Are you looking for effective ways to maximize subscription revenue and increase your brand’s bottom line?
While offering high-quality content is one of the best ways to increase subscriptions, there are many other ways you can use to maximize the revenue your subscription site generates. This will help you grow your business and make your business more profitable.
In this post, we’ll dive deeper into some of the best ways to maximize subscription revenue for your business.
10 Ways to Maximize Subscription Revenue on Your Membership Site
#1. Create membership tiers
One of the best ways to encourage your members to spend more money on your membership site is by giving them multiple subscription options for your membership program.
You can offer multiple membership tiers such as “Gold”, “Silver”, and “Bronze” and charge different fees for each membership tier. This way, users who are willing to pay more can subscribe to the “Gold” membership plan while others who can’t afford the higher-priced membership plan or simply want to test out the membership offering can subscribe to the standard “Bronze” membership plan.
Creating membership tiers helps you cater to all types of users on your membership subscription website. By creating a “premium” subscription plan as well as a “budget-friendly” one, you can grab the attention of more users and encourage them to subscribe to your membership site. As a result, it helps you maximize subscription revenue for your business and boosts conversions.
#2. Choose the right tier names
If you’re creating membership tiers, it’s also essential to decide on the right tier names so it’s easier for users to know what to expect from each membership tier. This gives your users more clarity on what the membership plan offers and how it compares to the others.
For instance, if you offer a membership plan with annual billing and one with monthly billing, you might consider mentioning that clearly in the name of the membership tier. This tells your audience exactly what they’re getting themselves into and helps develop realistic expectations while also helping users make informed purchase decisions.
Another big reason why choosing the right membership tier names is important is because it adds more value to your membership plan. This is because the right membership tier name can encourage more users to subscribe.
For a better understanding of why choosing the right membership tier names is important for maximizing subscription revenue, check out our guide on naming subscription tiers.
#3. Set up an online course
Another great way to maximize subscription revenue is by setting up and selling an online course. An online course can include premium content from your membership plan that’s structured into lessons, quizzes, and assignments. This will encourage users who don’t want to commit to a monthly or yearly subscription plan to purchase the one-time online course and consume the content at their convenience.
For example, you can create shorter, compiled versions of your membership content or repurpose premium membership content as a series of lessons and charge users a one-time fee for accessing the content. This not only helps maximize subscription revenue for your business but is a great way to encourage all types of users to view your premium content, even the ones who are not looking for a membership subscription.
#4. Adjust your pricing strategy
As mentioned earlier, making your membership subscription plan more accessible is important for maximizing revenue for your business. Adjusting your pricing strategy helps make your membership offering appear more attractive to interested users and, in turn, encourages more users to register for your membership program.
While setting a basic price for membership tiers is enough to attract interested users, it’s better to create a solid pricing strategy and use a successful pricing model for your business. For example, you can offer prorated billing that lets users upgrade or downgrade their subscription plan without losing any money or wasting their subscription plan period.
Similarly, you can also offer pay-what-you-want pricing and let subscribers decide the price they want to pay. This not only benefits users who don’t have the budget to subscribe to your membership site but also encourages users who want to support your business to pay extra. As a result, it can help increase subscription revenue for your business.
For a more detailed explanation, check out our guide on membership and subscription pricing models.
#5. Accept donations
Whether your business is doing good or you’re not getting as many subscriptions as you’d like, accepting donations is always useful to raise more funds for your business. This way, you can encourage brand-loyal subscribers or generous users who want to contribute and support your business. It’s also an important feature for non-profits that want to set up a membership site.
A great way to encourage more donations is by showcasing a “Top Donors” page on your membership site. This will list all of the users who have donated previously to your business in order of the total amount donated. It’s a great way to offer a sense of exclusivity and encourages more users to donate to your business. In return, your business can expect to generate more revenue and fund new projects much more quicker.
#6. Use affiliate marketing
Affiliate marketing works great for encouraging more subscriptions while also boosting subscription revenue for your business. This is because you encourage users who have already subscribed to your membership offering to bring in more subscribers and more revenue for your business.
You can offer a 30% commission on each successful sale through an affiliate link as a way to encourage subscribed users to do the hard work of promoting your membership plan.
In addition to this, this also opens a great opportunity for other businesses to collaborate with you and help you increase your subscription revenue.
#7. Work on improving member retention
While it’s always great to work on promoting your membership site to new subscribers, it’s equally important to work on improving member retention for your business. This is because you want users who subscribe for the first month to renew their subscription plan month after month.
Similarly, if you offer yearly subscription plans, you don’t want subscribers to cancel their subscription plans early or not renew their subscription next month. By improving member retention for your business, you encourage more subscribers to stick longer with your membership program and renew their subscription plans.
You can do this by creating a strong support system for your users, leveraging email marketing to keep your members in the loop, or offering special discounts for loyal customers. As a result, this helps your business generate more subscription revenue and enhances customer loyalty for your business.
#8. Offer a free trial
Offering a free trial is another great way to encourage users to commit to your subscription plan. This is because it gives them a sense of “security” with their money as they don’t have to pay for the free trial period and only commit to your membership plan if they want to.
You can offer a free 14-day free trial period with your subscription plan that only charges the users after the free trial period ends. This way, users can give your membership site a “test drive” without having to spend a single penny and then fully commit to it if they’re interested. As a result, it helps new subscribers trust your brand with their money easily and helps you generate more subscription revenue.
For more information on offering free trials, you can take a look at our post on how to offer free trial membership and subscriptions.
#9. Be open to sponsorships
If you’re looking to get your brand’s name around in your industry, sponsorships help you collaborate with other businesses so you can tap into their audience, as well. This way, you can grab the attention of new users who are interested in your membership topic and encourage them to subscribe as well.
For instance, if your subscription site is centered around photography, you can work with popular image editing websites or software companies to create sponsored posts for your community. Since your users are already interested in topics related to photography, it gives other businesses a chance to promote their product or service to a lot of prospective customers at once. In return, this helps your business generate another income stream while giving you more content to showcase to your audience.
#10. Display paid ads
If your membership site receives a lot of traffic daily, you’re missing out on a lot of revenue if you’re not displaying paid ads on your site. The concept is very straightforward: other businesses will pay you to display their ads on your website if you have enough site traffic. This way, businesses can successfully promote their products to more users while paying you as long as their ad is displayed on your website.
Maximize your subscription revenue today!
If you’re putting all the effort, time, and resources into creating high-quality content and running your membership subscription site, maximizing your subscription revenue is crucial for making your business profitable.
To maximize your subscription revenue, you may need to accept donations, create multiple membership tiers, display paid ads, as well as offer online courses as an addition to your subscription plan. This way, you can use multiple channels to generate more subscription revenue for your business and help ensure stable growth for your business in the long run.
If you’re interested in learning more, give our post on how to monetize content on your website a read.
Looking for a solid membership subscription plugin that lets you offer free trials, multiple membership tiers, and accept donations so you can maximize subscription revenue? Get Paid Member Subscriptions Pro today!
Do you have any other tips for maximizing subscription revenue on a membership site? Let us know in the comments below.
Source: https://www.cozmoslabs.com/583804-subscription-revenue/
