EP156 | Lifetime Access, No Thanks

“In the fast-paced realm of memberships, the allure of lifetime access offers can be enticing. But what if, in trying to promise forever, you’re only sealing your business’s fate in financial and operational headaches? This week, we’re exploring why ‘lifetime’ might just be too long to promise.”

Wow, what an episode! Today on Memberships Launches Community, I dove deep into the controversial topic of lifetime memberships and why I firmly say, “No, thanks!”

I started off with a critical question: Whose lifetime are we talking about? Is it the lifetime of the membership, the business, or even the person who created it? It might seem like a small detail, but it’s one that can make or break trust with your community over time.

One of my main arguments against lifetime access is the impact on recurring revenue. Imagine this: you offer a lifetime membership and fast forward three, five, even ten years. You’re still paying for all the backend stuff— website hosting, security, maintenance—without any new income from those lifetime members. It can become a financial drain on your business.

Recently, I’ve noticed a trend in Facebook Groups where businesses are retiring courses and memberships that were promised as lifetime. This isn’t just bad for business; it breaks trust. When members feel they’ve been deceived, it creates stress for everyone involved. Your support team gets overwhelmed with complaints, and your reputation takes a hit.

But don’t worry, I didn’t just bring problems to the table; I offered solutions too. If you’ve already promised a lifetime offer and need to close it, give your members options. Allow them to download the content, or provide several months’ notice and offer credit towards other services or products. It’s about ending things on a positive note and maintaining goodwill.

If you haven’t gone down the lifetime membership route yet, let me give you a stark example from history: Thomas Leonard, the founding father of professional life coaching, once offered lifetime access to Coachville for just $79. After he tragically passed away, the support and resources needed to maintain the offer became a burden. This raises the question again: whose lifetime is it?

In this episode, I also shared my strategy when closing down a membership. I always give folks a heads-up—a month’s notice to inform them, followed by two months’ access without new charges. It’s crucial to respect the investment your members have made, even when ending something.

At the end of the day, offering “lifetime access” is too vague and can lead to more problems than it solves. Instead, consider terms like “ongoing access” with clear definitions and exit strategies.

And before I wrap up, I couldn’t miss the chance to invite you all to our next big event: Memberships What’s Working Now Summit. Happening from September 24th to 26th, you can get a free ticket and 24 hours to absorb all the amazing presentations. If you want more flexibility, grab an all-access pass for ongoing access to the recordings—note that I didn’t say lifetime!

So, if you’re thinking about lifetime memberships or just curious to hear more about sustaining your business with recurring revenue, tune into this episode. And trust me, it’s an episode you’ll want to come back to whenever you’re in doubt about lifetime access.

You can learn more and join us at: whatsworkingnowsummit.com

See you in the next episode, everyone! Bye for now.