There is a reason your cable company, cellular carrier and insurance provider are BILLION dollar companies. The reason isn’t due to corporate structuring, branding or any other hoity-toity nonsense. The single biggest factors these behemoth’s are insanely profitable is due to 3 factors:
- They are subscription-based (membership).
- Once you use them, you can’t live without them.
- Less is more. They simpler their service, the more you rely on them.
When it comes to YOUR book, brand or business, how can you take the lessons from Verizon or Comcast and apply it to your membership site?
Why do YOU keep paying your cellular bill? Is it because they send you heaps of information every month? I don’t think so. Why do you keep paying for your financial newsletter? (If you subscribe to one) Is it because they send you an 80-page report, DVD and blueprint every month? Not likely.
These successful subscription-based services know something about human nature and the current trends in society.
Less is more.
The more you can distill, outline and be BRIEF with your information, service or education, the more likely your subscribers will stick around. The more you can position your information as indispensable, the less attrition you’ll have. I am assuming you have a desire for recurring revenue, of course. Over time, being a farmer vs. a hunter when it comes to building your profit streams should be a no-brainer for entrepreneurs. Creating and executing an effective subscription-based offering can give you an annuity and nearly passive income that, hands down, beats product launches, big ticket sales or any product that is a one-time purchase.
[tweetthis]The more you can distill, and be BRIEF with your information, the more likely your subscribers will stick around.[/tweetthis]
Ryan Lee was a key player in creating micro-continuity programs a few years back. He, with Russell Brunson, both took the subscription-based idea and applied it to internet marketing. Below is a snippet from a course by Ryan Lee. To be fair, I cannot reveal the entire course online to you, but in the next 9 minutes, you should get an idea of the how and why of rolling out a mid-tier ($97) membership program.
Consider, with only 100 members, your $97/month program can be a base line of income that can give you incredible time freedom. Contrast a MONTHLY $97 program against any product launch or high-ticket program, and you’ll instantly see the value of creating a program that your tribe gets hooked on.
You’ll have to deliver high-quality content that your members truly need and want, of course. If you roll out fluff or common knowledge, you’ll fail.
I’ll cover how to position your information intelligently and with high value in a future blog post. For now, enjoy this snippet from Ryan. By the time you read this, his course may be closed, but if you want to purchase it, (I’m NOT an affiliate, so this recommendation comes from the heart) contact him directly.