A great way to generate Forever Cash online is by setting up a membership website. As is the case with most websites, you will need to spend a fair amount of time planning, building, and promoting the website before you can expect to see a large amount of traffic. Whether you choose to build the site yourself or purchase an existing site, how can you keep it profitable?
Here are a few tips:
Content is king. Your subscribers should feel that they are getting their money’s worth. In an era where more and more people feel that they are “entitled” to get any information they want, you have to give them such a “Wow” factor that they never question whether or not the monthly price is worth it. So whether you write the content yourself or contract it out, make sure the quality is excellent and that there are daily regular updates to the public and to the members’ only sections of the site.
Incentives. Warren Buffet’s longtime business partner Charlie Munger once said that people under recognize “the power of what psychologists call ‘reinforcement’ and economists call ‘incentives.’” In other words, people love to feel like they are getting something special – little treats that motivate folks to take action. So make sure your members feel special for signing up. Give them instant gifts like eBooks, exclusive videos, and access to a forum. Promise them regular gifts like insider tips, personalized emails, access to your team, and unique content. And let them know that they can enjoy even more presents in the future – but only if they stay signed up.
Ease of use. Your website should be pleasing to look at, easy to use, and should be automated. This is the part where you will probably want to get professional help in building it. The website should let new customers sign up 24 hours a day and should accept orders and process payments even if you are asleep. It shouldn’t be hard for members to find and download the information they need, and your bandwidth should allow multiple users to use the site at any given time.
Listen to your customers. If a user or paying member complains about a feature or says that they don’t feel like what they are getting is worth the price, listen to them. You aren’t trying to run a website that you like; you are trying to run a website that the users like. Respond quickly to solve problems and don’t be afraid to admit your mistakes or to refund money if the person is genuinely entitled to it.
A membership website can be a great Forever Cash asset, especially if you have a good team running it for you.