In this solo podcast, I dive into all the various experiences I have had selling membership and subscription-based products online, including insights I have gained from interviews and coaching other successful membership site owners.
My first ever product, although it was a course, was actually sold as a subscription.
This turned out to be a big mistake, resulting in a very high cancellation rate (attrition). I explain how I dealt with this situation at the start of the podcast.
I also talk about deciding whether you should release a membership site, or a course, and cover different pricing methodologies to consider.
This episode is very much geared toward people who, like myself and most of my coaching clients over the years, are knowledge experts, making money from selling education-based products. If that is you, this will be a very relevant episode to listen to.
The Three Membership Site Components You Should Consider
If you are a thought leader or a person who has spent time building up an audience or intends to in the near future, and you are thinking a membership site is how you will make money, this podcast will help you consider what to include inside the membership.
I cover three different types of membership models, which can be used all together in one membership site, or you can choose to only offer one or two of the models — it really depends on you discovering what your audience values and building your membership around that need.
Recurring income is a very alluring idea, but I want to make sure you understand the realities of what to expect from a membership site.
There’s no such thing as a membership site that retains 100% of their members forever, hence you need to be prepared for cancellations. In fact, you might see your membership site not as a recurring income stream, but simply a way to increase the value per customer order.
For example, if you know on average your members continue to pay for three months, then cancel, you know the average lifetime value of a person who buys your product.
However, it makes sense to focus on offering elements that will keep your retention rate high, and I cover several ideas to help you do this in your podcast.
Bear in mind this is an overview episode, as it would take an entire course to really cover everything that goes into launching and sustaining a successful membership site for years.
I hope you enjoy the episode, and if you have any questions please leave a comment.
Topics Covered In This Solo Episode
- The 3 different types of membership sites
- Why I ended up switching from a membership site to a one-time payment course
- When to have a membership site VS when to create a flagship course
- My ‘buffet‘ analogy of how to structure a membership site
- How to combat attrition (cancellations, dropouts, people leaving your membership)
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