Updated: Jun 11
Growing a membership business can seem like a slow-moving process. While incrementally adding a small percentage of recurring revenues to your subscription base every month results in a predictable and liberating business in the long-run, it usually doesn’t produce huge monthly revenue increases. This can make managing cashflow a challenge and leave one searching for revenue opportunities to bridge the gap. Below we've put together a list of ideas to help you grow your membership business, these are ideas you might not have thought about.
Personalized Coaching - For most members, your membership site provides a sufficient amount of information and education to help them get the result they came for. For others, they'll need an upgraded level of service and will be willing to pay for it. Reaching out to your members with a personalized coaching offering is a great way to earn extra revenue and serve your customers better. Not all members will be interested in this but for a certain segment it’s likely to be the perfect solution.
Collections Campaigns - Intentionally and automatically recapturing failed payments is an area where most membership businesses are leaving hundreds, if not thousands of dollars in revenue on the table. Do you have an intentionally designed collections campaign in place right now? Are you automatically emailing members when a payment fails? Do you follow up multiple times and even personally reach out to every member before their access is shut off? In some membership businesses, as much as 5% of the subscription base can precipitate failed payments on a monthly basis. If you’re letting that revenue float away without a well-designed campaign to recapture the revenue then you are missing a huge opportunity.
Save Offers - A save offer is an offer you deploy only when a member tries to cancel their membership. An example of this would be offering a month of free access or the next two months at half price if the member agrees to continue their membership. If you aren't doing this you are missing out on better member retention and more recurring revenue. Get creative with this and test different offers until you discover what will save the highest percentage of customers.
Affiliate Promotions - If you aren't already leveraging affiliates to promote your membership, you are missing out on one of the fastest and most cost effective ways to grow your membership. By offering a fair commission rate along with the right tools and promotional opportunities, affiliates will greatly multiply your marketing efforts and enable you to tap in to thousands of prospects that you would otherwise have no access to. Affiliate promotions can be an absolute game-changer by allowing you to explode your membership revenue.
Choose and implement one of the strategies above right now so you can boost revenues, fortify cashflow, and accelerate momentum in your membership business this month!
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