A recent blog item from Chandler, Arizona based marketing automation software provider Infusionsoft (www.infusionsoft.com) talks about how to turn your service based business using the business knowledge into a subscription based model. The company’s chief marketing officer, Greg Head, writes extensively about small businesses that embrace content marketing to attract and convert new leads through educational materials such as blogs, eBooks, videos and tutorials.
“With a subscription based model you can automate educational services online and even the services you provide through in person interactions,” Head writes.
Infusion soft and research firm Audience Audit partnered on a study this year if more than 1,100 small businesses. The study showed a growing interest in subscription based models. Head points out knowledge is becoming a prized and valuable tool in getting attention and attracting new customers. Once businesses start using knowledge in their marketing they can convert reader’s interest into recurring revenue streams through a membership site.
Membership sites, Head writes, are websites that provide gated, permission based access to educational content including eBooks, tutorials, videos, articles and more. Subscribers may access services on demand or participate in online communities with other members. The membership sites owner controls access to the content, which might entail a one time, monthly or annual membership free and free content.
Head has six essential elements for a workable membership site:
· Monthly recurring income – Charge a monthly or annual subscription fee for access to educational content. Set membership pricing levels with billing occurring at a defined frequency. This helps predict cash flow. Keep information valuable and they will continue their subscription.
· Lead capture – You can provide free access to content being registration wall to capture contact information for later marketing.
· Prospect nurture – Send an individual more content and previews of premium content to get membership upgrades.
· Customer service – Updates and training provided as new products and services released. Customers gain access to common customer service questions without having to contact the company directly
· Production information and upsells – Current customers are the best candidates for more sales. Membership sites simplifies introduction of new products and services and provides a low effort, low friction opportunity to recommend new offerings.
· Modernize small businesses – Head uses an example of a small business which used membership sites to increase customer value from $90 to $375. He also had a work week reduction of 60%.
“Small business success has always been a matter of making the most out of limited time and resources,” Head concluded.