BRX Pro Tip: The Membership Model
Stone Payton : And we’re back with Business RadioX Pro Tips. Lee Kantor, Stone Payton here with you. Lee, I’ve had some success here locally with the Community Partner Program. We’ve had some success more globally with the network, but let’s talk about it a little bit, the idea of the membership business model.
Lee Kantor: Yeah. So, something to think about. And a lot of people who are just in business selling a thing or a service, they’re not looking at their business kind of holistically. And is it possible to create a membership model around your business instead of having your business built on one-off transactions, one at a time?
Lee Kantor: Most people, they sell a project, they deliver the project, and then they have to go on and find another client to sell a project, deliver a project. And that’s tough. It’s hard. It’s unpredictable. But is it possible to take what you’re doing or some of what you’re doing and turn it into some sort of recurring revenue with a membership model?
Lee Kantor: Some things to think about if you’re considering that is what problem do my clients have that doesn’t go away after one transaction? Is there something that you can be doing to help them month after month, just kind of on autopilot, that’s already built into the type of activities you’re already doing?
Lee Kantor: Is it possible to package what you’re doing as ongoing value rather than just solving a specific problem one time? Can you incorporate monthly strategy calls, regular content, accountability, coaching, community access, priority support, any type of ongoing implementation? Is it possible to just kind of layer all of those value propositions into a package that can help somebody on a regular basis, so they know they can just call you and it’s taken care of? It’s kind of like you’re being on retainer for these kinds of activities.
Lee Kantor: And it’s clear to know if you’re considering a membership model, who are my best clients? Who would pay for more consistent access to me? Start with a handful of clients, you know, maybe five of them. Test the model before you kind of dive in full bore. Just see if there’s an interest in a handful of people just willing to pay you just to have access to you.
Lee Kantor: And the key to any type of membership model is thinking about what type of ongoing value you can provide for people that would keep them paying month after month. And that’s something that you always have to kind of keep adjusting and keep adding to. You want to be so valuable and so sticky that they’re not even considering turning off the spigot there.
Lee Kantor: So, if you’re solving a recurring problem or delivering continuous results, then you’ll have the opportunity to kind of leverage a membership model if you play your cards right.
