There will come a moment while running your membership site where you’ll contemplate increasing the amount that you are charging your members. Perhaps your offerings have changed, or perhaps your website has developed to the point where it has a lot more content and you believe it is worth a little more. Rather of boosting your pricing overnight and perhaps angering your membership base, there are some established techniques for successfully increasing your membership fees.
Maintain the Same Price for Current Members
The most crucial thing to bear in mind if you decide to raise the membership fees on your website is that you must maintain the pricing at which your current members signed up. Rarely will you be able to justify raising their charges, let alone having the authority to do so.
Make Use of the Impending Increase as an Anti-Discount
Rather than running a price and promotion where you give new members money off their monthly subscription, exploit the knowledge that your prices will be growing to attract more people to sign up. You are informing them that they may currently join your site for cheaper money even though you aren’t actually paying them any money off their membership. The main idea behind this tactic is to use scarcity to grow membership while maintaining the ability to raise costs.
Provide Incremental Price Increases
This tactic is identical to the previous Anti-Discount approach, however rather of executing the full price increase at once, you raise it slowly over several weeks. Say your current membership fee is $50, but you will be increasing it to $100 in two months, then you can stagger the price rise over the next couple of months. So, instead of alerting clients that the price would go up by $50 on a specified date, you can stagger your increases to work your way up to the final price.
One more pricing option is on the way
You can simply raise one pricing option at a time if your website currently has a tiered pricing structure. If you offer a monthly and an annual option, only raise the price for your monthly plans at first. Then after a month or two, you can increase your fees for the annual program. The essential aspect of this method is making sure you are fully obvious with what you are doing so there isn’t any doubt.
It doesn’t have to be difficult to raise your membership costs. You can raise the price on your membership site without making too many waves by using these easy tactics.
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