When Is The Right Time To Add Paid Memberships?
Posted on July 21, 2017 by Membership Space
Almost every membership struggles with this question at some point as it is difficult to predict the future and gauge the interest of your members. In most cases, it comes down to timing and it can be a great opportunity as you maintain traffic while generating revenue. Have you thought about adding a subscription feature to your club websites but not quite sure when is the right time?
Assess Your Audience
There are a number of indicators that signal whether the time is ideal for paid memberships or not. The relationship you have with your members is a major factor in deciding to introduce a paid membership option on club websites. Use a survey to rate how pleased everyone is with the website as it can help indicate if the timing is right.
If the survey results show members are not content, then a paid membership might cause current members to leave. A survey is just one way to assess the engagement of members so also check email opening and social media sharing. If emails are being opened frequently and content is being shared, then it may be a great time to add a new component to your website for paid memberships.
What Will Be The ROI?
With any new venture, the amount you generate from it must meet your initial investment so a positive return on investment is the result. Leverage yourself to be in a position to predict whether you can meet the costs associated with doing it and consider the engagement of your audience.
If there are negative signs about how engaged or loyal members may be, then it is likely not the right time to offer paid memberships. Instead of forcing a new option, it is recommended you take more time to develop a positive ROI and choose a time where your members