How Big Does My Membership Need to Be In Order to Be Successful?
Many people measure success according to vanity metrics.
How many followers you have rather than how much engagement you get; how much your turnover is rather than how much net profit you make; how many members you have rather than their average lifetime spend.
But is success as a membership site owner all about how many members you have?
Or is it about the money you make? Or the lifestyle your membership affords you?
I give my take in this week’s episode of The Membership Guys Podcast…
- Are your goals ambitious enough? And if they’re not, does that make you a bad entrepreneur?
- Why member numbers are meaningless when it comes to assessing the success of your membership
- Would you trade in a measure of personal happiness for a measure of increased profit?
- How small membership sites can actually be more attractive
“Success is a very personal thing. It’s contextual. It’s not just about chasing huge numbers. And that applies to memberships too. If you just want to run a fun, intimate membership of a hundred people or so and you just want to make enough money to cover your bills and give you some disposable income and if doing so means you have no stress, you can work fewer hours and all that good stuff, then that’s completely valid and achieving that goal is as much of a measure of success as it would be if you were achieving more lofty ambitions.“
“With a smaller member base, you end up with something a little bit more intimate and a little more exclusive and there’s value in that, which means you can potentially charge a little more. As the expert people want access to you can be more attentive in a smaller membership to a higher proportion of your members, which means there’s more scope to increase your prices.”
“How big does your membership need to be in order to be successful? Start by asking a different question. What does success mean to you? What are your goals? What does that success feel like? What will you be happy with? What are you driven by? What is important to you?”
Enjoyed this episode? Check these out…
- How to Use Upsells to Generate More Revenue from Your Membership Site
- 7 Ways to Make More Money With Your Membership (And 3 Things to Avoid)
- Why Member Lifetime Value is More Important Than Churn Rate
- Mark Asquith On Changing Your Core Business Model
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