Amazon has set the expectation of the consumer and there is no going back. You have to have value as well as pricing now. And it better be an effortless experience.
When I first became an Amazon Prime member back in 2003 I was lured in by the no cost shipping promotion. As I look back to my order count in that first year, I see that I purchased a total of four items. Seventeen years later and I'm currently at 176 orders and we aren't even done with August.
American Express coined the phrase, "Membership has its privileges", back in 1987, and ran it for nine years. Back in the late '80s and early '90s, it was a bit of a status symbol to carry an AMX card, especially a Gold Card. It showed you had a high credit status and were financially sound. You also had to pay for that status. The card cost me $75 a year and I had no option but to maintain a zero balance every month. There was no revolving credit offered.
The days of pulling out a gold card are long gone and AMX is a much smaller player in the credit card business but one thing remains the same. Membership does still have its privileges. Amazon has added a lot more value to its Prime membership fee over the past ten years. Now you get Prime video, music, Alexa, groceries, and much more.
Costco is another membership business that has been around for 37 years and continues to thrive. Speaking of Thrive, now you can join the online organic market membership company Thrive Market, and order your groceries online for home delivery.
What is my point here? If you have a product or service-oriented business I would encourage you to consider building out your own membership site.
Your customers buy from you because they like your product or service. If customers like you, they want to support you. The best way to build upon that loyalty is to offer a monthly subscription with benefits that the casual buyer doesn't receive.
This membership bond is an unwritten contract or agreement between you and your customers. You want to give them discounts and extra's to show how much you appreciate their business. Your customer in return feels loved and respected and wants to continue that relationship by supporting you by paying a monthly fee or purchasing a base level amount each month.
I have personally built a membership site for my wife's business, STATE, which offers her clients an opportunity to pay a monthly fee so that they can receive access to her bi-weekly seminar series on quantum physics and its application to their everyday living. As members, they get real-time online access to her seminars every other Saturday, recorded versions for that seminar for up to 2 months, audio versions of the seminar for up to 2 months, a concisely written Seminar review with added insights, specially created and curated original content, and a chance to be a part of a community of like-minded individuals that share a common goal of learning more about the power they truly have.
Membership sites are truly a way to give back to their loyal customers and a unique way to build a community.
If you have any questions please feel free to reach out to me.