The holiday season is a perfect time to prepare your membership for new enrollments or increase your customer lifetime value for your members!
In this article, we highlight five reasons to run a holiday sale to drive member engagement, enrollments, and increase your recurring revenue in your membership site.
1. Increase Customer Lifetime Value
Scaling membership site owners know that the best way to grow your annual and monthly recurring revenue is to increase the overall customer lifetime value of a member by providing the best experience.
Customer lifetime value, also referred to as CLV, refers to the average monetary amount that a member spends with a company over the “lifetime” of the business relationship. Returning members that actively engage in your community are the lifeblood of any subscription based business.
Holiday promotions are a great way to drive members to consume more of your membership by accessing related products or services. For instance, offering members the ability to renew their membership, increasing licensing on a per seat basis, or providing access to additional coaching or 1:1 services as an additional fee or add-on provides more ways for members to access different levels of support at different price points.
2. Drive Annual Membership Sales
Increase membership commitments and engagement by promoting an annual savings on membership or providing access to holiday exclusive bonuses. Annual membership sales also increase your Q4 earnings and help pave the way for a higher level of commitment from previous monthly subscribers or prospective members.
Planning an annual membership sales campaign is a great way to forecast and plan for what Q1 support will look like, who to hire (if you’re planning for team growth), as well as secure additional financial cash flow into your business. Annual membership sales are often attract a sense or urgency for higher quality prospective members, over other alternative methods such as free trials or monthly subscriptions.
3. Presell Virtual and In-Person Events
If events are a key aspect of your membership, pre-selling individual events as an upsell for existing members or bundling these events as part of an annual or higher priced plan can help increase new membership sales. Offering holiday specific discounts such as coupon codes or special pricing for a number of seats can be a great way to boost revenue from ticket sales, especially if an event is brand new.
Keeping your membership top of mind during the busy holiday season encourages prospective members to review your other plans and pricing to prepare financially for their commitments.
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4. Incentivize New Member Enrollments
Incentivize new member enrollment by identifying special new features, benefits, and higher levels of support. By actively sending marketing messages to prospective members about the benefits of membership (especially when rolling out new benefits and updates), this helps members envision exactly what kinds of service and support they will receive after they enroll.
If you prioritize member feedback before implementing a new feature, course, or event, let prospective members be aware of what plans are right for them based on their needed support level. The end of the year is traditionally a time of reflection and planning a holiday campaign can be a sustainable seasonal marketing strategy to attract and grow your membership.
5. Highlight Member Success
Celebrate your member success, highlights, and wins in your social media and content marketing campaigns. This is a win-win for your members as well as your company. By leveraging member success, you can help people see the transformation they receive through membership and subscriptions.
Testimonials are an effective conversion strategy for prospective members and by utilizing them inside your social media and content marketing during the holiday season or annual review, your membership will be sure to stand out from the crowd.
In conclusion, holiday sales can increase income for both existing and future members. If you’re planning on migrating your membership site (or starting a new membership) and you have a clear vision for supporting long-term growth and want step by step help, check out our free platform demo. We’ve helped multiple membership site owners develop a truly customized and unique experience for long-term membership site growth.
Want to scale your membership site?
Schedule a free platform demo with our team to learn about the member(dev) platform!