Introducing the Membership Model as your next stream of income
Introducing the membership model as your next stream of income
A membership is one of the greatest business models of all time because it helps you establish recurring revenue, which creates stability and predictability in your business. Memberships are suitable for all types of businesses...
Product based businesses. This revolves around the product you send out each and every month. A subscription box also falls into this category.
Service based businesses. A service business provides certain professional services to its clients and customers. Pet grooming. Personal training. Massage therapy. Car wash. These are all examples of service-based businesses. The difference is how you sell these services: as a one-off service or on a subscription basis.?
Knowledge based businesses. Imagine taking what you already know, love, and do to teach people a skill or help them solve an ongoing problem. Well, that’s exactly what a knowledge-based membership allows you to do. So, if you are, for example, an accountant, you could teach people how to manage their finances.
Community-Based Business. This is about bringing like-minded people together
Deciding on your membership site model?
The publisher model. The publisher model is similar to a magazine approach: each month brings a fresh batch of new articles. The difference is in the content amount. Instead of pages and pages of content, you’ll want to focus on a few pieces of content each month that really help your members make progress.
The UPS/Subscription Box model. Imagine you're delivering a package each and every month. The items may not be radically different each time, but they bring consistent, reliable content to customers who need it.
The coaching model. In this model, your involvement is key. A coaching model can work in terms of group coaching, as well as one-on-one coaching.
The Community-Based Membership Model. In this model, people pay month after month to be in a community with other like-minded individuals. Everyone wants to be with others who share the same passion or can relate to the same problems. Bringing those people together creates an inclusive, safe environment. You can continue to serve those people by giving them the place to connect and build deeper relationships. A community-based membership model is really powerful when it gets going, because once relationships are developed, your membership site becomes the glue that keeps people together.?
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The Drip Membership Model. What sets the drip membership apart is that at the start you will have a near-full curriculum of content that gets “dripped” to your members one day, one week or one month at a time. No matter when somebody joins the membership, everybody always starts on day zero.
The Combo Model. You may have a little bit of a publisher model, you may have some coaching in there, you may have a place for community—you don’t have to tie yourself down to one model. In fact, combining the models actually increases your stick ratio and everyone’s experience as a whole. So, if you can combine a few of these models, it certainly works in your favour.?
The VIP Model. This model is particularly good for people who may sell physical products or ecommerce stores. People pay on a monthly basis to be a VIP customer or client to get certain privileges. This could mean something like paying a premium to access a product or service BEFORE non-VIP members.
Project Of The Month. Each month, members receive a package that contains materials and instructions for completing a project.?
Want to learn more about how to launch a successful and profitable membership site?
In this free guide, you’ll learn the exact steps to take to build a successful membership business around what you already know, love, and do!
In this guide you will discover how to:
and much more.
Which membership model are you going to choose? Comment below.