Before we dive in, just a heads up that the 2020 Heart-Centred Business Conference will now be VIRTUAL!! Tickets from just AUD$195 Get The Details Here.
Are you ready to launch an online membership? I’ve got six signs for you that indicate that it might be a great next step for your business…
Watch on or read below to find out!
6 signs that you are ready to launch your membership program:
1. Proof of concept
Proof of concept means that you know people will pay you for the outcome you’re promising.
For example, if you want to create a membership where you help women to A, B, and C, you have proof of concept when you’ve demonstrated that you can sell your VIP services that help women to A, B and C. Selling the same outcomes in a 1:1 delivery format is such a great way to prove your membership will fly before you invest your time, money and energy into creating the content, building the platform, and launching it to your audience.
2. You have an existing audience (a platform)
Don’t wait until your launching to build your audience… build it first! Personally, I would aim to have a mailing list or at least social media following of 1000-2000 people before launching. That way, when you do launch this membership, you’ve got a ready-made audience of people who are potential clients for it. If you need to build a cold audience during your launch, you’ll likely achieve a lower conversion rate, which can be tough. If you’ve been consistently building your mailing list, you’ve been consistently growing your following online, then in most cases, your first membership launch will have a nice influx of new members immediately.
3. Confidence in your process
Your membership will have a promise, or value proposition – an outcome that your membership is supposed to deliver. Are you confident that your process will deliver that outcome? This is particularly critical for memberships, due to drop out rates. When people join a membership, the average time they stay is three months. Usually the reason why people leave a membership within the first three months is because they aren’t completing the modules (usually because it’s overwhelming and information overload), or they are, but it’s not getting them to their outcome quickly enough. Practice delivering your process 1:1 first, and build up your confidence, so you can ensure you don’t have a high drop-out rate for your membership.
4. Message clarity
If you can craft compelling offers and a message that resonates with a cold audience, you’re ready to launch a membership. It’s one thing to be able to speak to your existing audience and have them agree with you. But it’s another thing to be able to talk about your work and to connect with cold audiences and bring them into the point where they ready to purchase very quickly. Are you clear? Does your message resonate? Are you able to convert people into paying clients from a cold audience? If yes, it’s probably time to launch that membership!!!
5. Sales and cash flow
During your launch, you’ll likely see a bit of a drop in cash flow – because you’ll be promoting your free lead magnets, and then if people do join your membership, most are going to pay the monthly rate. You can incentivise people to purchase a year up front, which will help, but you need to be able to survive the dip in income during launch. So have a quick check of your cash flow, and ensure you are confident that you can still keep your business rocking, even if you have a dip in income in the launch period. Even if the launch completely flops… and you need to re-think your strategy. Having that level of confidence does wonders for your mindset as well.
6. Time to launch and deliver
The first three months of your membership is the most critical. I cannot stress that enough. If you finish your launch and then need to spend the next month with back-to-back VIP Clients because you paused their sessions during the launch, or you don’t have time to really nurture your new membership clients… you could lose them pretty quickly. Dropouts and turnovers are a big income de-railer for people who are going into membership programs. So have a look at your current schedule. Be honest about the time you have to commit to the launch, and importantly to delivery and early nurturing. And if you need to, it could be a good idea to increase the prices of your VIP services first, and reduce the number of hours you’re delivering in other areas before launching.
I have a free resource for you!
Create and launch your online course (or membership) with my free training: tashcorbin.com/create
And that’s today’s episode!
Are you ready? Do you have questions? Any A-Ha moments you’d like to share?
Make sure to come and post in the Heart-Centred Soul-Driven Entrepreneurs community and share your comments and questions using #podcastaha and the episode number (189). I look forward to continuing the conversation!
Hi, I’m Tash. And I am so excited that you’re here. As you may have noticed I’m a total business and marketing strategy geek and I absolutely love helping women to create online businesses and courses that are perfectly aligned with THEIR zone of genius, AND that have a super-specific and strong value proposition for their ideal clients. Connect with on social media (links below) and come join the #ladyposse on Facebook.