How to add membership as a revenue stream…

Most start-ups and existing businesses have the potential to add the membership concept, I have been talking about these last few weeks, as a new revenue stream. The most frequently asked questions is “How fast can I make it part of my business?” The answer is, “It won’t happen overnight.”

The development and implementation system I developed is a three month process. It involves weekly meetings with the business owner and or management team. The first meeting is a no-charge, no- commitment meeting to learn about the business and its ownership and to validate the addition of a membership revenue stream. If the business qualifies, then the membership foundation is developed and integrated within the business vision.

Topics that are worked on include:

  • The service/ product that will be the focus of the membership
  • Target market evaluation
  • The design of the initial Value Proposition
  • Studying alternative pricing structures
  • Communicating the membership opportunity to the target market
  • Onboarding members
  • Developing a member communication process starting with the initial member
  • Development and implementation of a strong retention program
  • Development, implementation and management of a full marketing program

The key message that is the most important part of this total process is the shifting from a “sales organization” to a “membership caring organization.” While revenue is important, the focus changes to an ongoing offering of values, needed and desired, by the membership.

As in any other endeavor, change is the only constant in the business world today and membership expects to be at the forefront of what it needs to be successful.

Depending upon the complexity of the product/service that will be offered, I require a three month contract at a minimum of $500/ per month. This includes weekly, in-person, meetings in my area or weekly on line meetings if out of area. I welcome inquires at 602-989-1592 or at nick@strategicduck.com.

Productivity isn’t about being a workhorse, keeping busy or burning the midnight oil….it’s about priorities, planning, and fiercely protecting your time.         Margarita Tartakovsky    

Nick J. Petra CFP   www.strategicduck.com     www.linkedIn.com/in/supportingsmallbusinesssuccess

 

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