Build It And They Will Come!
There has been a buzz around building your own (traditional) membership site for 3-4 years now. Indeed starting one can be a smart business move.
Who can’t grasp the concept of creating regular, often “passive” income, month-on-month. Right?
A membership site means you literally have a captive audience in your hands. This is important because the first sale online is the hardest. Once someone has bought from you once, they are more likely to buy again – and often at higher prices because there is now a degree of trust built-in.
However many people start membership sites only to shut them down just a few months later because it didn’t attract the numbers they expected. Worse the failed site damages their reputation because they didn’t deliver on their “promise” to members.
I have followed all this VERY closely because I was one of the earlier adopters just over 2 years ago buying into MemberSpeed when it was launched. Now I like MemberSpeed, no problem there. It has many powerful features. But I’ve learnt a lot about the science and art of running membership sites since starting out … having listened to EVERYBODY!
Given this, here are my 7 reasons why a membership site might be the wrong choice for you:
1. You buy into the concept – 100’s of monthly paying members.
BUT the reality is it’s still a job, not a business. It’s HARD work!
A business by definition can run without you. Yet with a traditional membership site, you have to constantly add content month on month, communicate with members, market and drive traffic, deal with membership scripts and payment processors etc It can consume a lot of your time and can be slow to grow. Members of your site are looking for fresh content every month. You need to give this to them or they’ll unsubscribe in droves. If you walk away, the site dies. Retention is critical. It takes much more effort to get a new member than it does to keep one that you’ve already got. You soon find yourself with 101+ tasks to do whilst trying to keep happy 15-20 paying members!
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