Subscription-based models are perfectly suited to three types of business
3 min read
Are you a content creator, influencer, or purpose coach striving to change peoples’ lives through your work?
Have you figured out how to share your gifts with the world (after-all, your clients and customers can’t stop raving about you) but are struggling to make ends meet financially? You know that your product or service is helping people but that isn’t being reflected in your bank account..
Well, perhaps it’s time to re-think your business model.
Not sure if you’ve heard of the membership subscription model but there is a reason so many companies and people just like you are moving towards it. Think about all of the subscriptions you’re part of: Spotify, Canva, your Yoga studio, etc.
And why is it so popular right now?
It works. That’s right, keep reading to figure out how you can earn recurring revenue — and literally multiply your income from the immense value you’re bringing into the world.
First things first…
What is a membership subscription model?
A membership model is a business plan where customers pay your business a recurring fee to access the value that you create.
Is a membership subscription right for your business?
Subscription-based models are perfectly suited to three types of business:
- If you offer access to content:
If you create content that educates, informs, engages, or entertains then it definitely applies to you. We’re talking about online courses, articles, episodes, e-books, digital downloads , etc. If you haven’t already incorporated a membership subscription, then you should re-think how your customers or audience access your content library.
Subscription models offer a new way to monetize your most valuable content. Sure, you are probably already giving out tons of free advice on your website and social channels but why not monetize your expertise a little by offering curated content only to those that pay for a subscription. You can create a whole library of paid content, which you can continuously add to, adding value for those that are subscribed. Don’t feel bad about the extra revenue that you earn as it will allow you more time and flexibility to both create more FREE content for everyone and more curated content, ensuring that you customers get a better bang for their buck. Ultimately, everybody wins.
- If you sell a repeat product — or if you bundle multiple products together.
Do you have a product that your customers keep coming back to each month? This could be anything from essential oils to books to courses or masterclasses to licences through facilitator training programs. With subscription models, you can turn your product offerings into a service.
Forget the price battle, stop worrying about maintaining customers, and quit racing to the bottom. Save time and worry by offering your customers a subscription model so that they can continue enjoying your product or service at a price that everyone is happy with.
- If you’re bringing together a community
This is one of my all-time favorites. Bringing people together around a common passion, interest, or simply creating a space for people to be vulnerable and interact with like-minded people. In my experience, community building is the way to your customers’ hearts.
Well, there you have it!
Thinking that you’ve got what it takes to take your business to the next level?
I thought so.
Try my free consultation here, so we can begin exploring creative, new ways to scale and amplify the immense value you are bringing to the world.