Last week I suggested a client stop selling his monthly continuity.
That sounds like sacrilege of common internet marketing doctrine.
Consistent, ongoing monthly income is kind of like the holy grail.
Who wouldn’t want to have payments coming in automatically…whether you attract a single new customer this month or not?
But monthly continuity isn’t always the right choice.
It was all based on this client’s numbers.
Retention just wasn’t up to par even though his membership has great content along with the other important factors like positioning, community, implementation, etc.
His front-end is profitable with paid traffic.
He has several backend income streams.
The monthly membership was profitable, but it isn’t adding enough revenue for its place in the funnel.
There is already two years worth of content in the site.
So, he’s going to test a couple of options.
He’ll offer it as an annual subscription instead…at a significant discount off the monthly price (but still more than he earns on average from each member).
And he’ll also test a ‘lifetime membership’ option.
Does that sound crazy?
It’s not. It’s all about the numbers.
Let’s say your average retention of a membership site is just 4 months.
What happens if you offer lifetime membership for the ridiculously low price of 12 months…and conversion stays close to the same because it’s such an irresistible offer?
You just tripled the revenue.
And…if you position your membership correctly…it also means you have members staying in it longer term and being exposed to more of your higher ticket backend offers.
That’s a key. The revenue doesn’t just come from membership fees themselves. It comes from everything else available to them.
I don’t have numbers back on this example yet, but I have seen pretty amazing results for other clients from changes like this.
No, I’m not suggesting you stop offering continuity.
That would be dumb.
Live free from online marketing orthodoxy.
It’s about serving your audience.
It’s about making irresistible offers.
It’s about looking at the numbers and optimizing what works for your business.
Know the ‘rules’ and when to break them.
I have clients selling monthly membership sites.
I also have clients with fixed term memberships, annual memberships, or lifetime memberships.
I even have clients who only sell one-off digital products…no ongoing memberships at all.
You can be profitable with any of these business models…if it fits your audience and offer.
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