So how do you set up realistic goals for your membership program? Well, what you need to do is you need to look at the numbers, but not just any numbers, right? Looking at your list size or looking at your social media.
Following is not enough to really said something.
That's realistic because even though they like you, they follow you, they might not be interested in that specific program or they might not be willing to buy from you.
So what do you need to do? You need to build what we call an interest list.
So you need to invite people and have them raise their hand and say, I am interested.
Please let me know more.
Right? Let me know when it becomes available.
So, at this stage, what you're doing is you're inviting people, you're telling them about the idea and you want to gauge interest.
You want to see if people want to know more and that becomes your interest.
Like that becomes your warm leads.
Those are the people that you're going to launch to when you're ready to get start getting members into your beta program, for example.
Right? So you create that interest list.
And from that list you can deter mined how many people you can expect to get.
Because if you context, you can't get people to raise their hand just for free, no engagement to say tell me more,
then how can you expect to sell to people? Right.
So to build that interest list, you can invite people from your list.
So you send them an email or a series of email and you have them click on the link that is going to tag them and put them in that interest list.
You can invite people on social media, right? So you can have a page that's an opt in where they enter their name and their email.
And when they enter that information, they get into your list and they can be notified when this becomes available.
So what happens then is when you create that interest list, you get them into an email sequence where you're going to nurture them, you're going to let them know how it's going, how you're progressing.
But you can also use that opportunity to um ask them questions about what they think should be in there.
You know what they would be interested to see because they can help you, you know,
structure the membership in a way that works for you, but also for them.
All right, So you build that interest list and then from those warm list, this is how you're going to be able to gauge expectations, you know,
how many members you can expect.
So I have put a link below this video to a monthly recurring revenue calculator and in that calculator you're going to see that you can plug in your numbers the number of your warm list of your list.
If you think it's wrong,
The percentage conversion that you think you can get from these people based on or they your people or the just your list.
If it's just your list, maybe it's 35%.
If it's a warm,
let's maybe it's 30 that you think you're going to convert, right? Maybe if it's a list of people that have joined your challenge, maybe it's 60% 70%.
we've seen a huge number of in terms of conversion when they are in the right,
when it's the right audience, they already knew the program and they are basically have already said I'm interested.
Typically they join your challenge.
So you're going to see that calculator that you can also have an idea of your monthly recurring revenue based on the price point, how long they stay and how many members you think you can bring in every month? It's a really,
really cool calendar.
It's going to get you excited about the possibilities.
But what's really, really important is that you start with realistic numbers and those realistic numbers are how many people are actually interested.
And if it's your whole is that you're looking at,
make sure that you pick a conversion number that is realistic, something like 3% or 5% no more.
All right, so I hope you find this video helpful to help you set realistic goals.
Link below to the calculator so that you can start plugging your numbers and let us know in the comments,
um, what, what are your goals and when you're planning to launch this membership, and if you're not subscribed yet to the channel to get more of the membership lapse videos, click on the subscribe button and on the little bell so that you can be notified when we have new videos coming up for you.
Thank you so much for watching, and I will see you in the next video.
In this video, I share my take on setting realistic goals for your membership so you can see the potential impact it can have on your business.
We use AccessAlly for ours, here is a link to find out more about https://newsoftwaremarketing.com/accessally
Looking to build or grow your membership program?
These free resources will help:
- 7 ways to boost your business with a membership program: an infographic that shares with you 7 membership models that work: https://newsoftwaremarketing.com/7ways
- Our recurring monthly revenue calculator so you can see how easy (or hard it can be to get to your money goal):
- 4 case studies (real-life clients) and how they add a membership program to their existing business ecosystem: https://newsoftwaremarketing.com/4ways
- If the idea of having to create more content stresses you? You should not be! I got for you 10 ideas to generate money-making content with assets you already have: https://newsoftwaremarketing.com/10ideas
Are you looking to build your own membership or to add new retention strategies to your existing program? Contact us, we help 🙂