If you own a membership website, you definitely want to make the most out of it. Of course, revenue doesn’t grow on trees, but the good news is that maximizing membership revenue is absolutely possible.
Proof? The Learning Management market size was valued at $14.43 billion in 2021 and it is expected to reach $40.95 billion by 2029.
Here’s how to tap into this huge, growing market by maximizing your membership revenue:
Prep Your Ground to Maximize Membership Revenue
Whether you like it or not, maximizing the revenue of any kind of business model isn’t easy work. If it were, everyone would be owning their own very successful, multi-million dollar business. Revenue growth is a matter of hard work, consistency, and showing up every day to add a bit more on top of what you built yesterday.
If you want to maximize membership revenue, it’s extremely important to start your journey by assessing your current situation, as well as what you are aiming for. Some tips in this direction include:
- Get to know your customer base. Where is your current revenue coming from? Is there any way you can scale your efforts in the same area?
- Know what kind of content you need to create. What works for you? What doesn’t? If you are at the beginning of your journey with your membership site, you might not have enough data to know what kind of content performs best in your case. There’s no magic recipe, unfortunately: you will have to try, fail, and then try again, to test as many options as possible and see which one(s) work(s) for you.
- Analyze your business model and make changes where necessary. Sometimes, the best scaling opportunities are right in front of your nose. Look at your business model and be honest: does it work? Is there any way you can make more, with less? Chances are you might find a crack in the “system” you’ve built — and it might just be what you need to advance your financial needs.
Sustainable membership revenue growth starts with knowing which tactics work for you and which don’t. Trial and error
Top 6 Ways to Maximize Membership Revenue
Alright, now that you’ve already prepped your ground, it is time to jump into action: the best ways to maximize membership revenue. These are the top 5 ways to maximize membership revenue, starting today:
Create an Online Course
Global e-learning marketing is projected to reach more than $457 billion by 2027. Clearly, it’s a huge opportunity you can tap into — and the sooner you start, the better off you will be.
If you have a membership website and you have already started rallying people around a certain topic, it only makes sense to turn what you already have into an online course. This is, in fact, one of the most common ways solopreneurs like you maximize membership revenue.
People are always looking for new things to learn and if you can package your knowledge in an easily digestible format (i.e., an online course), you will not only grow revenue but also position yourself as an authority in your field. Plus, since your community already trusts you, it will be easier for you to sell your course to them.
Affiliate marketing is one of the most popular ways to make money online and for a good reason: it’s a win-win situation.
In general, affiliate marketing is defined as a type of marketing where you, as a merchant, allow other people (affiliates) to promote your products in exchange for a commission on the sales they generate. So yes, it’s a form of marketing where everyone’s happy because everyone makes money.
The best part about affiliate marketing is that it can be done by pretty much anyone, as long as you have a platform to promote your products on (a website, social media channels, etc.).
If you want to give it a try, make sure you find the right affiliate program, as not all of them will be right for you, your membership site, and your target audience.
With affiliate marketing, you can partner up with other businesses in your industry and promote their products/services on your membership website in exchange for a commission.
There are two ways you can use the power of affiliate marketing to your advantage:
- Become an affiliate for other websites (partner with them, and promote their products/services on your membership website)
- Promote your own products/services through other websites (find high-traffic websites in your industry, and offer to promote your products/services on their site). This is a great way to tap into new markets and grow revenue without having to put in too much extra effort.
Although this is not direct way to maximize membership revenue (as it is not related to your actual group), it is a fairly popular means by which solopreneurs can add more income streams to their finances.
Sell and Upsell Related Products/ Services
Another great way to maximize membership revenue is by selling and upselling related products and services to your customers.
For example, if you have a membership website for dog owners, you could upsell them on dog food, toys, leashes, collars, etc. If you have a website for people who want to learn how to cook, you could upsell them on cooking utensils, cookbooks, meal plans, etc.
The possibilities are endless, but the key here is to make sure that the products/services you are selling are complementary to what your customers are already getting from you.
This way, you will grow revenue and provide more value to your customers, making them even more likely to stay with you in the long run.
Create a Job Board in Your Niche
If you have a popular membership website, chances are there are people out there who would love to advertise their job openings on your site. This can be a very good way to maximize membership revenue (and it is quite popular among solopreneurs at the moment.)
Not only is this a great way to grow revenue, but it is also a great way to provide more value to your members. By creating a job board, you will not only be able to make money from the job postings but you will also be able to help your members find their dream jobs.
Plus, this is a great way to get your membership website in front of a whole new audience who might not have otherwise heard of you.
Create Original, Unique Paid Content
One of the best ways to maximize membership revenue is by creating original, unique paid or paywall content that your members can’t find anywhere else.
This could be anything from an ebook, to a video series, to a course, to a newsletter — as long as it is something that your members would be willing to pay for and that they can’t find anywhere else.
The key here is to create something that is truly valuable and that your members will be happy to pay for. If you can do this, you will be able to maximize membership revenue and keep your members happy at the same time.
Start a Podcast or YouTube Channel
Podcasts and YouTube channels aren’t paid (or at least most aren’t.) However, they give you an opportunity to reach a new audience and grow your membership base — and thus, maximize membership revenue as well.
Plus, podcasts and YouTube channels can also be a great way to add a new revenue stream to your income, in the form of collaborations with companies, advertising, and so on.
“Don’t put all your eggs in one basket” is one of the most timeless and efficient financial tips out there for a reason: diversification is key.
The same goes for membership websites. By diversifying and maximizing your income streams, you will not only be able to make more money but you will also be less vulnerable to changes in the market, fluctuations in revenue, and so on.
Keep in mind: when you want to maximize membership revenue, you have to look at who you are, the kind of value you want to provide, and what your members would like and appreciate most. Be strategic about the types of methods you choose to maximize membership revenue and be consistent too!
So, what are you waiting for? Get on and begin to maximize membrship revenue today!