Strategies for Increasing Your Membership Pricing
During the course of running your membership site, there will inevitably come a point where you want to increase your pricing.
Maybe your offering has changed, perhaps you're responding to increased demand or maybe you just want to earn a little more for your efforts.
Rather than simply raising your prices overnight, check out this latest episode of The Membership Guys Podcast for my tips and strategies to help you to get the best results from increasing your membership pricing…
- Should you increase the price for existing members or just new ones?
- How a pending price increase gives you a huge promotional opportunity that can bring in an influx of new signups.
- Timing your price increase to ensure maximum impact
- Alternatives to raising your membership pricing that you might want to consider
“The price someone joins at is the price that they should stay at with your membership site. It's very rare that you will have justification or that you will have the right to increase the price you're charging someone who is already a member.”
“With a price increase you're able to run a promotion, where you're really tapping into urgency and scarcity as a marketing technique, based around the fact the price is going to be going up in the future. ‘You need to join by this date, because after that date the price will double.'”
“Tell people why you're putting the prices up. If you're putting them up because the membership has become so successful, or because you're getting all this great feedback and people are having great results, and that's leading you to a point where you need to put your prices up, whether that's because you want to reinvest into the membership, whether it's because you want to be able to focus 100% of your time on serving your members, tell that story.”
Want to know more about membership pricing? Check these out…
- How to Figure Out What to Charge For Your Membership Site
- Should I offer a trial for my membership site?
- Which currency should you use for your membership pricing?
- Are You Undercharging For Your Membership Site? Probably Not…
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