If you've been paying attention to the hum surrounding the subject of membership sites on the Net, you'll have heard about the numerous advantages of owning one. On the other hand, if you're new to the concept, you might be wondering what the huge deal is.
In this lesson, we'll go over 5 of the advantages to owning a membership site. These benefits can be passed along to buyers of your product.
Passive revenue: The beginning and most obvious advantage of any membership site are the passive revenue it returns from membership fees. The definition of passive revenue is “revenue derived from investments in which the individual is minimally involved.” To be successful, a solid first effort is required to get your site running and a passive revenue stream running. After that, you might well discover yourself bringing in more and working less.
With a passive revenue, you are able to make money 24/7. Contrary to a service based business, with a business that returns passive revenue, you are able to take your loved ones on vacation and still make revenue while you're away from the office.
Residual revenue: Membership sites likewise enable you to bring in residual revenue. Residual revenue is revenue that keeps coming in to you on a steady basis. When you produce a membership site, your buyer will be paying a monthly membership fee for a period of time that you assign.
You might only charge your buyers 12 payments, and after they've paid those payments, grant them a life membership at no further cost. You might opt to charge an annual renewal fee, or you might decide to have the payments billed to them on a continual monthly basis for as long as they stay a client. Whichever technique you pick out, you're producing residual revenue for yourself.
Cheap to begin: a different awesome benefit to a membership site is that it's relatively cheap to begin. naturally, you'll need to put some cash into it, but if you are able to do the web design work yourself and decide to market your business utilizing free marketing techniques, you are able to get your site up and running for little money. That includes the domain registration, hosting account, membership management platform, and any other tools like an auto responder.
Authority position: As your membership grows in fame, so will your reputation. You'll start to be seen as an authority in your field. Subscribers will look to you for advice and inherently trust your discernment. Basically, you'll be constructing and marketing your own brand. When you have a recognized and entrusted brand, you dramatically step-up your power to provide other products and services under that same brand. As your brand is tested and trusted, your fresh products automatically become trusted too.
Integral affiliates: By providing an affiliate plan, your buyers will be able to bring in revenue by the referrals they bring to you. If you're constantly providing your buyers excellent content and quality info, they'll most likely be happy to tell other people about your site; couple that with the fact that they may bring in money doing that, and they'll be shouting your praises from the rooftops.
When the bulk of your buyers are helping you to promote your membership site, you'll be able to reach a much higher number of likely buyers than you would ever be able to grasp through your solo promotion efforts. This, naturally, will lead to a higher number of new subscribers and a higher income.
These are simply a couple of the advantages associated with owning a membership site. These as well are benefits you can let you buyers know about to get them interested in your membership site product.