Why Are Membership Sites Hot?
There are many reasons why membership sites are hot right now. Many people are discovering how profitable membership sites are and appreciate the residual income that membership sites can bring – so the word is spreading.
The main reason why membership sites are so popular right now is that they are a very easy and profitable way to sell information or electronically deliverable products online. The information or products can be in any form such as software, articles, games, and ebooks, even music. Membership sites allow access to this information through a password-protected area on a website.
Pay-for-content is a really hot revenue vehicle. Content is king and people are really willing to pay in order to get good content. Those who own the membership sites earn recurring income from those who subscribe to the site. Did you know that Americans spend over 2 billion dollars a year on online content?
Membership sites continue to produce income month after month – residual income. The membership sites that make the most income are those that cover very hot topics, offer totally unique content, use viral marketing to start a snowball of subscribers, have a site that is very easy for members to use, and/or offer a lot of valuable or very high quality content.
There will always be some attrition, but the goal is always to keep the members so happy with the value and quality of what they get from a membership site that they never want to leave. Using this formula – putting quality content in will result in keeping members longer and generating higher residual income.
Features and advantages of a membership site may inclue the presence of a forum where people who have something in common can gather to exchange ideas. Forums are excellent places to learn from others so you don't make the same mistakes.
Individuals can find sources of unique and reliable content that is valuable.
The interaction between members is also valuable because it allows the members to become attached to the membership site so that they continue to find value there and keep on coming back.
A good membership site will provide at least the basics about the particular niche topic that the site revolves around.
The membership site should help members to reduce their learning curve on the given topic of the site.
Members should find all they need about the topic inside the membership site.
The membership site should allow members to do things much faster and easier because they are using the site.
The members should not have to go out and buy additional resources, as the membership site should provide everything they need on that particular topic.
A good membership site will utilize Adsense to either generate decent revenue or in order to reap rewards for providing unique content to its members.
Good membership sites provide revenue and value while providing knowledge to those interested in that particular topic or niche. Membership sites can make leaders rather quickly if they have excellent content.
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Finding Contentfor Your Membership Site
Marketing your membership site is all about the perceived value of your site. Members will look at your content and your features to determine value. Members are willing to fork over a membership fee if the perceived value if equal to or higher than your fee. Content is critical when determining membership site value.
Decisions you make regarding your content will make or break your success. There are really only two decisions that you need to make regarding your content: What content will you deliver to your site membership and how will you deliver this content? When making these decisions regarding content keep in mind what your capabilities are and what your members will respond favorably to.
What kind of budget do you have to work with? Can you afford expensive multimedia equipment? Expensive equipment is not necessary. You can still produce quality content with amateur audio and video producers. Your content may differ from other membership sites depending on what your topic is and what your members are looking for in content. Some sites offer teleseminars, or e-lessons, phone consultations, or articles and ebooks. How capable do you feel about producing the above kind of content? Look at what you have previously produced to guide you. Can you provide private coaching? If you have a membership forum ask your members what questions they have on the topic of the site and then set up a teleconference where you answer their questions.
A forum is a great way of staying in touch with your membership so that you can understand their need for content. Make sure you have qualified moderators to answer member forum questions.
Use videos to do tutorials. Make the content personable.
You may also consider a physical product to offer your members such as a book, CD or DVD. Watch out for the expenses involved in producing and shipping physical products though. Physical products have a high-perceived value and you may do very well offering them. Not all of your members will learn in the same way so offer a variety of media such as audio, video, text and physical products.
When it comes to content you want to "over deliver" on the value in order to keep your members happy. In order to know if you are successfully over delivering you will need to have a feedback system in place.
Value and Pricing:
There is definitely a relationship between perceived value and the pricing you can command of the members of your membership site.
The fee you will be able to charge will be determined by the perceived value of your membership site. This can't be stressed enough!
When determining value think about your resources, how much work you intend to put into your site, and how much time you have to put into your site.
There is a broad range of membership site fees from the very low (under $10 a month) to the very high such as $50,000 a year!
In order to have a high perceived value you will also need to have a great offer that you market to your prospective members. You will want to spend a lot of time honing your marketing efforts especially your offer. If you are not a good writer, hire someone to craft your offer for you. Your offer is THAT important, do not skimp on creating your offer. The offer should sell the benefits of your membership.
If you have similar memberships out there being offered by others what type of content are they offering? Is your content of superior quality? What are they charging as a membership fee? What works for other similar membership sites? Do your market research and know what is and what isn't working before you launch your site. Do not undervalue your site's content. If you price your site too low others will perceive it as low value. Value is sometimes equated to financial investment. Charging more than you initially think may make your offer seem like a better value to your prospective members.
Know who your target audience is and tailor your offer to them.
When just starting out you may have to have an initial entry-level fee in order to bring people into your sales funnel and then provide a higher level of service at a higher price. You can always adjust the price as you go along. As you tweak your site you will eventually find the right pricing.
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