WHAT’S A FIXED TERM MEMBERSHIP (FTM)?
FTM or "fixed-term membership" are pre-paid memberships for a determined period of time. They can be set-up from anywhere from 1 single day to two years or more AND often can be set-up as non-refundable and non-transferable.
Building a fixed-term membership site is one of our favorite ways to increase sales. Whatever you're selling online FTM sites are a super easy way to MASSIVELY boost your monthly income.
If you build a typical monthly membership site which goes on "forever," then each month you send new content to your members, and each month they pay their monthly fee.
Problem is, your members can't see an end to the site - so they bail after about three or four months.
A fixed-term membership site is different because you set it up for a fixed term - three months, six months, twelve months, etc.
These are also similar to 'split payment' terms where instead of paying $500 - $1k up front you let your customers pay you monthly over 6 or 12 months at a fixed payment.
We've tested all sorts of these out over the years and work like crazy. (lower refund rates, defaults and higher customer lifetime value)
Example: You upload 6 month's worth of training, or 6 month's worth of PLR content or something else.
When the term ends, the members don't get billed any longer and they don't get any new content.
So what's the benefit of this?
When your members see a clear end in sight, they're more likely to stick around.
So instead of bailing at three months, you can get them to stick around for six months, nine months or more - whatever your term is.
Point is, people like to finish what they've started, which means more money in your pocket for you.
There's another benefit of this method too - you can build a nice customer mailing list, plus you can recommend products on the backend of your membership site.
So not only do you pull in flurry of residual subscription fees every month, but you can pull in plenty of new sales too.
The secret is to AUTOMATE EVERYTHING so you aren't tied each month to delivering or creating the new content.
How do you do that?
DRIP FEED IT.
If you're using a platform like ProductDyno you can set up these sites super fast and schedule content months ahead of schedule just with a few clicks.
Now add your new FTM membership offer to your existing sales funnels, behind your lead magnets, link to it from your blog posts or social messages.
Essentially EVERYWHERE you can!
Once you've built one site we guarantee you'll want to build more of them and with ProductDyno you can.
And with ProductDyno you can even clone an existing site and just switch out the logos and content and you're ready with the next site to start profiting from.
The revenue can mount up fast too!
Add just 1 person a day into a 6 month fixed term site charging $20 a month (a $120 total customer value) and at the end of the month you'll be looking at an additional monthly income of $600 for the next 6 months.
Create just 3 new FTM sites over the next 3 months and add just one new member per site per day and you've probably just covered you mortgage and car payments every month.
Just rinse and repeat for more income 🙂
With ProductDyno it's quick and it's easy to build out these sites and so much more (it's the perfect solution for anyone selling any kind of digital product)
If you are interested in automating content here is a post that gives you some tips on ebook content "Is eBook Marketing Dead" (opens in new window)
Get started today and get your next "FTM" membership up and running this week!