If you’ve been contemplating to start a membership site for a while and need a few reasons to persuade your decision, then this post is for you.
Recurring Revenue
Recurring revenue is a huge factor for implementing a membership solution for your website/business. Building recurring revenue helps you plan your finances a bit better, be it Monthly Recurring Revenue (MRR) or Annual Recurring Revenue (ARR).
This can be seen as a more “reliable” income vs once-off purchases.
Creates a Community
Every business needs customers that will stick by your side and bring you more customers. A great way to do this is to build a community for your brand, hobby or interest. Your membership site will need to offer your members great value for money and useful content/access to retain your members. Always offer members more value than what they pay for, this will help improve customer satisfaction and earn their trust.
Value Increases Over Time
Over time, your site would have more content available for your customers. This increases your membership value for your members and keeps them sticking around. A great example of this is Netflix, over time more and more series/movies are added to their vast library and you pay the same price as you did when you signed up. Approach your membership site with this method, and you will retain your customers for a long term.
Conclusion
Hopefully these benefits will encourage you to start a membership site this year. It may seem like a daunting task, and a lot of work but it will pay off in the long run. Find a niche and crush it.
Not every business should start a membership site (if the shoe fits), maybe an online store would be a better solution for your business model. If that is the case, definitely look at building your MRR/ARR.
If you have any questions, please feel free to leave a comment below. Here is our article on how to setup a WordPress membership site.
Photo by Marc Kargel on Unsplash
