monthly and an annual option, only raise the price for your monthly plans at first. Then after a month or two, you can increase your fees for the annual program. The critical part of this strategy is making sure you are completely obvious with what you are doing so there isn’t any confusion.
Increasing your membership fees doesn’t have to be a challenging endeavor. With these simple strategies, you can increase the pricing on your membership site without creating too many waves.
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Affiliate marketing means selling a product that is not your own online, in order to earn a commission on sales. If you sell a digital product such as an ebook, this commission might even be as much as 70-90%!
PPC is ‘Pay Per Click’. This is any kind of online advertising that only costs you when someone actually clicks on your advert. Facebook Ads work this way and so does Google AdWords.
The two tools are a match made in heaven for marketers. And here’s why…
The great thing about PPC is that it means you now know precisely how much you are paying for each visitor. If your ‘maximum bid’ for a click on your ads is 5 cents, then you know you are paying 5 cents tops for each visitor to your page.
Why does this matter? Because it allows you to crunch the numbers and guarantee profit.
Another figure you should be interested in is your ‘conversion rate’. This is the percentage of new visitors to your site who become buyers. Let’s say 1% for argument’s sake.
Now you can simply calculate how much each sale is costing you on average and then measure this against the profit you make per affiliate sale. So, you need 100 people to visit your site to make a single sale and that is going to cost you 100 x .05 or $5.
As long as you are making more than $5 per sale, then you know you’ll be in profit!
Of course, this does require a very small loss leader while you get those first 99 sales under your belt. And of course, some niches are more expensive to advertise in, while your conversion rate might also be much lower in some cases.
But either way, you can now mess with the numbers in order to create a perfectly automated cash generation system! If your conversion rate is too low, you can try to tweak the sales copy a little to make it more persuasive, or you can check that the ads are well targeted (being shown to the right people).
If your ad clicks are costing you too much, you try a less competition niche or you just lower your maximum bid right down. Eventually, you’ll find that magic formula that means you’ll be making money while you sleep.
And what’s even better is that you can then just repeat this process over and over again with hundreds of different affiliate products if you like. You don’t have to spend any time creating them, so you can now set up something new every 24 hours.
If one affiliate product and landing page was making you a $100 a day and you now have 30… well you do the math!
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You’ve managed to create a successful membership website. You have new members coming in, they are engaged with your content, and they are taking part in your community. If you aspire to do something more than merely increase your members’ numbers and revenue, then here’s how you can take your membership site to the next level.
Develop and Offer Book Sales
This is something that most membership sites do if they want to ramp up their business. eBooks are additional products that you can promote and sell to your existing member base. These can be introduced as an upsell for your customers, and are generally positioned as the next step to take if you are trying to bring your membership site to the next level.
Provide Coaching Services
While membership sites are typically DIY, you can still provide training and resources to your members. Members can then use those resources and training, along with the community support to enable them to accomplish whatever it is they joined your site to do, but achieve it themselves. An excellent way to bring your membership site to the next level is by offering one-on-one training or coaching to complement the resources they’ve already gathered.
Have Different Levels of Value
The upsells that you offer your customers, do best when they are arranged in what is commonly known as a value ladder. You have a broad range of products to provide your customers, with the lower ticket items at the bottom of the ladder and your high ticket, more expensive products at the top of the ladder. You can market Product A, the entry-level, lower-priced items to all your members. When someone buys Product A, then you market Product B to them. If they purchase Product B, then you can market Product C, and up the ladder, you go.
Replicate Your Model
If you’ve already built a successful membership site, and you’ve proven that the model, in terms of specific things that you’re doing for acquiring new customers and retaining current customers, your content creation, and your approach to teaching, then you should consider exploring the opportunities to replicate that proven model for other topics. If you don’t feel you have enough expertise to branch out to other topics, you can always partner up with someone who does.
If you are looking for ways to take a successful membership site to the next level, these four ideas are worth exploring. These four ideas can help you take your membership site to the next level and further increase your monthly revenue.
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Email Marketing ebook “Relationship Marketing With Emails” looks at: Introduction. Building Relationships. Instill Stronger Credibility. Increase Your Opt-in rates. Common Mistakes People Make. Click “Relationship Marketing With Emails” to download (424 KB pdf) this free Internet Marketing ebook.
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Selling digital products as an affiliate is a great way to generate cash while you sleep (i.e. earn passive income) and to create a business model that is infinitely scalable. But your success will depend largely on your ability to select the right products.
So how do you do that? Partly, it comes down to picking the right niche – finding something that speaks to your audience. But there are many other factors to think about too…
More Factors for Choosing Ebooks
Another thing to look out for when choosing your affiliate product is whether it comes with any extra materials to incentivize the buyer. If it’s an ebook for instance, then it might also offer free reports, a mind map, a cheat sheet etc. in order to seal the deal. If the whole package is more tempting, then it stands to reason that you should find it easier to sell it!
Oh, and one more thing… make sure that the product looks good! If the product isn’t good then you’ll struggle to sell it and even if you don’t, you may find there are returns etc. Most importantly, if you believe in the product you are selling, then it will come across in your marketing and you should seem a lot more passionate and engaged during your selling.
Finally, consider the metrics. How much does this product cost? How many other sellers are selling it? Is it currently successful? Consider this in light of your own audience too. If you have an existing website with lots of viewers and/or subscribers, then ask whether they are likely to want to spend that much.
One of the biggest advantages of selling affiliate products OVER selling digital products that you own, is that you don’t need to take a risk. You can find a product that is already selling and then simply start profiting from it as well. This way, you know that the item appeals to buyers, and that it is easy to promote.
This is FAR preferable to choosing a product and then hoping that you picked something that would be popular given the current zeitgeist.
Once you have chosen your affiliate product and you have all the materials and your affiliate links, the next step is normally to create a ‘sales page’. This is a single page that is dedicated to selling the product you want to promote. There will be nothing else on this page (even navigation elements) save for your pitch that says just how great the product is.
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Every online business is interested in building a stable, recurring revenue stream, and they can with a membership site. Membership sites are different from the traditional websites that most online businesses are familiar with because instead of creating content from time to time, you create content on an ongoing basis that your target audience pays a recurring fee to access the content. The kind of content that you create will vary, depending on your business. Creating a successful membership site isn’t easy, but with these top tips for creating and running a successful membership site, you’ll soon be generating the recurring revenue that you’ve always dreamed about.
One of the easiest and most effective ways to market your membership site and gain more paying members is to offer subscription trials to your target audience. Offering a free or low-cost trial allows you to tackle a lot of questions directly that your users might have.
When it comes to having a successful membership site, there are only two ways that you can make more money. You either need to get more customers, or you need to make your current customers spend more money. A smart strategy is to increase the average spend per member by creating multiple membership levels. Rather than offering a single all-access membership, consider creating two or more membership levels with different fees.
The core aspect of any membership site is the content. If you can deliver value to your target audience while keeping them engaged, they will continue to subscribe to your site as well as asking you for more products and courses. To ensure your members are getting real value, make sure you have a wide array of content for their viewing. Make sure to include videos, downloads and resources, live webinars, and more on your site.
Not everyone is equally motivated to take action. If you run a membership site, you know that most people need extrinsic motivation to take action. This means you need to have a strong strategy for rewarding your members. Not only will this help you to motivate your members, but it will also help you to build your target audience loyalty.
Membership sites can be incredibly powerful and are a great way to help your online business build recurring revenue. If you have been thinking about starting a membership site, use these top tips, and get started today.
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Let’s face it: a lot of businesses simply miss the point when it comes to internet marketing and especially when it comes to social media marketing. If you have a Facebook group but it hasn’t made any progress/isn’t seeing any activity, then there’s a strong chance you might fall into that category. Read on to see what you’re doing wrong and how to course-correct.
Have a Point
Too many companies believe that the best way to promote themselves is to set up a bland and boring brand and then to post about how great they are. Think I’m joking or exaggerating? Just take a look at the number of companies that have blue and white logos that are mainly text, with vague names like VexSoft and that don’t make it clear exactly what they do (Empowering individuality, teamwork, and synergy in all sectors).
There is simply no incentive and no emotional pull for people to sign up to a Facebook group belonging to such a business. People join groups because they believe in a brand and because they want to support it/learn more about the topic. If your brand is just Generic business, then who is going to want to hear more from you? Don’t be so safe: know who you are talking to, and dare to show some personality.
Provide Value
These same companies often have Twitter accounts, Facebook pages, and Facebook groups where they just post bland statements about their own company: VexSoft makes the top financial monitoring solutions in the industry
Have you tried our new accounting features. Things like this provide zero value to the user, they don’t encourage conversation, and they simply lack any real value. Would you stay in a group that did this? Or would you leave right away?
Be Consistent
Finally, another one of the most common mistakes made by businesses is to fail to be consistent. They will create a Facebook group, and then simply not post into it for months on end. This means that when someone enters the group for the first time, they will think it is abandoned, or they will believe that the company simply isn’t interesting enough to be worth following. That doesn’t exactly incentivize them to sign up themselves! As such then, you should make sure that you are not only posting interesting things, but also posting often enough that your group appears to be a hub of activity.
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With subscription-based membership sites, even the smallest improvements that you make to your site can result in serious compounding growth over time. To ensure that you find success in your endeavor, you should always be seeking ways to optimize the experience of your members. Here are six simple ways that you can grow your subscribers, starting today.
Get Insight First
One of the biggest mistakes you can make with your membership site is not getting insights from your members before changing anything. It is essential for you to collect all the information about your customers and their behaviors so that you can get the most effective results.
Improve Individual Emails
Your email marketing campaigns should be keeping your members engaged throughout their entire lifecycle. If you want to boost your conversions, then you need to take a close look at the emails you are sending out to your customers and revamp them according to your business goals.
Use Text Messages to Drive Customer Loyalty
Text messages are more personal than email and can help to improve customer loyalty. Recent studies have revealed that customers appreciate text messages from businesses. So, if you aren’t already sending out texts to your customers, start today. Start with sending texts about billing notices, discount codes, thank you notes, and other offers.
Run Tests on Your Pricing
There are many things you can test in the search for a better pricing model. Providing discounts for annual payments and other prepayments will help to reduce churn and improve your cash flow. You can get more subscribers by accepting payments in different currencies or overhaul your pricing page to convert better. Performing small tests on your site’s pricing models can lead to big wins.
Create New Forms of Content
Content marketing isn’t only about writing articles. There are many forms of content that you can utilize to provide new life to your content marketing strategy. If you want to stand out from the competition and get results from your content marketing plan, then you need to focus on creating new and unique forms of content for your site.
Improve Your Upsells and Upgrades
Increasing the number of upgrades available to your members can help you grow revenue with your current customers. Acquiring new customers tends to cost you more than increasing the value for the customers you already have. To increase your customer upgrades, find out what causes your members to upgrade and use that to run tests.
Utilizing these simple ways to grow your member base can help you continue to grow and profit from your efforts.
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Facebook groups are extremely useful for any business or brand, yet they often go under-utilized. Of course one of the big advantages of a Facebook group is that it allows a level of conversation and intimacy that is often missing from Facebook pages. This is somewhere for people who are like minded and share similar interests to meet and discuss and its amazing for getting people invested in your brand and community. But what it can ALSO be, is an excellent opportunity to get feedback and information. And in many ways, that can be the perfect business model.
A lot of businesses make the mistake of thinking of social media Ð and the web as a whole Ð as a platform, a pedestal, or perhaps a megaphone. They think of this as a way to scream out to the world and get their message across. This is understandable, given that this is how traditional marketing has worked for many years. In fact though, the most successful use of the internet in marketing is as much about what you get back as it is about what you put out. Its about letting the audience become a part of the creation process, thereby increasing their investment significantly and making them feel a part of something.
In the case of a blog, you might have spent the last several years posting content to your blog and finding that people aren’t reading or sharing it. So why not instead ask your Facebook group the content they’d like to see? If they tell you, then you can almost guarantee that they will be interested in reading that content at least. More likely still, they will be representative of a much large audience that will also enjoy the content.
And the same goes for a product. You can simply ask your customers what product they would get excited about, and then make that product. Its a foolproof business model! Not only have you made something that you KNOW there is an audience for, but also you have made that audience feel more invested due to the role they played in making it happen.
There are countless other ways to use a Facebook group to collect information. You can use it to learn about how your audience found your brand for instance, or you can use it to learn about your competitors. Either way, many companies spend thousands for this. With a Facebook group, you can get it all for free!
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