Convincing prospects to sign up for a subscription to your membership site is often not easy, as this is a recurring fee they’ll need to keep paying to stay a member to your site. Additionally, they’ll likely not be sure whether this membership site is really for them or not until they gain access, look around, and see what information and value is provided there. Free or lower-cost limited-time trials can help to alleviate this apprehension of whether they should purchase access to your membership site or not. Another way to alleviate that apprehension is to provide a money-back guarantee for the first month.
By offering a money-back guarantee for the first month, you are essentially assuring your prospect that the risk is all on you and that you fully back the value of your membership site. If they don’t feel the value and benefits the site provides matches up with what they are looking for, they can ask for their money back.
One caveat to that money-back guarantee is that it has to be for the first month only. This means that a person can only ask for a money-back guarantee within 30 days after they have activated their subscription. This should give them enough time to determine whether the site is what they are looking for in terms of benefits and value. After 30 days, there are no refunds of any kind. This is to protect you because, if you don’t specify this in your money-back guarantee, people who want refunds will want the money back from all the months they’ve been members to your site. Therefore, if they’ve been a member for a year and are paying $19.95/month, they’ll ask for and expect $239.40 back. If you specify when they sign up for access that they can only get the first month’s subscription fee back and only within the first 30 days of membership, this will protect you from such refund claims, which will both save you the hassle of dealing with people who would ask for such refunds, as well as save you from losing a sizable amount of profits you’ve made over a longer period of time.
For more information on pricing policies and membership sites, check out “Membership Sites Made Easy: How to Cash In On Your Own Membership Site.”