Membership Cash Profits
Membership Cash Profits – Creating Your Cash Blueprint In order to begin building your membership website, you need to first determine your overall focus.
What will your membership website be about?
In truth, there are literally hundreds of memberships topics to choose from, based on your own experience and skills or your personal interest.
What we want to do, however, is focus on selectively choosing our topics based on current demand and overall profitability.
It’s one thing to be passionate about the subject of your site, but you also need to ensure that the topic you are considering is one that people are willing to pay for.
Conducting market research is a critical step in increasing the chances that your membership website will be a successful one.
Thankfully, even if you are brand new to the idea of market research, you can quickly evaluate potential markets just by following a simple series of steps.
It involves:
Evaluating current demand for potential topics. Evaluating existing products for potential topics. Evaluating current competition for potential topics.
These three elements are very important when choosing your membership site’s theme, because:
a) You want to make sure that there is an existing customer base for your memberships’ topic.
b) You want to build a membership website around a topic that is scalable, so that you can create additional products, services and upgrades later on, consistently working towards extending your sales funnel.
c) You want to make sure that the market you are considering isn’t overly competitive, or difficult to penetrate.
In order to quickly determine what topics are likely to be strong one’s worth building a membership website around, you need to conduct niche research.
A niche is simply a specific topic or subject matter. For example, weight loss is a niche market, so is golf training. You can then take it a step further and dissect that niche market into a sub niche, which is often a more strict, specific focus, such as:
Main Niche: Golf, Sub Niche: Golf Clubs
Main Niche: Weight Loss, Sub Niche: Weight Loss Supplements
The more you chisel down into a niche market, the smaller the market gets, however the easier it often is to target because you have a specific customer base in mind.
If you focus on a very small market within a mainstream niche, it’s referred to as a ‘micro niche market’, which simply means the market is a lot smaller than a sub niche and certainly smaller than a mainstream niche.
When it comes to choosing a niche market for a membership site, you want to avoid choosing a micro niche topic, because you need to ensure that your topic is large enough to build a community around.
Think of it this way, when you create a membership site you have a primary product, or package. This is ultimately what entices a potential subscriber to join your site.
However, with membership sites you need to update them on a regular basis, and if you choose a niche market that is too small, it will be difficult to come up with ongoing content for that community.
This means that your topic should be completely scalable.
You need to be able to develop alternative content, additional modules and ongoing content packages that will sustain your community and keep people subscribed to your subscription site.
What we need to do is find a solid balance between focusing on a larger market that isn’t overly competitive. While the more competition that exists within a market often symbolizes just how profitable that market is, we need to be able to break ground, enter into the industry and make waves quickly.
We want a hungry market, and even a competitive one, but we want to make sure that we will be able to compete.
Here are a few things to consider when evaluating competitive markets:
1) What can we create that is unique to the market and isn’t already being offered?
2) How can we take existing content or information and recreate an improved version that people will want?
3) What other forms of content or material can we create other than what is standard in that particular industry?
You can definitely make money in competitive niches provided that you have the ability to create unique material that will help your membership site stand out to those who are interested in your topic.
This isn’t always the easiest thing to do however, especially if you are on a limited budget and unable to outsource the majority of your content creation.
You want to be realistic with what your overall objectives are. You can envision a bustling membership website in the weight loss industry, but if you are competing with Weight Watchers, you’ll find yourself on a ship that is sinking.
Place your sights on profitable markets, just make sure that you will have the ability to put your own unique spin on what is being offered, so that people are lured into your membership website simply because you are offering something valuable that isn’t found everywhere else.
To begin, we need to write down a few topic ideas that we can further evaluate.
Consider topics that you have a personal interest in. While we will need to make sure that they are profitable markets, it’s a great place to begin when generating potential ideas.
Are you experienced with a specific skill, hobby, interest, or training of some kind?
Keep in mind that you don’t have to be an expert on any specific topic in order to create a successful membership site based around it. You simply need to pinpoint potential ideas that are worth investigating.
Using your own personal interests as the base for that research is simply an easy way to get started, but you could also include a combination of topics that you simply believe are profitable ones, whether you have a personal interest or investment in them or not.
Consider hungry markets and desperate buyers as well. What problems do people have that they are desperate to find answers to or a solution to?
What topics offer the opportunity for someone to improve their life? (Financially, personally, relationships, etc.)
Desperate buyers are people who are willing to pay for a solution to a problem. These are people who don’t want something, they feel they NEED it.
For example, acne sufferers belong to the desperate buyer’s group, as do those suffering from obesity. Just the same, someone looking to save their marriage could be considered a desperate buyer.
The more desperate your market is, the easier it will be to create specific products catering to the things that are important to them.
When you form the bridge between a desperate buyer and a product that solves their problem, you have a surefire winning combination.
Hungry markets tend to combine both desperate buyers and regular buyers in one group.
For example, a membership site focusing on ‘How to make money from home’ could encompass both desperate buyers who need to find an alternative method to generate income or in finding a new job, to hungry buyers who have a current job but are interested in upgrading their lifestyle or in making the transition from employee to self-employed.
Jot down your ideas, so that you have a platform of possibilities to work with. We will then take each idea and run it through the mill, to determine overall profitability.
We do this a few different ways:
1) Survey existing products in the niche.
2) Evaluate the size of the market.
There are various ways of conducting niche and market research. You can choose to explore digital marketplaces, if your products are going to be primarily info product base, or you can take some time to browse through online marketplaces like www.Amazon.com or www.BN.com to determine the number or products available for your topic.
With Amazon, the larger the inventory of books, audio and video for your topic, the more likely that it’s a profitable market to get involved in.
For digital products, you should spend time evaluating existing products and websites from within marketplaces including www.ClickBank.com , www.PayDotCom.com and www.ShareASale.com
For markets where your content will consist primarily of digital products, evaluating existing membership sites using Clickbank is very easy, and a fantastic way of taking a closer look at the popularity of a niche.
Load up http://www.ClickBank.com and visit the Marketplace area.
From within this location, enter in specific keywords relating to each market you are considering.
For example, if I was interested in the work at home niche, my keyword string could include ‘Work At Home’.
One thing you want to do when evaluating markets using the ClickBank marketplace is to use the built-in search filters that will let you choose to search only membership-based websites.
You do this by selecting the ‘Future’ option from the drop down menu in the ‘Sort by’ field.
This way, only recurring membership websites will appear within your search results.
When searching for potential topics, you want to evaluate a number of elements:
1) The price of competing membership sites.
2) Communication channels and delivery options.
3) Featured content (quantity, quality, etc.)
Since you will be competing with the merchants that you are evaluating, it’s important to determine the going price for membership sites in each market.
You will want to set your price structure so that it’s competitely priced, especially when initially launching your website and attempting to attract interest.
You will also want to survey existing products, including how much content a typical membership site in your potential markets are offering, as well as how they deliver the goods to their customer.
What membership scripts are they using? How are they communicating with their subscribers? (Forums, chat, weekly webinars, etc.).
The more information you can compile based on each topic, the easier it will be to determine whether you feel you are able to compete with existing communities in each niche.
Keep a rolling swipe file of all of the information you collect, so you can quickly evaluate it later on.
Conducting niche research is simple, but can take a bit of time. It’s a very important part of the process when gauging profitability and focusing on building membership sites that are likely going to be worth the time and effort you put into developing them.
You should also run your search through other digital marketplaces, including www.PayDotCom.com where certain merchants will be featured that choose not to appear on ClickBank.
Paydot.com does not offer the option to search for only recurring membership-based websites, however you can still quickly evaluate existing communities using their search engine.
You want to compile enough information to be able to get a clear idea as to the overall competition of a market, but more importantly, the quality of existing membership sites out there.
Apart from evaluating products and membership sites from existing marketplaces, you can also do a bit of additional research by checking out what people are talking about in related forums, communities and social networks.
By using free services like www.Google.com/trends you
can also receive instant alerts each time a specific keyword or keyword phrase appears within the Google search engine.
This is a great way to keep on top of potential markets and determine not only the level of competition in the market, but what customers are asking for, looking for and interested in.
Forums are also a fantastic way to evaluate overall interest and be able to pin down specific types of products that you could consider creating for your own membership site.
By browsing through existing threads and categories on relevant community boards, you can keep a pulse on what is being discussed, what people are actively looking to purchase, which is a goldmine when drawing out a potential blueprint for your own membership site.
Yahoo Buzz http://www.Buzz.Yahoo.com
I have used Yahoo Buzz many times over in order to investigate possible topics for my membership websites. It’s a really easy method of keeping on top of trends and hot topics.
Yahoo Answers http://answers.yahoo.com
This is a goldmine of membership website ideas. Yahoo Answers is a community where people can ask questions and others can answer them, earning points along the way.
Just by browsing through categories and reading over the latest questions, you will be able to compile a list of possible membership topics, quickly and easily.
Regards, Coyalita
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