The 6 potential advantages of folding my newsletter into my paid membership:
1. Increased Revenue
This is the obvious one (if it works).
Turning my newsletter into a paid product will generate increased recurring revenue and a higher return on investment for the thing I spend the most time creating.
And if it REALLY works, it could potentially generate enough revenue that it would alter my entire business model.
I could do less consulting, charge higher rates for the consulting I do, etc.
Depending how much charging for my newsletter generates, it could create a lot more freedom for myself with no additional work because I’m already publishing the newsletter anyway.
2. Increased Membership Retention
Not only will my newsletter being part of my membership give more people a reason to join, it will also give existing members another reason to renew.
I won’t know if this plays out until I try it, but I assume newsletter access will be a strong incentive for members to renew each year.
3. It will simplify my business.
Shifting my newsletter to a paid product will also allow me to get out of the ad business.
I don’t spend much time trying to sell ads currently, but there’s still time involved dealing with the logistics of ad buyers.
That all goes away in this scenario and frees up time I can use to work on other things.
4. More of my core audience can benefit from more of my most valuable creations.
People will be paying for more than just my newsletter – because I’m folding it into my membership (as opposed to charging just for the newsletter), it means all my newsletter subscribers will now get access to my Skill Session training videos too.
Not only will that allow me to help them in bigger ways, it’s also likely to make them more likely to want to hire me or buy my other products.
5. A Closer Relationship With My Readers
Fewer people will get my newsletter, but the engagement with those who do will go way up I assume.
My readers will be more invested (literally and figuratively) in what I share and I’ll be able to invest more in them.
We’ll be able to have a more intimate and ongoing conversation.
6. Some Other Amazing Thing I Haven’t Considered
Like with any project I’ve ever done, I’m sure there will be huge benefits I haven’t even considered at the moment.
Part of the fun of taking a swing at something is discovering what it leads to.
I’m excited to find out.
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