292 - Are You Leaving Money On The Table in Your Membership Business

02/09/21 • 18 min

1 Listener

Membership Geeks Podcast with Mike Morrison

If you run a membership site (or any business for that matter), you've probably heard things like, "You're leaving money on the table," from other so-called business professionals.

They might encourage you to launch a new product, start hosting events, or doing one-to-one coaching sessions, etc., with the sole purpose of generating more revenue. While this may be true for some people, it doesn’t mean it’s the right move for everyone.

In this episode of the podcast, I reflect on why it’s okay to “leave money on the table” if it's not a table you want to be at, how to be more confident in your decisions, and why you need to trust that you know what’s best for your membership site.

Essential Learning Points:

Why it’s okay to leave money on the table when it’s a table you don’t want to sit at
Understanding why people like to share “business advice” and why you shouldn’t feel under pressure to listen!
The true meaning of success and why you should choose opportunities carefully

Important Links & Mentions:

Episode 61: How to Add Multiple Revenue Streams to an Existing Membership

Key Quotes:

“Memberships can work very well as part of a larger ecosystem of products and services.”

“A lot of entrepreneurs will feel driven by their nature to feel like they have to jump on every possible opportunity available to them. However, that doesn't mean that you have to go in that direction.”

“What works for one person isn't always guaranteed to work for someone else. There are no guarantees, no one-size-fits-all business model and no absolutes in this game.”

If you run a membership site (or any business for that matter), you've probably heard things like, "You're leaving money on the table," from other so-called business professionals.

Essential Learning Points:

Why it’s okay to leave money on the table when it’s a table you don’t want to sit at
Understanding why people like to share “business advice” and why you shouldn’t feel under pressure to listen!
The true meaning of success and why you should choose opportunities carefully

Important Links & Mentions:

Episode 61: How to Add Multiple Revenue Streams to an Existing Membership

Key Quotes:

“Memberships can work very well as part of a larger ecosystem of products and services.”

“What works for one person isn't always guaranteed to work for someone else. There are no guarantees, no one-size-fits-all business model and no absolutes in this game.”

Previous Episode

291 - How to Encourage Engagement without Nagging Your Members

1 Recommendations

Are you struggling to encourage disengaged members?

Member engagement can be a tricky thing. We want people to consume the content, engage with the community, and really use the membership that they’re paying for, but we don’t want to nag people with constant emails either. Once someone becomes disengaged, it can be difficult to nudge them back into action.

In this episode I look at the ways you can maintain a careful balance between encouraging engagement without getting on people’s nerves, from soft unsubscribes to using email tags to using remarketing ads to gently encourage your members back to courses and back into the community.

Essential Learning Points:

Why it’s important to maintain a balance between nudging and nagging
Using tools in your CRM and messaging apps to create a buffer to reduce the nagging
How to use soft unsubscribes to reduce email overwhelm
How you can mix up the formats you use to send reminders
Making sure you don’t overdo it with your messages and emails
Why it's important to remember that people engage in different ways

Important Links & Mentions:

Key Quotes:

“If the reason they haven’t logged in is because they have something serious going on or a major change in circumstance, you don’t want to be that annoying person nagging them every week. Giving them the ability to soft unsubscribe from certain types of reminders and emails ensures that you don’t alienate or annoy those members.”

“Mix up the format and how you get yourself in front of people to try and reengage them to log in, rejoin the community, or finish that course.”

“You need to be smart and think about that bigger picture for the member and don’t overdo it, don’t try to force it and know when to stop. Make sure that you’re not going overboard.”

Next Episode

293 - Have You Hit The Revenue Ceiling For Your Membership Business?

Did you know that every membership has a revenue ceiling?

The revenue ceiling refers to the absolute peak of how much your membership is capable of generating. Knowing what your revenue ceiling is will help motivate you to achieve your full earning potential. And, if you’ve already hit the revenue ceiling for your membership business, you can begin to explore ways to raise the ceiling.

If this is the first time you’ve heard anything about a revenue ceiling, you’re not alone. However, it is worth taking the time to consider whether or not you’ve hit the revenue ceiling for your membership business.

In this episode, I help you calculate your revenue ceiling and discuss how you can raise the ceiling if you’re not ready to stall just yet.

Essential Learning Points:

How to calculate your revenue ceiling
What to do if your monthly revenue is higher than your revenue ceiling calculation
Why hitting your revenue ceiling isn’t a bad thing
How to raise your revenue ceiling

Important Links & Mentions:

The Membership Guys
The Membership Academy
The blog post for this episode
Episode 292: Are You Leaving Money On The Table in Your Membership Business?
Episode 61: How to Add Multiple Revenue Streams to an Existing Membership

Key Quotes:

“The reality is every membership and every subscription has a ceiling.”

“If you do the math, and the ceiling that you're coming out with is less than where you are right now... most likely, it means that your sales or your churn rates have dropped recently.”