Introduction
In an era dominated by digital subscriptions, Lifetime Digital Plans come as a thing of convenience and sustainability. As we go through online services, from entertainment platforms to productivity tools, a one-time investment for a lifetime of access becomes increasingly interesting. If you are struggling with inadequate revenue or members for your online community, then read on.
In this lesson, we’re exploring the benefits of lifetime digital plans so that you can increase earnings, attract more members, and receive excellent reviews. We’ll delve into lifetime digital plans, covering what they are, why to use them, and how to implement them, and then we’ll go over an example. Finally, we’ll summarize all our top tips.
Challenges online course creators can face if they don’t use lifetime digital plans for their online courses:
- Learners may experience subscription fatigue, leading to drop-offs as individuals grow weary of recurring course payments.
- Online course creators might face a competitive disadvantage, as competitors offering lifetime plans attract students with the promise of a one-time investment.
- Unpredictable revenue streams, making it challenging for creators to forecast and plan for future developments.
- Continuous churn due to subscription cancellations may pose retention challenges, hindering the establishment of a loyal and long-term learner base.
- Course creators may struggle to adapt to evolving market dynamics and changing consumer preferences without the flexibility and longevity provided by lifetime digital plans.
Video Lesson – How To Earn More, Have More Members and Get Great Reviews
Who Can Use?
Almost any teacher or professional can use lifetime digital plans to offer comprehensive courses and provide customers with perpetual access to valuable resources for their skill development.
- To create in-depth online courses covering content creation, SEO strategies, and monetization techniques, enabling their audience to access a wealth of knowledge and skills crucial for successful blogging.
- To develop courses on investigative reporting, writing skills, and media ethics, ensuring that aspiring journalists have enduring access to essential training resources for their professional growth.
This can work for a wide range of professionals like graphic designers, journalists, and bloggers.
What Is It?
It’s a pricing plan that offers customers lifetime access by making a one-time payment, sometimes at a discount. Remember, pricing plans are akin to small, medium, and extensive options, allowing customers to choose between monthly or annual payments. You may also include a lifetime plan as an additional option to enhance flexibility.
Why Use It?
The primary advantage is its potential to inject cash flow swiftly and attract new members to your community. Instead of receiving monthly or annual payments, a lifetime plan can bring in even more revenue for your company.
With this, you’re likely securing a customer for a lifetime of interactions and benefits. This creates a strong incentive for the customer to participate and make the most of the community actively. Additionally, you eliminate the hassle of monthly billing issues, such as changing credit cards and email correspondence related to billing.
How-to Guide
Let’s break this up into two parts. First, we’ll look at the benefits for creative business owners, and secondly, we’ll go over the benefits for members. Let’s start with the creative business owners.
For Creative Business Owners
Selling Lifetime Plans can Generate More Revenue Upfront
Selling lifetime plans can generate more revenue upfront. Instead of offering just a monthly plan at $25 or a yearly plan at $250, you can price your lifetime plan at two or three times your annual plan. The decision is up to you and depends on your community’s stage, whether you need an influx of new members or are stable, and offering the lifetime plan as an occasional appeal to those where cash is not an issue.
Low-cost Plans Can Boost the Size and Participation of Communities
Low-cost plans can boost the size and participation of communities. If you have a new community and offer an attractive deal for your lifetime plan, more people will join and actively participate. Knowing it’s a lifetime, membership encourages members to invest fully, fostering better relationships within the community. As a business owner, a larger community contributes to thriving engagement, additional revenues, and valuable content and knowledge creation.
Great Way to Get Lots of Positive Reviews for the Sales Page
Finally, having a lifetime plan is a great way to gather positive reviews for your community. Members expressing their satisfaction, participation, and the value the leader provides can be leveraged on your sales page to build credibility and attract more individuals to join.
For Members
Cheaper and Easier Billing for Members Without Subscription Issues
Members experience no subscription issues. They don’t need to update their credit cards, manage monthly or yearly transactions, or monitor their bank accounts. Once they sign up, they can set it and forget it, making it a valuable and hassle-free experience for members.
Build Long-term Relationships and Gain Expert Tips
Members can cultivate long-term relationships and receive expert tips for years, engaging with partners and learning from individuals in their sub-niche. These connections may include local professionals or those attending similar events, fostering enduring relationships and encouraging active participation and mentorship.
Lifetime Members Become Fans and Advocates
Lifetime members become fans and advocates, contributing to community growth. They proudly recommend the community to others, highlighting the supportive environment and the valuable contributions of the coach and team. These advocates are crucial in attracting new members interested in learning various creative skills. Remember, lifetime plans have versatile applications across a wide range of interests.
Examples of Community Plans for Creative Coaches
Now, let’s look at an example of using a lifetime plan for building a maker community. This approach can apply to any creative or other community type, but for the sake of this illustration, we’ll focus on a maker community.
Let’s assume you have a maker community, and you currently offer a couple of plans. Before this lesson, you were primarily offering a month-to-month plan, and perhaps you heard that an annual plan is beneficial for a financial boost. That’s indeed true. In addition to these, consider introducing a lifetime membership.
It’s perfectly acceptable. If, in the future, your business concludes or you decide to sell it, address these scenarios in your terms of service. Don’t hesitate to offer a lifetime plan because you might not do this indefinitely. In reality, a lifetime plan could enhance the sustainability of your business, providing more revenue to invest in a larger team, increased advertising, and numerous other benefits. Consider implementing a three-tiered plan for maximum flexibility.
$25 Per Month
In your small plan, you offer a monthly subscription at $25. Additionally, you may provide a coupon on your website, offering customers a percentage discount—a great, affordable price for users to explore your service, connect with fellow makers, and enjoy month-to-month flexibility with the option to cancel at any time. As an added value, consider granting access to multiple chat rooms, perhaps around 20.
$250 Per Year
To incentivize users to commit to a longer-term, offer a yearly plan at $250, allowing them to save the equivalent of two months’ fees compared to the monthly subscription. This appeals to individuals committed to the long haul, those who recognize the value of saving and investing in their business. As they progress, they might realize the benefits of learning within your community, prompting them to join the yearly plan.
The yearly plan not only provides better pricing but also emphasizes professional relationships within the community. Users can cancel if unsatisfied, with potential options for prorated cancellations or membership pauses outlined in your terms. To enhance the yearly plan’s attractiveness, consider adding extra chat rooms, perhaps offering 24-hour support or exclusive vendor access.
$750 Lifetime
Consider exploring the lifetime plan option, giving it a distinctive name such as “The Master Builder.” This one-time investment ensures a lifetime plan, possibly priced at two, three, or five times the yearly plan. In this example, let’s set it at three times the annual plan, reflecting the maturity of our community.
Offering a monthly plan at $25, a yearly plan at $250, a two-year plan at $500, and a lifetime plan at $750, customers can save hundreds of dollars over the years. After the third year, they become lifetime members, enjoying the best pricing and fostering enduring relationships.
The lifetime plan eliminates billing hassles, providing a seamless experience for both customers and the business owner. Customers can engage with the community whenever they desire, reinforcing that it is there for them with enduring relationships.
Consider enhancing the lifetime plan with a few additional chat rooms, perhaps framing them as the “Lifetime” or “Masters VIP Room.” This elite group could receive special coaching from you and your team, creating a supportive environment for long-term VIP members. Introducing a lifetime plan can extend beyond communities and be applied to other digital services like ebooks, libraries, or courses.
Frequently Asked Questions About the Benefits of Lifetime Digital Plans
Summary – Benefits of Lifetime Digital Plans
Using lifetime digital plans proves to be a strategic and beneficial choice for creators and members alike. For creators, these plans provide upfront revenue, financial stability, and the opportunity to build thriving communities. They offer flexibility, fostering various options to cater to diverse preferences.
Members, on the other hand, experience streamlined billing, long-term commitment benefits, and the chance to become advocates for the community they cherish. The lifetime digital plans model presents a win-win scenario, offering creators the means to sustain and enhance their offerings while providing members enduring access to valuable resources. As we navigate the dynamic landscape of the digital world, these plans emerge as a beacon, fostering lasting connections, sustained growth, and a seamless digital experience for all involved.
Tips for creative online course creators when using lifetime digital plans for their online courses:
- Carefully price your lifetime digital plans to reflect value while considering the long-term sustainability of your creative online courses.
- Communicate the benefits of lifetime plans to your audience, emphasizing the long-term value and perks they will receive.
- Provide flexible payment options within your lifetime plans, ensuring accessibility for a broader audience.
- Include exclusive incentives such as extra content, resources, or personalized support for lifetime members to enhance their experience.
- Keep your lifetime members engaged with regular updates, new content, and community events, reinforcing the ongoing value of their investment.
- Clearly outline terms and conditions in your lifetime plans, addressing potential scenarios like business changes or transfers to ensure transparency and trust.
You should be a little smarter now. Thanks for hanging out!
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