The Membership Guys

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11 Signs That it’s Time to Increase the Price of Your Membership

Considering increasing the price of your membership? 

Perhaps this is something you’ve been thinking about for a while, but are reticent to start the process.

Or maybe other people are telling you that you should do it, but you’re not sure that now is the right time.

In either case, we understand your reluctance.

Because pricing your membership may sound like a straightforward thing to do…

But in reality it’s often not! 

You don’t want to under price it as it will be seen as cheap…

But you also don’t want the subscription fee to be so high that no one signs up.

And then of course there’s the timing of the increase… 

It needs to be right.

And there are some clear indicators to help you decide if now that is that time…

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Should I Charge Monthly or Annually for My Membership Site?

Should you charge monthly or annually for your membership site? 

This may sound like a straightforward question…

But if there’s one thing that’s not always simple when it comes to memberships…

Its pricing.

Deciding on what to charge, whether or not to have multiple tiers and a joining fee…

These are just a few things to take into consideration.

Then of course there’s billing frequency.

How regularly you charge your members can impact your sales, member engagement and retention.

Not to mention the implications on your wider business in terms of stability and cashflow.

With all of this to keep in mind, it’s not surprising that the whole process can become overwhelming for some.

But if you’re planning to launch a membership site, pricing is something you need to nail pretty early on in your journey…

And deciding the frequency of payments is a good place to start.

So should you charge monthly or annually? 

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How Perceived Value Impacts Your Membership Pricing Strategy

Pricing your membership should be straight forward…

You do your research, decide on a price and you run with it, right?

For some people, yes that’s how it works.

But for others, it’s not that simple…

You see, when it comes to pricing your membership, there are so many different ways to approach it…

And a lot of different factors to consider.

Quite a lot of the time, pricing is downright illogical…

Because so much of it has to do with the perception of the value that your membership delivers…

And that’s not an easy thing to gauge.

So if you’re preparing to launch your membership…

And are struggling to price it…

Here are some important things for you to consider.

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Should You Increase the Price Existing Members are Paying?

When you first launch a membership it’s quite common to offer your initial members an amazing deal to entice them to join.

But a few years down the line when your membership has evolved, new content and features have been added, and your member base has grown, you might be regret being so generous.

Perhaps you’ve increased the price of your membership for new subscribers and now you’re questioning whether it’s fair your founding members continue to pay so little.

Maybe it’s time to increase the price they’re paying…

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Advanced Membership Pricing Tips & Tactics

Membership pricing is trickier than it seems.

It’s hard enough just getting the price of your monthly subscription right; but what about more complicated pricing scenarios?

Promotions, discounts, multiple membership tiers – before you know it, you’re banging your head on your desk, desperately trying to figure out what your pricing strategy should be.

Never fear! Here are my top tips and tactics to help you with advanced membership pricing…

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Tips and Tricks for Increasing your Membership Sales

Sales is not a dirty word – it’s the lifeblood of membership sites! If you want to have a successful membership, you’re going to need to recruit some members.

How do you recruit members?

By selling your product to them. It’s as simple as that!

Even if you hate the idea of selling, it’s essential if you want to grow your membership.

So, we’ve put together some tips and tricks that will help you boost your membership sales in a way that even the most sales-shy people can stomach.

Read on for five of our favorite tactics and strategies that can push your membership sales upwards.

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Should I Offer a Trial for My Membership Website?

When it comes to offering trials of your membership site or online product, opinions tend to be divided between those who consider it a smart strategy and those who believe you shouldn’t give anything away, no matter what.

We’re big fans of utilising trial periods as part of your pricing strategy; however we recognise that they’re not something which will necessarily be right for everyone.

If you’re still on the fence, here’s some food for thought to help you determine whether to implement trials into your own strategy.

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Should You Charge a Joining Fee for Your Membership?

Not sure whether you should charge a joining fee for your membership?

A “joining fee” is a one-time extra charge that new members pay on top of their first subscription payment.

As a membership owner, this means extra cash in your pocket.

Surely that’s a good thing, right? Well, not quite…

Personally, I’m not a huge fan of joining fees.

That’s not to say that they’re wrong or you shouldn’t have one.

I’m just saying that they aren’t for me and I’m going to tell you why in this post, along with a few situations when a joining fee may be necessary.

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Using Offers and Promotions to Attract New Members

It’s coming up to that time of year where promotions and discounts abound.

Whether it’s Thanksgiving, Black Friday, Christmas or New Year, the sales season is definitely upon us.

While these kind of sales are traditionally for physical products, there’s no doubt that digital products have jumped onto the bandwagon over the last few years, and you’ll see more and more discounts being offered.

But what about membership sites? Should you capitalize on these busy promotional periods where some kind of special offer is almost expected?

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How Much Should I Charge For My Membership Website?

Deciding on your membership pricing is often easier said than done.

You’ll always be too expensive for some people, and too cheap for others. And until you launch your membership and actually get people signing up you have no real reliable way of testing which price-point will work best for your audience.

In this episode of The Membership Guys Podcast, you’ll learn the 4 key areas to factor into deciding what to charge for your membership, as well as my advice for hitting the “sweet spot” with your pricing strategy.

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