463 - There Are Only 2 Ways To Make More Money From Your Membership

In this episode, I dive into the two fundamental strategies for increasing the revenue of your membership business.

I break down why making more sales and boosting the lifetime value of each member are the only real ways to grow your income, and share actionable tips for improving both areas.

From smart marketing adjustments to retaining your members for longer, I offer proven, practical advice you can implement right away.

If you’re looking to ramp up your membership profits, this episode is packed with insights to help you get there.

In this episode:

• What are the only two ways to make more money from your membership?
• How can you refine your marketing and sales strategies to attract more new members—and even win back former ones?
• What practical steps can you take to increase the lifetime value of each member, including improving retention?

Thank You For Listening

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What's your next step?

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Key Quotes & Takeaways:

"If you're not bringing people into your world, you're not getting traffic, you're not building your followers, you're not building your email list, then there's fewer people to sell to, and by virtue of that, fewer people who join your membership."

"If you are bringing people into your world, your list is growing steadily, but they're just not joining. We need to reach out and survey those non buyers, find out why they've not joined, find out the main obstacles, and then tailor your marketing in order to preempt those and to overcome some of the issues that might be keeping people from becoming members."

"At Membership Academy, around about 25 to 30% of people who leave ultimately return within a 12 month period. On average. When we've done our survey, that is tending to be around about 15% across the thousands of memberships that we surveyed, about 15% of people in memberships where they conduct win back campaigns, about 15% of those X members come back. That's one heck of a conversion rate."

"So once they've been in there for three to six months and they start to get some wins, they've start to feel integrated into the community, they start to feel that sense of belonging, then they might be more receptive to upgrading to annual."