Setting the right price for your membership site is as important as building it. It determines your success or failure.
So, use the following methods to develop an effective pricing strategy that will enable you to see a return on investment for your efforts.
Do market research
Identify your top competitors and find out how they are charging. Study their pricing strategies and packages to get an idea of how you should charge. If you know the standard market price you won’t undercharge or overcharge.
Find your top competitors by browsing sites that offer similar products or services you want to sell. Google niche keywords and use marketplaces like Amazon or ClickBank to get an idea of how much you should charge.
You will find a range of different prices. Some low and others high. What you should do is compare the packages and find out what sets the highly-priced ones apart.
Consider your unique selling point and determine whether you should price your products on the low end or high end. Answer key questions: What’s unique about you? How are you different from the competition? And Why should customers choose you over the competition?
It’s advisable to start your pricing within the median range. That is because you are only starting and looking to build your customer base. However, make sure you don’t undercharge because prospects may assume there is no value in your content. Plus, you will not profit either.
Consider your overall goal
Consider your overall goal to choose a pricing strategy that enables you to achieve it. For example, what do you want to achieve from your membership site? How much do you want to make monthly and yearly? How much profit do you want to make on the front end? How much profit do you need to make on the backend? And What membership model allows you to achieve that goal?
Your pricing strategy should allow you to achieve your overall goals and ensure profits. That’s the only way to succeed.
Consider your unique selling point. For example, if you want to set a low price, make sure you make a profit. You can become an affiliate, promote related products to your members, and supplement your income.
Pick the best membership model
Your membership model determines your success or failure. If you choose the right model that fits your goals, you will profit from your site.
So, pick the best model for your site. Consider your content, offers, goals, and audience. Think about what you want to sell, how you are going to sell it, and how you will communicate with your subscribers.
What products or services do you offer? What advantages come with being members? What subscription options do you offer? How often will you charge members? How often will you send giveaways? And What type of bonus goes with what package?
The goal is to create offers that show users that your packages are worth the price.
Consider tiered pricing and have different prices for different levels. This helps you cater to various needs and attract both low-paying clients and high-paying ones.
You can have 3 different packages. The first package should be cheaper and have fewer features. The 3rd package should have a higher price and include extra features.
You can also run promotions and attract more members. For example, lower your price for a certain period and encourage users to join your membership site before the promotion ends.
Justify your price
The only way to attract paying customers is to justify your price. So, show them that your packages are worth the set prices. Especially your highly-priced offers.
Use your sales copy to justify your price. Talk about your product and how it’s different from the competition.
List the benefits of joining your membership site. Answer key questions: “What do you offer that the competition isn’t offering?”, “What sets you apart?”, “Why should people choose your site over the competition? How will that benefit them?”
Answer these questions and give potential members a reason to become members.
Once you set your price and get more members, track results. Find out which pricing model works best and stick to it.
Use the steps we’ve covered to create a profitable pricing strategy and ensure success with your membership site. Remember that you have to convince users that your packages are worth the set prices. Give them a reason to choose your offers and become members. Achieve this by optimizing your sales copy and stating what you provide, the benefits of choosing your product, and highlighting your unique selling point.