For many businesses I’m working with at the moment memberships are becoming the new subscriptions. The bar for a credible value exchange is set higher than ever before with freemium models saturating the market, so our hungry audience are no longer satisfied by exclusive content and a glossy cover, pixel enabled or not.
Today wants tailored and timely, relevant and resonating. Brands are expected to know what their audience want, on a 121 basis, which is fine if you run the coffee shop round the corner and you’ve been there for 20 years watching the town around you grow up and evolve. It’s not so straight forward when you’re scaling beyond your inner circle into a model that not only makes money, but enables you to create a viable business that pays other people money too.
This shift from having customers to members is a step change for how businesses build everything from their CRM programs to their technology stacks, because in today’s world every piece of data matters, because those pieces of data allow you to be relevant, to everyone.
It’s easy to get dragged down into the detail, so I’ve put together a little checklist to help:
Decide wich parts of your paid membership are going to add the most value and invest on making those amazing first. If you do too many things at once it will not only cost a lot in production, but also in technical development and promotion.
Make it really easy for your audience to receive, digest and share. There is nothing more disappointing to users, or more costly to you, if this doesn’t meet expectations.
Listen, analyse and adapt your model as you go. The most successful businesses are those that put their audience first and their business second. Think of them as your insight tool, fusing the next phase, they are not the end game.
I appreciate the last one is the hardest, especially with financial goals and deadlines, but it’s the most important in the long run.
We should all be thinking FFS for the right reasons.