Now, you already know the factors that will affect how you price your membership site. Those factors are only applicable for new membership sites so what about the membership sites that are already in existence?
If your membership site has been around for a long time, you might feel that the price of your membership plans is already stagnant and outdated. Do not worry, I will show you three techniques to improve the price for your membership site.
Adjusting the price of your membership site to a higher price once in a while is necessary because your membership site becomes more valuable as you pour content into it and grow your database of members.
These techniques are:
- Have a limited time offer
- Precision effect
- Split test
They can be used together or separately, depending on how you want to play your cards.
Limited Time Offer
When you have a membership site for long enough, one thing that you will realize is that the worth of your membership site is now a lot more than what is was when you first started it.
The price seems to be stagnant, but the content of the membership site is still increasing.
When this happens, this is the time where you will need to increase the price for your membership site. You do not want the new subscribers with better content to still pay a low price to join your membership site – the abundance of content your site increases your site’s value.
You can use the first technique in this case, which is offering a new limited time offer in your sales page.
You will announce the increase of price for the membership site, so whoever subscribes before the raise gets to stay with the initial, lower price. However, whoever subscribes after the promotion will have to pay the new, higher price to join the membership site.
This way, you can increase the price for the membership site and at the same time get a few extra members on board for no additional cost. Whoever registers after the limited time offer will be billed with the new increased membership price.
Scarcity
Scarcity is one of the most powerful mental triggers where you put limitations in your launch. What a scarcity factor does is it creates an invisible ‘force’ to shorten their time in making a decision about your product. This is a strong call-to-action.
When you limit the number of your items, they will have lesser time to think. There has to be some negative consequences if they don’t take the offer quickly. You have nothing to lose in this case. So, do not be afraid to use this technique.
The theory why this technique works is really simple, “When there is less of something, we want it more”. It is this simple. Try this technique now and see how this brings your business up to a completely different level.
If you are familiar with HTML, you can make a counter to countdown the number of your items, too!
Split Test
The last technique that I am going to show to is the split test, which is also sometimes known as AB test. You can conduct split tests to experiment on the price of your membership site.
A split test is defined as a method of conducting controlled, randomized experiments with the goal of improving a website’s metric.
To conduct split testing, you need to prepare two or more sales pages for your membership site. Obviously, the prices for each sales page will be different for the purpose of testing out which price the visitors prefer the more.
Once you’ve set up the sales pages, you will then split your list into two or more (depending on how many sales pages you’ve created). You will send them different links to the different sales pages to test out the prices.
Please take note that you will need to split them up and also remember which group goes to which sales page. You do not want them to see the other page with a lower or higher price as they may feel like they are being cheated.
You might want to record your findings so that you can review the prices for future reference as well. The ultimate goal of split testing is to test out the factors that affect how your subscribers react to your offer and price is one of the most important factors which determine whether someone signs up with your membership site.
Once you know the behavior of your target audience and their preferences, you will know how to price your next membership site.
