Having a Monetize Your Membership Website is a great way to earn a good amount of money. A membership model offers users to sell their content across their website. Just for the sake of money, a large number of people somehow create a membership site and wait to get some passive income. A membership site can let you earn around a million dollars per year.
Platforms like Netflix, Amazon, Spotify, etc are well known to everyone. They have a huge fan base, and people never hesitate to pay them. It is just because of the content that they deliver. Let us explore the concept of the membership site and ways to monetize it.
What Is Membership?
Mostly, a membership site has hidden content in it. To get access to the content, the user needs to sign up and log in by creating a member profile. Further, a premium membership website demands money, a membership fee from the users to view the content. The fee is applicable for a fixed period, and users need to renew it after the expiry date. Over the past few years, membership sites have expanded and created a large market. Several large companies have shifted their businesses on membership sites and are making a huge profit.
Advantages Of Having A Membership Website
A membership model aids you in getting a fixed monthly, quarterly, and yearly income. Moreover, as the members get connected, the income level keeps on increasing.
Creating a starting membership site requires low cost. WordPress allows people to create a secure membership website. You need to select a membership model and charge payment from the members through a payment gateway. You may also buy premium themes and plugins as per your need.
Last but not least, you may earn an unlimited profit according to the time you invest in your site. Not in the starting but your site will surely help you in making a tremendous profit. Remember, you won’t get the profit during the early days. You need to continuously work on your site and come up with good content.
Types of Member Sections
Instance access is where users get access to their member’s profile after submitting their name and email.
A user can only access his/her profile after the admin’s approval.
Ways To Monetize Your Membership Site
1. Multiple Membership Levels
People usually keep a single membership plan and scope for good earning. If you are among those people, you must add at least three tiers of membership. Different levels of memberships will help users to select the one as per their need. You also have to look for the pricing and set it according to different degrees of content.
For instance, you can set a silver, gold, and diamond level. You can add content and services according to the plans. Adding multiple membership levels makes it easier for you as well as the members. Different membership levels will help you in separating your members based on their activities and content consumption.
2. Represent Yourself As An Expert
Represent yourself as an expert through your membership site and its content. To charge money from your members, you need to be exclusive. Give users a reason to sign up and log in. It is all about creating authority as it is your own business. Make them believe that you are an expert and have got skills in a specific niche. Try giving them the best content to make yourself free from negative feedback.
Also Read: Reign Best BuddyPress Theme
3. Upsells to Monetize Your Membership Website
As a membership website owner, you can sell and promote additional content to your members. Upsells will suggest some new content to your existing customer based on their consumption and activities. Remember that the content through upsells will always be on discount or offer. Your members are likely to purchase additional content just because of the discount rate.
Well, you need to build an effective strategy while offering some extra content. It is because you cannot sell everything, so keep on tracking their activities and actions.
4. Create Groups
Creating groups is a must option for every membership site owner. The groups contain people that are interested in a particular niche. People added to this group can easily connect with you. You can have one on one communication with them and address all their problems.
Having such groups can help you in monetizing your site. Your members would want to get added to these groups. As a result, they will upgrade their membership level. Moreover, you will also get a chance to connect with your members at a deeper level.
5. Live Events
Members frequently remain online, and as an advantage, you can run live events. You can sell tickets to your members and offer them seats during live events. Try to offer a maximum discount to get a huge crowd. Add perks so that members may interest in your live event. Come up with your best skills and expertise as your members may be expecting something new and unique.
Live events can help you in earning extra income. Grab it as an opportunity and set it as a side hustle for your membership site.
6. Try Out Physical Products
After you gain some popularity, you can sell some physical products related to your brand. Offer t-shirts, notebooks, bags, etc that represent your brand. Such facilities will persuade your users to buy these products. It will create a trademark around your brand. Your community will expand and will surely buy your physical products. Gradually, you will start earning revenue from your products apart from your content.
Conclusion of Monetize Your Membership Website
Everyone loves to earn extra income, and your membership site is the best way to do so. Create strategies, follow the given points and go a step further.
Contact us today to get your membership website. Select theme and plugins according to your niche. Also, share your thoughts on ways to monetize a membership website.