LinkedIn Information from the Field of Master Mind Articles (MMA)
Shared from the desk of: Joseph Mercado
Article Author: Laura Occhipinti
To: Entrepreneur
Blog Post #701
Re: Membership Dues
Date and Time: Monday, May 27, 2019 at 10:55 p.m.
Dear Entrepreneur,
When I first launched my social group, Membership was free. Two years later I moved to a new platform that allowed me to have two Membership levels: Basic (free) and Premium (yearly dues). Currently, to be a Member of my social group, you MUST pay a one time fee. Let’s talk about the pros and cons of each.
Free for All!
Pros: There is really no barrier to join. This is a great way to grow your Membership quickly so if you are just starting out (and you have less than 500 Members) this is the way to go (read more at the bottom of this posting)!
Cons: Spammers and trolls will join. You’ll kick people of your group and they’ll just create a new identity and sign right back up. You will also end up with a lot of inactive Members for whom you’ll be planning events (based on their survey answers) . You also will be missing out on a revenue stream.
Leveled Membership
Pros: No barrier to join if you have free option. Dues paying Members will bring in revenue for your group. Dues paying Members will enjoy some perks that the free Members do not get.
Perhaps those paying dues can get into free events or get discounts on events. Maybe your website will allow them access to certain areas, like forums or Member to Member email.
Cons: Depending on your platform and the perks you give those who pay for Memberships things may be hard to track. Also, you will want a good platform that notifies people when their Membership is about to expire and ideally autocharge them when it is time to renew. Also, depending on access to your website features you may still run into the same “cons” I listed under “Free for All”.
Membership Dues Required
Pros: Great revenue source. This will most likely keep out spammers, trolls, and undesirable Members. You may also attract a high quality Member (one who feels invested in your community and is ready to participate online and attend events).
Cons: Some people may not join because of the dues. You will have to figure out what price Members will pay. With my organization (once I decided to make Membership a one time fee) I started off at $9.99 and once MANY people had joined and paid I increased it to a $19.99 one time fee.
It works for me because to most paying $19.99 is a no-brainer (so they don’t bounce off my website) but it also brings in great yearly revenue! In past years I have made anywhere from $15,000 to $30,000 a year JUST by collecting Membership Dues.
Now WHEN to start charging:
Do not launch a new group and start off with a Membership fee. No one wants to pay to be in a group that has 1 other member, or even just 5 other members. Do yourself a favor and do not charge membership fees until the group is thriving. And my thriving I mean, people are joining weekly or even daily, you are hosting events (if you are event based) and people are attending, people are chatting in the forums, etc.
The more Members you have the more valuable your group is from the perspective of non-members. Remember, when I went to a Membership plan where you HAD to pay dues to be a Member I started at a $9.99 one-time fee and I didn’t raise it to $19.99 until I had 2,000 dues paying Members.
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To Your Membership of Success,
Laura Occhipinti
Business Coach & Entrepreneur
Article Source: LinkedIn.com
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