The 3 Myths Of Building A Membership Site Business
Hormozi is lying to you. Membership sites are not all they are cracked up to me. Here's the truth.
I realize this is a contradiction, but I love membership site businesses.
Why?
Because they scale.
It doesn’t take any more work (input) to serve 10,000 members than it does to serve 100 members. As such, the revenue (output) you can generate from membership sites is very asymmetric. This is a great way to generate huge profits.
BUT!!!!!
It’s not that simple.
There are many very challenging aspects of running a membership site. The reality is that almost every membership site business fails. In addition, only a few of the membership sites that succeed generate any real meaningful revenue. Only the top performing membership sites are the ones that generate six figures or more. Most of them just barely get by.
In this video, I will share with you the 3 myths about membership sites. I will also give you much better options in terms of creating products and monetizing your brand.
Enjoy. :)
P.S. - Feel free to ask questions in the comments.
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When you are talking about the membership site, I think it is an interesting topic. In Hong Kong, normally, there are three types:
1 Build relations: If you have been qualified as a professional qualification person. That means, it's meaningless for us to join those membership sites and if they give you the authority to join, you will never get any valuable content from them.
2 For business purposes: For example, one membership site in Hong Kong, MoneyBack, points will be earned and accumulated once you have purchased products from dedicated supermarkets. The points can be used as money for you as repeated customers.
3 Pre-paid membership: Another type of membership is requiring you to pay for a certain amount first and then provide you services. The risk is that it's difficult for you to chase back the money while the company closed.
In my opinion, memberships are also one kind of product. In content marketing strategy, it also requires consistency and persistence in demonstrating and delivering valuable content for audiences and keeping audiences stay, return or even loyalty.