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When can I charge for member subscriptions?

(A version of this article was originally published on LinkedIn Pulse. We've added a few more Mightybell specifics around how to set up member subscriptions in this version.)

A feature that makes a niche network a particularly valuable type of community – and sets it apart from a blog, Facebook group, Slack team or email newsletter – is the ability to quickly launch member subscriptions, with no technical knowhow needed.  Not only is the process for setting up paid memberships simple, choosing to turn them on can unlock a world of possibilities for what you and your members can create together. Why? Paid member subscriptions are the fastest way to generate the resources you need to re-invest and grow the impact of the awesome work that you do.

              

Your idea is valuable right now – why not charge for membership?

Paid memberships operate on a single assumption: your unique idea or expertise can bring people together not just to build an audience, but to meet and build relationships with each other.

Across hundreds of thousands of niche networks, we’ve seen the same story play out: your members are as excited to meet each each other in the context of your idea, brand or product mission as they are to listen to you.

This isn’t that surprising. Think about conferences. Do people attend events just to listen to panels that will be posted online in a few days or to meet other attendees in the lobby? (Hint: the other attendees in the lobby)

A niche network offers an even better opportunity for meeting people because it is always-on (and in your pocket). Plus, when you ask people to pay monthly or annually for access, you set a precedent that you’re building something exclusive and important. Member interactions, rich content, guest speakers, live and virtual events, messaging and the opportunity to crowdsource practical ideas from peers will help each paying member reach their goals faster than paywalled content or a day-long event alone.

A better analogy for a niche network with member subscriptions is a country club. There are ongoing benefits to being part of the club (access to the tennis courts, restaurants, special events and — most importantly — other members) and, for these benefits, you agree to pay a small fee to fund the staff, facilities and members-only Friday night steak dinners. The lifetime value of a country club member is orders of magnitude greater than a ticket sale.

The same is true for your niche network. As long as your members are motivated to join, you’re primed and ready to turn on paid member subscriptions right from the start.

     

Members subscriptions aren’t just for the big guys anymore.

So, what do member subscriptions look like today in the real world?

Members who pay to be part of the World Future Society have access to an exclusive app where they can meet other professionals in science and academia, tackle common challenges together and get early access to upcoming conferences and events.

Skillcrush builds the price of access to their exclusive class communities into the cost of their Career Blueprints. Their programs have 5-10x higher completion rates compared to a typical online class. Why? Members benefit from the added value of having a supportive community of other students and TAs where they can get answers immediately and share their successes in real-time.

Gabby Bernstein brings together people who want to be inspired with her Miracle Membership, which includes a monthly email drop of an exclusive podcast, mantra and other bonus material.  

In 2014, Slate Magazine — which until then was a small online magazine featuring commentary on current events and political news — launched Slate Plus, a membership community where readers could get access to insider content, commentary and media. In its first year, 9,000 readers paid $50 per year – $450,000 in total – for access.

These are just a small taste of what’s possible with member subscriptions. There are examples everywhere.

    

What will members pay for?

As you start to put together what to include in your member subscriptions, think about:

  • Relationships with other members they can’t easily meet elsewhere (this is your most valuable role as the organizer)
  • Exclusive member-only events and in-person meetups
  • Classes, trainings or programs with accountability and access to the instructors or TAs
  • Premium content, videos or resources (with accompanying member conversations and events)
  • Support for a project or idea members are passionate about

  

The common thread across each of these examples is something they can can’t get from reading a blog or subscribing to a newsletter: the opportunity to meet and learn from people motivated by the same....

    

How much can you make from subscriptions?

The next obvious question is, “how much can I *really* make from member subscriptions?” The answer depends on two questions:

   

Are your members CEOs or college students? Who are your members, how many of them are there and how much can they pay? (# of members x $ per member per month or year = total revenue)

For example, if your network serves CEOs who want to stay ahead of trends in technology, they are a small, exclusive bunch. Yet, they have money to spend and want to meet each other. They probably don’t blink an eye paying $3,000 or more to attend an industry conference. So, if you had a 100 CEOs paying you $10,000/year for an always-on membership (including events or a conference) that’s $1,000,000.  

   

On the other hand, there are millions of college students who may be motivated around a cause, but don’t have the same financial horsepower as CEOs. If you can recruit 100,000 of them and charge $10/mo to, say, join a lobbying network to address student debt, that’s $12,000,000.

How much you can make from member subscriptions depends on how many potential members you have and the value your network brings to each of them.

      

What will you include in your member subscriptions? How you’ll make the network valuable to paying members? Take our time-starved CEOs again. If you make it easy for them to meet other industry leaders, research trends in technology or join an off-the-record talk with other CEOs, they can trade out other one-off consultants, events or trainings for your more valuable community of peers.

As you bring in new paying members, you want to highlight:

  • Exclusivity – Paid membership lets you keep your network to the most relevant and high quality members (and niche networks make sure the most relevant members can meet each other by location, topics and specialty).
        
  • Benefits of membership and/or use of funds – What they get for their subscription: meet the most relevant members, join real-life events as well as Google Hangouts and live chats, access exclusive expertise (from you, guest speakers or other members) and fund your ability as the host to make it awesome.
                     

By choosing a niche network with subscriptions over a blog or email newsletter, you have more to offer people than just content. You are also offering relationships with people motivated to meet each other. That’s where the magic happens.

        

Steal this idea.

If you’re looking for a bit of text for your invitations or posts about your Mightybell Network’s subscriptions, here’s a good outline:

Hello!

We support our community with a monthly membership fee of $___ ($___ if you buy annually). This lets us keep the quality of members and value to you high.

Your contribution will be used to help our XXX-strong community grow globally, organize events and meetups, run trainings and live chats and cover our costs to ensure this community becomes your secret weapon in achieving everything you want to do. 

Please don’t hesitate to drop us a line at ___________, and let us know what you want to see from the community to make it even better. 

                         

Subscriptions don’t need to be perfect to launch and learn.

The biggest misconceptions people have starting out with member subscriptions is that they have to offer a free trial upfront, get the pricing perfect at launch or offer something extremely valuable before they can start charging... Nothing is further from the truth.

Bringing together the right people, a simple refund policy and starting on the lower side of what you think you can charge over time means you can start experimenting now. Rather than a free trial, you can offer early members a “founders” discount by simply raising the price later for new members. With this type of test, you’ll know right away whether or not people will pay.  

Mightybell Networks let you offer both a monthly and annual plan, giving members the flexibility to pick the right plan for their budget and needs:

  • With a monthly plan, members may feel more comfortable because they don’t have to pay as much upfront. The risk is they cancel more easily. That being said, Netflix charges monthly and they don’t have much of a problem. If you are delivering value to members, they will pay.
  • By choosing an annual plan, members can get a discount off the monthly plan and you get more upfront. This is how Amazon Prime rolls.

That’s it. With no coding required, you can start experimenting with member subscriptions today. It’s another way a niche network is your best bet for building an online business in 2016.

      

Setting up member subscriptions is easy.

If you’re not quite ready to turn on subscriptions, check out our Community Planning Guide for a step-by-step guide to setting up a successful niche network, one for which members will happily pay.  

To enable member subscriptions, go to the Subscriptions tab in your Mightybell Network’s Host Dashboard. Then, make sure your Mightybell Network is upgraded to either the Indie or Professional plans.

From there, the instructions will be pretty clear. You’ll set up your Stripe account (our 3rd party credit card processor) and choose a monthly plan for your members. You can also choose to add an optional annual plan, which is typically a discount on the monthly subscription.

Right now, there isn’t a way to offer a free trial or have different prices for different types of members. For a first experiment, most of our Hosts have found that neither is a requirement. The good news is the faster you can start experimenting with what your members will pay, the better business you’ll build today and over the long haul.

Create a new Mightybell Network

If you are starting a blog in 2016, don’t.

The article below was originally posted on LinkedIn Pulse by Mightybell CEO Gina Bianchini.

Google the phrase “how to make money blogging” and you’ll get 12.5 million results detailing everything from how to churn out minimally viable content to multiple opinion pieces on the right income streams.

Thanks to the rise of sponsored content and blogger ad networks, blogging has shifted from a hobby to a legitimate side hustle or full-time gig for enterprising entrepreneurs.  

If Silicon Valley is the promised land for hungry engineers who want to raise millions of dollars and code their way to success, blogging has been the virtual gold rush for the rest of us. Until now.

Starting a blog on the web in 2016 means missing out on the biggest opportunity this side of the Internet: network effects businesses on mobile. These are newer, better — and most importantly, easier — options for creating a thriving brand your audience will opt into faster and more successfully than anything you create on the web.

We’re not in 2006 anymore, Toto.

In 2006, your best option for starting a website around a unique idea, interest or take on the world was a blog. Quick, easy and cheap — anyone could create one in minutes and start attracting readers. Fast forward to 2016, and blogs are big business. There are 75M blogs on Wordpress alone, and the options for blog ad networks are endless.

Yet, 2016 is a very different world than 2006. Why? Smartphones. People are fleeing the web for native mobile apps. It’s incredibly crowded on the web. There are entire companies dedicated to ensuring your blog never sees the front page of a Google search. And while email newsletters may still work, they are far from an engaging experience on their own.

If you’re anything like the bloggers we meet every day, you love the hustle, but the hustle no longer loves you back.

Enter a new breed of mobile niche network apps

If you have an idea, unique take on the world or desire to start your own business, your 2016 blog is mobile, networked and valuable from day one. It’s not about talking at an audience, it’s about hosting a party where people want to meet each other, not just talk to you.

   

Welcome to new niche network apps on mobile.

Niche networks — unique, native mobile communities built around a single purpose or identity — are rapidly overtaking blogs as the most effective way to reach an audience, grow that audience and allow that audience to build relationships with each other around the things that are most important to them.

A niche network is:

  • Organized around a single purpose or identity. Think craft hairdressers, small business owners, teachers, couples navigating infertility or DIY drone enthusiasts.
      
  • More than an email newsletter. In a niche network, you and your members are contributing polls to spark conversations, answering questions and driving the kind of deeper discussions that can’t happen in your comments section.
       
  • Immune to overload. In a world of data overload, personalizing the experience of every member to deliver the most valuable information is a service in itself. With an emerging crop of software built for the instant attention spans of mobile natives, modern niche networks have personalized feeds for every member — showing them only the most relevant members and conversations in the topics they care about.
        
  • Mobile. Traffic on the web is dwindling as the number of people using native mobile apps (versus mobile browsers) climbs daily. Especially for messaging and meeting people, native mobile apps are the only real option if you want to bring people together to message. It’s trading in the barrage of email backlog for the power of push notifications.
       

A niche network takes advantage of network effects — or the simple interactions between people that organically grow a new, even bigger audience.

Network effects mean more bang for your hustle. Those long hours you’re investing now in commenting on other blogs or soliciting for readership are gone. With a niche network, you’re no longer a one-man band. Your members are your growth engine. No more begging for shares. They’re invested in their own perspective, which drives them to share more on their social channels. And with each new share by a member, you have an opportunity to reach a larger audience without churning out 500 words a day. Plus, who’s more qualified to find your next 1,000 members than your current 1,000?

But that’s not the only reason you should launch a niche network over a blog.
The best part? A niche network can generate revenue starting day one.

    

Niche networks are a fast track to a healthy business

Today, it takes years to grow the kind of blog readership that big brands will pay good money to access. And the market is crowded.

Niche networks can deliver value instantly on your own terms.

Beyond all the good stuff that keeps your members coming back daily — network effects, multiple ways of building relationships with other members, mobile notifications — a niche network allows you to instantly start revenue experiments. This could mean funding your idea through member subscriptions or using rich (and real-time) analytics to attract a sponsor.

Let’s take a simple example. Say you have an email list of 2,500 people. With a niche network, your rich, real-time analytics help you attract a $5,000 per month sponsor who’s driving giveaways. Plus, you’ve added $30 per year from 500 members who want subscriptions to your premium content. And because your members want to meet each other, your first retreat in Mexico is oversubscribed. This is uniquely possible with a niche network. You’re engaging people in both one-to-many and many-to-many connections without having to hire a developer to build each revenue experiment into your blog.

Where blogging requires meticulous content posting schedules, niche networks naturally grow through interactions between members, not just with your content. These organic impressions are far more compelling (and actionable) than anonymous pageviews.

Think about it. As ad spending shifts to mobile, where and how do brands get involved? Outside of Facebook, Instagram and Snapchat, there’s not enough quality mobile advertising inventory to be compelling. By providing sponsored native posts and advertising in a mobile niche network where 65%-70% of members are active and contributing, brands can be a part of organic conversations they can’t be elsewhere... All created by you.

      

Now Is The Time

Mobile niche networks are young, powerful and rapidly growing. They thrive on a platform three billion people have in their pocket. Sure, you can still choose to start a blog and compete with almost two decades of entrenched top blogs and algorithmic SEO farms designed to stand between you and success. But there’s simply a better alternative. You can now invest that same time, energy and passion in a niche network on mobile to take advantage of valuable network effects and generate revenue as quickly as you can get it set up.

 

Only one question remains... Who will you bring together?

Views: 133

Tags: Blog, Community, Mightybell, Network, Revenue, Subscriptions

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