How to Reduce the Price of Your Membership (Without Alienating Existing Members)
Reducing the price of your membership might sound like the last thing you'd ever want to do.
As time goes on and you add more content, the value of your membership increases – so surely you'd be considering putting your prices up, not down? Why would you want to go backwards?
However there are some situations where lowering your price might make total sense.
Maybe what you're offering has actually changed? Maybe you got your pricing wrong from the start? Maybe you started off very hands-on but now you want to remove yourself from the picture. These are just a few scenarios where a price decrease might be considered.
In this episode I discuss the implications of reducing your price and how to navigate the change in a way that doesn't cause problems with your existing members.
- Situations where you might need to consider reducing the price of your membership site
- Why it's more complicated than you might realise to reduce the price of existing subscriptions
- Our top tips for making pricing changes without losing your existing members
- An alternative to reducing your membership price that's a win-win for everyone
“If you just launched your membership, and then already two months later, you're reducing the price of it, then people may actually think that you're in trouble. People may decide not to join your membership because they might think ‘why should I join now, because they may very well be out of business in six months?'“
“Honestly explain your decision, give information on what this means for them. Be clear, be transparent, it's always the best policy with this sort of thing. You also want to make it as easy as possible for people to switch from their current subscription to a lower one. Now, some of this will depend on the membership plugin that you're using. Again, some will give you the ability to make it quite easy for people to just click a button and downgrade. Others will require members to cancel and then resign up. Whichever situation you're in, you are relying on members taking action themselves.”
“Definitely question whether the price is the problem or whether the problem lies elsewhere, and also whether the financial implications of any drop off in sign ups that you may be experiencing after putting your price up, whether or not that is actually as bad as you think it is, or whether you're still coming out on top. “
Enjoyed this episode? Check these out…
- How Do I Know That I'm Delivering Enough Value in My Membership?
- Should Your Membership Offer Multiple Different Levels?
- How Much Should I Charge For My Membership Website?
- Are You Undercharging For Your Membership Site? Probably Not…
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