Membership sites have become an incredibly hot topic over the last several years, and it’s no wonder with their potential for creating substantial recurring income for online business owners. However, if you’ve never built or run a membership site before, the process can be a bit confusing. Here are the most critical components that you need to consider before you spend time building your membership site.
Members
Before you can start a membership site, you need to know who your members are going to be. You can define this as specific markets or market segments. You can also define this as to whether you want your membership site to cater to individuals or groups of people in companies or organizations.
Value
You need to determine the products or services that your target audience want that you can deliver with your membership site. Providing value to your members, means that you have an understanding of the content, community, and savings, as well as having the ability to deliver what they need.
Term
You need to figure out when you want the membership period to begin and end. For many organizations, the standard duration of a membership is 12 months. However, many membership models offer a monthly membership option, while others require multiple years for memberships that are typically tied to an event, like certification.
Fulfillment
How do you want to deliver your membership benefits? For years many companies have provided paper-based benefits and even localized in-person benefits. However, most online businesses these days have set up electronic-only memberships.
Price
It is essential to establish how much, if anything, you want to charge for your membership. Memberships can range from just a couple of dollars a month, to tens of thousands of dollars. More and more companies are using the concept of “freemium” membership to help them build a community of loyal customers as a larger economic strategy.
Purpose
You need to know why you want to create a membership site. The ability to create a successful membership model and an economic plan that will sustain it are incredibly important in the planning phase. However, doing what you are deeply passionate about can be an excellent foundation for success.
When you are ready to create your membership site, keep these six components in mind to ensure that you are successful. How you utilize each of these components will help you form a membership site that best fits your company and the needs of your target audience.
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