Today, we are going to be talking about subscription models and membership groups. I have been thinking about an episode on this for a long time. As many of you know, if you’ve been listening and following The Brainy Business for a while, I launched a membership group at the beginning of 2020. It's called the BE Thoughtful Revolution, and I’ll use examples from my experience of setting that up (as well as others) throughout the episode.  At the center of any really strong business is finding the experience people want (the biggest benefit to them) and showcasing the value in a way that makes it easy for them to say yes.  Even if you are thinking about creating a subscription or membership now because you think it will benefit your business, solid customer experience has to come first in the design and final decision. You need to think of the people you are creating this for, what they want and what they will be excited to pay for.  In this episode I’ll talk about the behavioral science concepts behind subscriptions and memberships, how to consider if they are a fit for your business, and then I’ll do a Q&A with the actual questions listeners like you posted to me on social media. If you don’t yet follow The Brainy Business, you can find me as @thebrainybiz on Facebook, Twitter and Instagram. Links to all the socials below! Show Notes: [01:35] The environment is going to be changing constantly over the coming months (and possibly years) as we all adjust to the impact of coronavirus. [02:24] What we can do is take a look at our businesses and industries to determine how to reinvigorate the offerings we are putting out there, and provide them in a way people want to do business with us instead of what was convenient for us to set up in the past. [04:03] At the center of any really strong business model (subscriptions and memberships included) is finding the experience people want, the biggest benefit to them, and showcasing the value in a way that makes it easy for them to say yes.  [05:43] Being inside a business or industry, it is far too easy to get hung up on the specifics of what you do or offer. The problem is then you lose the big picture and in many ways don’t see how you are becoming obsolete. [07:23] I remember my professor saying, “People don’t want a drill, they want a hole.” Such a simple shift, but it completely changed my brain and approach to business at that moment. [09:15] Melina shares a story about Henry Ford from Harvard Business Review.  [11:47] Ford put customers first. He found a price where the masses could buy a car and then figured out how to build a business to make it happen. [14:13] Thinking about customer experience is always a great place to start. [15:31] Any business model takes work to create value and be something people want. [17:41] It is important to think through what you will be offering and how it compares to what you do now. [18:04] A subscription is something that people pay for on an ongoing basis and they get access to a product or service. [19:52] Another model for subscriptions that has become very popular is the “free version” and “paid version” models. [21:05] The difference with a membership model is that you are typically paying for the right to have access to things, but you don’t necessarily have to take advantage of everything included. [23:24] With a membership, you still have the benefits of a subscription type model, that you can plan for payments to be coming in regularly, and the people who sign up get more for less than what they would pay for single-use or to buy all the things themselves. [25:05] If you are on retainer, someone is prepaying for access to you for a certain number of hours. [26:24] Is a membership or subscription right for you? Walking through a “writing club/coach” example.  [28:36] You will need to do the upfront work to set everything up, but eventually, you could hire someone to manage most of the group stuff, so it doesn’t take up too much of your