4 Reasons Why A Membership Or Subscription Is Great For Your Business Right Now
Today, we're going to talk about why a membership or subscription is great for your business.
With the vast majority of people in the world confined to their own homes to practice #SocialDistancing, a lot of people are wanting to learn new skills, be productive, be entertained, find community, and to use this time to help them grow personally and professionally.
This is where a membership model or subscription model for your business could be a major game changer!
Now more than ever, you need to be thinking about how you can continue to serve your customers and clients despite social distancing.
I know that it’s easy to get bogged down with what's happening in the world when it comes to COVID-19 and that it can send us down a rabbit hole of negative thoughts. But what we need to do instead is notice the vulnerabilities in our businesses.
This is not the time to shrink down!
This is the exact moment that you need to stand strong and reimagine your business model.
The Coronavirus outbreak has created a new set of problems for people at home that are waiting for entrepreneurs like you to solve them. Think strategically on how you can fill these gaps!
Below, I’m sharing 4 reasons why you should consider creating a membership model or subscription model RIGHT NOW (even in the midst of COVID-19). I also compiled a few more resources to help you during this pandemic, and you can check them out here.
4 Reasons To Create A Membership or Subscription For Your Business
1. Stability of Revenue
Imagine this: You sell your product or service to a new customer. That customer comes back to purchase for the second time. Would you rather have a one time transaction or have repeat transactions in the span of several months?
This is what a membership model does. It provides you with recurring revenue. You will alwaysknow that there is a certain number of customers that are going to be paying you every. single. month. It also provides certainty and assures you that money is going to be coming in regardless of what happens.
Whether you have a brick and mortar business, an online store, physical products or services, having a membership or subscription can provide you with stable and recurring revenue.
Plus, it takes away the psychological stress of not knowing if you will have a revenue month after month.
2. A Membership Provides Community
A lot of establishments are mandated by the government to close down. People cannot go to church, school, restaurants, clubs or wherever they go to have that social connection that human beings are innately born with.
Even if our usual hangout places are not available now, we do not stop longing to have that connection. This is where memberships are perfectly positioned. It provides the community that people are craving to have.
You can offer your audience a community that is full of support, as we try to maintain a resemblance of our normal lives
3. Builds Customer Relationships
Memberships give business owners the opportunity to have long-term relationships with their customers. It allows us to listen to their feedback and incorporate their suggestions to the changes we make in our businesses. In turn, it improves our ways of helping them nurture the things that they are passionate about.
The long-term money in memberships and subscriptions is not about making that first sale. It is about keeping your members or subscribers happy as they remain your customers.
4. A Membership Creates More Money Which Creates More Impact
For a really long time, I felt super uncomfortable about making money. I grew up with a lot of narratives in my head about what it meant to make money. And unfortunately, a lot of those narratives were not really great and empowering ones. I wasn't hearing messages about what making money can actually mean in terms of how it can change lives.
As time passed, I’ve learned that it’s not about the money. But what the money does to provide good for a whole lot of people. I used to feel guilty about making money, but a total mindset shift happened when I decided to dedicate money to causes I am passionate about.
It’s the impact, the love and the service to Mums With Hustle that always gets me moving.
My love, I sat with the idea of launching a membership for a bit too long, but I had to make the reasons bigger than the fear of new things. For me, the reasons truly were about the work. Down to my core, I want to see more mothers succeeding at business. I want global change, and I want business knowledge and development to become more accessible to women.
It’s our responsibility as human beings to share what we know and what we do with the world. And yes, it’s a privilege to be a business owner. Let’s remove the ick from selling. Instead, think about the impact of your work and the extended ripple effect of that, not only to your customers but to the people around them.
That’s why I am highly encouraging you to join me this month as I’ve teamed up with my mentor Stu McLaren on a FREE live workshop series called: “Turn What You Already Know, Love And Do Into A Profitable Membership Business.”
Stu is the guy who taught me everything I know about starting, growing and scaling online memberships and subscriptions.
Grab Your Free Spot
Hundreds of women in the Mums With Hustle community have already grabbed their FREE spot for his live membership workshop series that kicks off on April 23, 2020.
The next thing I have to let you know about is my FREE Pop-Up Facebook Group that I have created just for you and the other MWH ladies who have registered for Stu’s workshop. It’s called “TRIBE Workshop Pop-Up Group With Tracy & Karl Harris”.
Seriously, girlfriend. This is not just for my members of the Social Method Society, this is open to the public.
Karl and I will be supporting you in implementing what you learn in Stu’s workshops and also helping you get clear on what your membership or subscription could look like.
We hope to see you there, my loves!
CONNECT WITH ME:
As the founder and CEO of Mums With Hustle, I have the best day job in the world: teaching entrepreneurs how to grow their beautiful businesses online. When I started the business, that was everything I wanted, but since then, it has grown into something much bigger. Now, I get my joy from helping women find their zones of genius within a community that truly celebrates their success. I truly believe that when women choose to band together, we can do anything - and if you feel the same, there’s a place in the MWH community for you.
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