Is Lifetime Access Right for Your Business?
Why do so many small business offer lifetime access as a benefit? What does lifetime even mean? What is the true benefit of lifetime access? Lets look at the pros and cons of lifetime access for both sides of the table.
- Start and complete at your own pace.
- Accessible at any time.
- Take advantage of today’s pricing even if you don’t have time to participate yet.
- No incentive or urgency to start or complete.
- As the industry evolves information may no longer be relevant.
- The business may dissolve.
I frequently remind myself and my friends of this question when shopping for clothes. Are you buying it because it is on sale or because you actually need it? Will you wear this once or will you get multiple uses out of it? Will this complement an existing item in your wardrobe or will you have to buy additional items to make it wearable?
The same analogy applies as a business owner. Are you buying this service because of fear of missing out? Or do you really need this offer and will actually use it? How do you plan to use it and what are the results you plan to attain? How will the lifetime access help you attain results in your business?
- Entices customers to purchase now for current pricing.
- Recurring income if customers can purchase at any time.
- Fewer customers complete or participate due to lack of incentive or urgency to take action.
- More difficult to measure results and impact of your offering due to lower participation.
- What if your operating costs increase as technology changes? Will you absorb the cost or build it into the price of new offerings?
- Will you update content to reflect the current condition of the market and industry?
Additional questions to consider and address include:
- What happens when you want to dissolve your business?
- What happens when your business changes direction?
- Do you have terms and conditions which define lifetime access?
As a business owner and even more so if you are an educator or leader, do you not want your customers to see results? Or are you only selling an offering to add a stream of income?
I believe you genuinely want to help others. Your customers’ results are proof of the value you provide. Customers are more likely to complete, participate, and see results when you have guidelines and firm dates in place. Without results, it is hard to validate why a customer should purchase from you in the future. Results encourage referrals and repeat business. Furthermore when your customers see results then it bolsters your own confidence and sense of accomplishment.
Are we truly serving customers well by offering lifetime access or is it a cheap marketing tactic to get more sales now?
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How do you feel about lifetime access to a service or program?
When does it make sense to have lifetime access? What additional pros and cons should be considered?