Running membership sites is a great way for you to expand your online income. Not only do you open yourself up to a new level of growth, you can also finally stop relying on individual sales and expand your business to include a steady stream of income.
If you’re still on the fence about whether or not to start your own membership site, then it may help to look over some of the ways that you can generate income from this business model.
Membership Fees Are Just the Beginning
One of the biggest misconceptions that people have when it comes to earning income from membership websites is that their only source of income is from subscription or membership fees. Though this remains to form the bulk of your income generated from a membership site business model, it is by no means the only way.
If you’re only taking into consideration your front end profits, you’re leaving a lot of money on the table. You see, there is more than just that one source of revenue from your membership website. Here are some of the ways that you can get money from your membership website.
Membership sites tend to have a very targeted and loyal customer base. An easy way to earn a little extra income from your membership sites, without much effort on your part, is by selling advertising space. It is easy to offer up a slot or two in the sidebar of your site. And depending on the content in your membership site, you could even have a different ad slot available on each page that would be relevant to the content.
Due to the highly targeted nature of the audience, you can easily command a higher price for your ad slots than you would on a normal site. Not only are your members very interested in the subject matter, they are also proven to be buyers.
Though selling advertising space can be a great way to earn that extra income, a much better way is to promote affiliate products. Affiliate marketing can be used to promote items or products that you truly believe your members will benefit from. Keep in mind that you are endorsing anything that you recommend. So, only include products that help supplement the content that you are already providing.
Here is an example of effective affiliate marketing on a membership site. Say you have a fitness site that provides exercise routines and fitness tracking resources. Recommending a specific brand of weights or yoga mats would be a suitable example of affiliate marketing.
You are still looking out for the best interests of your members by offering them suggestions that will let them get more out of their membership.
A downside to both the above methods is that they work best when the members actually login to the membership site. Once the member has consumed the content, they are less likely to revisit the page again.
Another way to reach your members is via promotional emails. You can send out endorsement emails for advertiser products or your own affiliate product recommendations.
Since emails are outside of your actual membership site, you can be more in depth in your review of the product without breaking the flow of your members content. In fact, you can send out several emails about the same product, each time highlighting a different angle.
Offering your members coaching is yet another way you can multiply your profits from your membership sites without creating any additional products, materials or other tangible stuffs.
The beauty with coaching is that you can make it as simple or as involved as you want it to be. And charge accordingly. It could be as simple as giving members access to a private Facebook Group where they can ask their questions or a custom email reply or even a private Skype call.
Ready To Profit?
So you see, even though the majority of the income you will earn from a membership site comes from membership fees, it’s not the only income you can make from it. With a little ingenuity and bit of planning, you will find that you can easily multiply your income without putting in much work.