I'll toss in my 2 Cents, cuz I just went through this entire process...
Setting up a paysite program, takes an enormous amount of time and effort... much more than you ever think about when you start out... three to four months of work before you even think about having things promoted... ;-)
Content is certainly a must.. but REGULARLY UPDATED content is a necessity if you want retention.... showing regular updates, be it photo sets, or movies, shows membership that the program is actually run by 'real people' and adds a lot to the 'percieved value' they are getting... they know they have someone around to ask questions of, and get answers from...
along those lines.. make communitcaion with membership EXTREMELY EASY for them. Don't hide cancel links, dont hide email links to the Webmaster.. be up front, show them you are accessible, and you will have a much more loyal and confident membership...
Webmasters want tools.... LOTS of tools for promotion.. keep adding them... banners, galleries, content, table ads, FPA's, whatever they need.
Be responsive to your affiliates.. they are your lifeblood....
;-)
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