Had one of those “in the shower” thoughts this morning…
I was thinking about monthly membership offerings, where someone pays say $27/month for a continued values such as classes, info, etc.
And it struck me that the “pay monthly model” may be a bit flawed.
Well, when you ask people to pay you monthly it gives them the opportunity to say no to you each month. Meaning that when they review their monthly visa bill and see the $27 charge they can ask themselves “hmm, do I really want to keep paying for this?”. As opposed to say a one time fee for a product or a yearly fee membership that doesnt give them the opportunity to review the value each month.
I’m not sure that this is a bad thing, it just feels like more work to me somehow. Like I would need to re-earn my fee from everyone each month. (I can hear some of you saying “so, whats wrong with that? make sure you earn it then!”)
And what about those who leave the membership? Do you lose them from your marketing funnel at that point? Kinda seems like an end to the relationship in some way and that future purchases may be unlikely.
What does this mean for the “pay monthly for coaching” model? Ooooooo…
I think back to the original days of CoachVille when we paid $79 for a lifetime membership. And that was one heck of a deal! I was happy to pay $79 to join, and it never occured to me to drop out at anytime….
Not sure why this is on my mind today, just wanted to share.
Thoughts? Comments? Would especially love to hear your stories of offering a monthly membership and how it has worked for you?