This is a video that i have watched while i am preparing for my membership sites.
It tell us how to create 6-7 figures through the membership model.
The idea is to focus on one site and double or even triple your income.
What i learned from James Schramko?
- James Schramko started earning $49.25 affiliate sales in 2006
- Created a one time info product
- Sold high ticket done for you marketing services – websites/monthly marketing services*
- Quit job (Affiliate marketing + Recurring marketing services)
- Built a community*
- Offered Mentoring*
- Built a paid mastermind*
- Created services businesses* – SEO, Content
- Promoted affiliate offers* – Recurring affiliate offers – Email Subscriptions (aweber)
*Recurring Services – Combined we get money, time and creative freedom
3 mistakes most marketers make:
- Launch mistake using promotional launches as a business model
- Business only do launches – Massive energy and leaving hangover
- Surge and strain on customer support
- Requires huge affiliate and team costs leaving a small profit
- Now you “owe” your JV partners a launch promotion = compromise
- Wrong packaging mistake selling too many individual one time purchase products or services
- Requires multiple sales pages and constant updating of segmented campaigns
- Confusion to the customer
- diffuses your focus – switching between products and brands
- Customer focus mistake obsessing over getting new customers
- Fast ROI to break even
- Requires a combination of launches, affiliates and paid traffic
Why build a recurring business?
- Take multiple products and put into one place
- Sell once get recurring income
- Easier to market just a few offers
- Less resource required to deal with the same customer over and over again than to get new ones
- Predictable profit
- Member contributed content can ease the workload for deliverables
- Solution that get provided over and over
Types of membership sites
- Community membership
- Professional done for you services
- One on one mentoring
- One to many coaching
Blog/Podcast –> Services, community, mastermind, affiliate (our own + others)
How to build a recurring business?
- Customer facing support desk
- Internal project management system
- Standard operating procedures
- Customer service delivery reporting
- a team to do the work
- Identify which recurring services your target audience already consume.
- Identify the results your target audience would like to experience.
- Create a membership offer aimed at your target audience which solves their problems
- Drive traffic
- Backend any existing product or service you have
- Diagnostic audit – $20 and credit back $20 for other services
- Authority content blog
- Podcast – Push notification if sync to our show
- Paid Traffic
- Focus on retention
- Weekly news updates
- Something coming – Live mastermind each month, Yearly event, Local meetup, add courses
- Get results for customers
- Choose higher price points
- Loyalty Lock-In (Lower Rate – Founders rate)
- 60 Day free trial optional forced continuity for qualified customers
- It is not about stuff – It is about results – Removing distraction – Keep them 🙂